THE INDUSTRIAL Development Authority (IDA) has said the level of foreign direct investment in Ireland this year is running ahead of last year despite the global economic downturn.

IDA chief executive Barry O'Leary said he expects 122 new projects will be announced by the end of this year, an increase of 6 per cent on last year's 114.

He also stressed companies investing in Ireland are not concerned about the downturn in the Irish economy as most are focusing on overseas markets.

Despite global economic pessimism, the IDA has secured a number of major investments this year, including a new biologics facility at Pfizer in Cork, the IBM Global Centre of Excellence for Water Management in Mulhuddard, and a new manufacturing and innovation facility for Coca Cola in Co Wexford which will cost €200 million. The IDA has said more major job announcements can be expected in the next month.

Mr O'Leary said the IDA had managed to buck the economic trend by targeting growth industries which are relatively recession-proof. "Ireland has a very focused policy with regard to foreign direct investment. We don't go after all levels of it. We target the information technology sector and, with the changing dynamics in information technology, there is plenty of global investment taking place. Similarly with life sciences . . ."

Yesterday, the IDA announced 100 new jobs over the next year in Freightquote, an American-based freight services provider in the Sandyford Business Park, south Dublin. The jobs will be multilingual roles within sales, customer services and finance.

Mr O'Leary said the investment is typical of companies putting their European headquarters in Ireland. "The global thing is of interest to foreign direct investors rather than the local. If you take a company like Freightquote, they are not coming here to service the Irish market."

Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan said yesterday's announcement was "very important" because it indicated overseas firms are still willing to do business in Ireland.

"It is tremendous we have a European headquarters based here, a company that started in the United States and was very successful. It equally gives a clear signal that securing European headquarters in Ireland is hugely important to us," she said.

"It's also a clear indication over the next few months there will be new announcements in relation to foreign direct investment."