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News : Irish Economy Last Updated: Oct 26, 2010 - 7:26:12 AM


Foreign direct investment generates highest jobs per capita in Ireland not highest number of jobs; RTÉ misreads Irish Times report
By Finfacts Team
Oct 22, 2010 - 9:25:59 AM

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Intel Ireland is Ireland's largest industrial employer and biggest foreign direct investor - -Since 1989, Intel has invested over $7 billion transforming the 360 acre former stud farm campus in Leixlip, Co. Kildare into a state of the art manufacturing centre of excellence.

A report today in The Irish Times says foreign direct investment (FDI) generates more jobs per capita in the Republic than in any other country according to research from IBM to be published today. However, subsequent reports incorrectly claim that Ireland gets the highest number of inward investment jobs.

The issue of the high level of dependence on FDI is not new news and Finfacts has often highlighted that 90% of Irish merchandise and tradeable services exports are made by foreign firms, mainly American.

We published this story in 2008: Value added of US firms overseas as % of GDP highest in Ireland; US Employment of its Multinationals was 70% of total in 2006 down from 80% in 1988.

RTÉ, the Irish State broadcaster has misread the Irish Times report and headlined its story:  'Ireland top spot for inward investment jobs.'

It says: "Ireland has been ranked as the number one destination globally for jobs created by inward investment, a new report shows.

IBM's 2010 global location trends report says that Ireland ranks ahead of other foreign direct investment locations including Singapore, Hungary and the Czech Republic."

A draft copy of IBM’s Global Location Trends report, seen by The Irish Times, is reported as claiming that in 2009 the Republic benefited from 170 jobs per 100,000 inhabitants as a result of foreign businesses investing here.

The Republic overtook Hungary in this ranking last year while Singapore was in third place.

Roel Spee, global leader with Plant Location International, the IBM unit which produced the report, said “Ireland’s job creation effort last year was very successful”.

The statement from Roel Spee is also incorrect.

FDI jobs in Ireland fell in 2009.

Between 1998 and 2007, there were 11,000 net new jobs added in the international tradeable goods and services sectors, at a time of unprecedented prosperity.

State agency Forfás reported last March that 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.

Finfacts presents both convenient and inconvenient facts!

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