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News : Irish Economy Last Updated: Aug 23, 2010 - 8:24:15 PM


O'Keeffe says Irish companies to create 60,000 new jobs by 2015 as spin again clashes with reality
By Michael Hennigan, Founder and Editor of Finfacts
Jul 8, 2010 - 3:14:16 PM

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The Minister for Enterprise, Trade and Innovation Mr Batt O'Keeffe T.D. has welcomed Enterprise Ireland's Annual Report and Accounts 2009 published today, saying the report shows a robust performance by Irish companies during the global economic recession in 2009.  He also stated that Enterprise Ireland client companies will create 60,000 jobs by the end of 2015, as spin again clashes with reality

Enterprise Ireland is the Government agency responsible for the development of Irish companies and driving Irish export sales.  Enterprise Ireland says client companies are responsible for over 250,000 jobs (134,000 directly employed  -- the rest of the jobs are an estimate) and spend an estimated €19bn per annum in the Irish economy, "delivering huge economic impact to communities across almost every town in Ireland."

The problem about the credibility of the jobs target is that no net additional jobs were created in the tradable goods and services sector compared with 1998; If direct jobs are the target, there must be an almost 50% jump in the employment in the sector; if an estimate of indirect jobs is used, it is a sleight of hand; is the 60,0000 target net jobs or could as many new jobs be lost as are created, as happened in the past decade?

In Ireland, total permanent full-time employment in the manufacturing and internationally traded services sectors amounted to 272,053 in 2009. It was 276,287 in 1998. Employment in foreign-owned firms was 132,596 in 2009 and 140,281 in 1998.

So given that during a boom period, there was no growth in employment, how will growth be achieved against a backdrop of both a changed domestic and international market

Over 19000 jobs were lost at Enterprise Ireland-supported companies last year.

According to Enterprise Ireland's Annual Report and Accounts 2009, total export sales by Enterprise Ireland client companies in 2009 fell 10% in 2009. The total was almost €13bn and included new export sales of €693 million. 

The exports by EI firms were less than 9% of total exports from Ireland in 2009.

In 2009, Enterprise Ireland made seed capital investments in 73 new high potential start-up companies which together will create over 900 new jobs and achieve total sales of over €600m within the next three years.

Enterprise Ireland's investment in over 800 start-up companies over a 20 year period (1989 - 2009) has yielded more than €1bn in Irish exports and in excess of 14,000 jobs, according to the agency.

Finfacts article, June 2010; Ireland: A jobs crisis in search of a national strategy

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