IDA Ireland has reported robust performance for 2024, achieving foreign direct investment (FDI) wins, record R&D commitments, and substantial job creation prospects. The agency secured 234 investments, with 59 per cent occurring outside Dublin, reinforcing its commitment to balanced regional development.
Investments in 2024 include 69 greenfield or first-time projects, underlining Ireland's ongoing attractiveness for global enterprises. Notable newcomers include Calypso AI, Evernorth, Sirius XM, and UKG. These investments are expected to generate 13,500 jobs over the next few years.
Record R&D and Capital Investment
IDA Ireland approved a record €1.9 billion in R&D investments across 64 projects, bolstering Ireland's reputation as a hub for cutting-edge technologies and innovative solutions. Additionally, client companies committed €117 million to sustainability initiatives and €118 million to workforce training and upskilling.
Expenditure by FDI companies in the Irish economy increased by 6.5 per cent to €38.6 billion in 2023, with payroll rising by 7.6 per cent to €23.9 billion. Capital expenditure reached €13.2 billion, the second-highest level on record.
FDI companies employed 302,566 people in 2024, representing 10.8 per cent of national employment. Employment growth was recorded in modern manufacturing (up 0.8 per cent), traditional manufacturing (up 0.4 per cent), and business and financial services (up 1.7 per cent), although the ICT sector saw a 1.2 per cent decline.
Competitiveness and Future Strategy
Ireland ranked fourth globally in the 2024 IMD World Competitiveness Ranking, marking its second consecutive year in the top five. Education remains a key strength, with 55 per cent of people aged 25 to 34 holding a third-level degree, compared to the EU average of 40 per cent.
IDA Ireland’s CEO, Michael Lohan, highlighted the importance of innovation, sustainability, and digitalisation in maintaining Ireland’s competitive edge. He also announced plans for the agency's new five-year strategy, set to launch in 2025, aimed at sustaining growth and expanding opportunities across key sectors.
Minister for Enterprise, Trade and Employment Peter Burke praised Ireland’s resilience in attracting investment despite global challenges such as Brexit, the Covid-19 pandemic, and geopolitical instability. He reaffirmed the government’s commitment to supporting IDA Ireland through increased funding and infrastructure development.
India’s Role in Ireland’s FDI Success
Tanaz Buhariwalla, India Director at IDA Ireland, emphasised the growing interest from Indian companies in sectors such as pharmaceuticals, IT, fintech, and medtech. She noted that Ireland’s pro-business environment and access to the EU workforce make it an attractive destination for Indian enterprises expanding into Europe.
As IDA Ireland prepares for 2025, its focus remains on fostering transformative investments in RD&I, sustainability, and talent development. Chairperson Feargal O’Rourke commended the agency’s achievements in 2024 and expressed confidence in its ability to navigate a highly competitive global market for FDI.
