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News & Events

Minister completes successful US West Coast investment mission

Minister for Jobs and IDA CEO meets with more than 40 potential and existing client companies during four days of meetings

Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor TD has just completed an investment mission to the West Coast of the US with IDA Ireland CEO Martin Shanahan. Over the course of the itinerary, the Minister met with in excess of 40 potential and existing client companies in San Francisco, Silicon Valley, Los Angeles and Orange County where she discussed Ireland’s offering to existing and potential investors.

The 40 companies were mainly in the technology and life sciences sectors:

·         Employ over 360,000 people globally

·         Employ almost 22,000 people directly in Ireland with associated spin off benefits In the wider Irish economy

·         Have total annual revenues of over $450billion

·         Include multimillion dollar established companies as well as newer companies

The Minister addressed an IDA Ireland event attended by existing and target companies in the Silicon Valley area.

Minister for Jobs, Enterprise and Innovation said: “70% of investments won for Ireland come from existing clients so it’s really important to connect and engage with the decision makers of these companies at their HQ’s in the marketplace.”

“Competition from other jurisdictions is particularly strong in the San Francisco Bay area. IDA Ireland is up against so many other countries when it comes to winning investment. Investments really have to be won, they won’t just land in Ireland without us fighting for them.

“During the week I also had the opportunity to meet with many of IDA’s potential clients, targeted by the Agency’s “Emerging Companies Division”. I explained many the benefits of investing in Ireland to them and reminded them of the many companies that have chosen to internationalise their business there.”

Competition for mobile investment has never been greater.  In recent years Ireland has regained valuable competitiveness, while continuing to offer a strong skills base to prospective companies looking to invest here. This has helped to deliver a very strong FDI performance by Ireland.  

On Tuesday, the Minister attended an Enterprise Ireland event where she spoke to clients as well as representatives of the venture capital community.

“Ireland must remain conscious of maintaining improved competitiveness in an export led economy, having a supply of the right skills coming through the workforce and providing business advantages that work for global companies.”

Ireland’s has performed extremely strongly in attracting FDI over many years. There are over 1,200 FDI companies employing over 187,000. These companies account for more than two-thirds of the Corporation Tax take in Ireland. They account for €130bn in exports and they contribute €9bn in pay per annum. 

The West coast of the United States has been a rich source of foreign direct investment for Ireland for decades.  The West coast of the US is home for many of the financial services, technology  and life science companies that are already located in Ireland.

These companies see Ireland as the ideal place to access their international markets. For the life sciences industry, companies choose to locate in Ireland for the talent and expertise that already exists here – Ireland has some of the most sophisticated life science production facilities in the world.  

Silicon Valley is home to a thriving internet start-up community – we are identifying these companies at an early stage in their development and selling Ireland as a great location from which to internationalise their business.

Ends  

Contact Press office, department of Jobs, Enterprise and Innovation 01-6312220