MORE than 600 jobs were created for Cork by IDA Ireland clients in 2018.
These included significant announcements by Forcepoint, Eventbrite and Deutsche Börse Group as more and more international companies look to Cork.
IDA Ireland also supported the announcement of a new cybersecurity cluster in conjunction with CIT, a move which could create a substantial number of jobs and turn Ireland into a global leader in the coming decades.
The figures were included in IDA Ireland’s annual report for 2018, which stated that 22,785 new jobs were created in FDI companies nationally last year.
The report stated that employment in IDA Ireland client companies has reached 229,057, its highest level ever. 58% of IDA Ireland jobs are now outside of Dublin, too, which is also a new record high for the organisation.
IDA Ireland breaks the country into eight regions, including the south-west, which includes Cork and Kerry. At the end of 2018, some 41,108 people were employed by IDA Ireland clients in the south-west. It is the largest number of any region outside Dublin.
Among the significant announcements for Cork last year was the expansion of Deutsche Börse Group to create 200 jobs to reflect the growing funds business of its post-trade services arm Clearstream.
Other major announcements came from BioMarin, who confirmed plans to add 51 jobs at its Shanbally base; DataStax, who created 30 new jobs; and Pilz, who opened a €7.4m software development centre on Model Farm Road to house 70 new jobs.
Eventbrite (50 jobs), Forcepoint (100 jobs) and World Nomads Group (20 jobs, growing to 80) also made significant announcements for Cork within the last 12 months.
Welcoming the results, Minister for Business, Enterprise and Innovation, Heather Humphreys said: “The IDA’s record results for 2018 underline how strongly Ireland continues to perform when it comes to attracting FDI. The significant increase achieved in employment is all the more impressive considering the highly competitive global FDI marketplace in which Ireland and the IDA operate.”
Martin Shanahan, CEO of IDA Ireland, added: “Foreign Direct Investment has transformed Ireland over the last 70 years. FDI continues to drive the economy with strong employment growth at 7%, compared to national average of 3% in 2018.
“The strength of FDI can also be seen in increasing corporation tax receipts — IDA client companies account for an estimated two thirds of Ireland’s corporation tax and one third of combined income tax, USC and employer PRSI.
“Ireland’s investment proposition continues to resonate with companies across the globe as investors search for stability and certainty.”
Apart from direct employment and skills transfer, IDA Ireland’s client companies have a hugely positive effect on the local economy with eight jobs being created for every 10 jobs in an FDI company, according to the report.