A plan to create an extra 10,000 new jobs in addition to the 100,000 already pledged by the Government will be unveiled at a press conference in Dublin today.
The initiative will involve the allocation of extra resources to the Industrial Development Authority (IDA) to promote Ireland as a location for investment.
It will be part of a package of measures to be announced at the launch of the Action Plan for Jobs (APJ) 2014 by Taoiseach Enda Kenny, Tánaiste Eamon Gilmore and Minister for Jobs Richard Bruton.
The initiative is designed to broaden the geographic base from which the IDA currently wins investment with a focus on emerging markets such as Turkey, South Africa and the countries of the Middle East.
Intensive drive
The plan will involve the IDA engaging in an intensive drive in emerging and potentially high-growth markets abroad in order to achieve an additional 10,000 jobs on top of the 100,000 figure already promised under the
APJ.
While there will be a continuing focus on traditional areas like financial services, computer technology and life sciences, there will also be an attempt to develop new forms of inward investment such as marine services, oil and gas.
It is hoped 6,000 extra jobs will be created by foreign companies with a knock-on 4,000 jobs coming in the local economy.
The Department of Jobs estimates the extra revenue to the exchequer in terms of income and corporation tax plus reduced welfare payment will be worth almost €425 million over three years for an outlay of €12 million to fund the three-year programme.
Extra personnel
The extra IDA personnel who will be recruited to deliver the programme will be employed in the relevant countries on fixed-term contracts
.
Chief executive of the IDA Barry O’Leary said last night there were now more than 166,000 people working in IDA client companies in Ireland, the highest level in the history of IDA Ireland.
“Having additional resources for our global operations will enable us to get in front of more companies and convince them to locate their business in Ireland,” he said.
The Government estimates the APJ has already achieved more than half the 100,000 jobs targeted by 2016 and is confident the final target will be met.
It has also emerged that an evaluation of the APJ by the Organisation for Economic Cooperation and Development has concluded it has made a positive contribution to how policy is implemented though the adoption of the troika model for policy formulation and implementation.
“The APJ’s focus on private sector-led, export-oriented job creation is a good approach, particularly given fiscal constraints and persistent credit constraints in the banking sector,” says the evaluation.
