Ireland retains its appeal for foreign investors

Ireland attracted 191 foreign direct investment projects in 2019 – increasing its rank in the European league table of most attractive destinations to eighth from tenth.

That’s according to the latest EY European Attractiveness Survey, which also revealed that the number of projects in 2019 declined by 7%.

However, this followed exceptionally strong levels of investment in 2018, when there were 205 FDI projects, meaning that Ireland continued to hold first position for the greatest number of projects per million population.

The EY report examines the performance and perceptions of Europe as a destination for FDI, and this year includes a survey of 800 international investors looking at the impact of COVID-19 on investment.

While COVID-19 is expected to interrupt some project realisation, EY analysis shows that 80% of FDI projects in Ireland are likely be maintained, due to our highly competitive, service-orientated FDI investments.

Cathal McDonagh, Partner, EY Galway said that the impressive performance of investments in digital tech and business services were noteworthy features of Ireland’s performance in 2019 – and that, he said, meant that Galway was well placed to continue to be attractive to FDI going forward.

“While a reduction in the total number of projects may attract attention, it’s important to note that Ireland’s strategy has been to focus on the value and quality of the FDI it attracts rather than the volume. The new projects secured reflect an extension of the investor and project base, with 61% representing new projects, rather than solely building on past successes,” he said.

For more, read this week’s Connacht Tribune.

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