Only six per cent of multinational companies planning to invest in Ireland are looking at the West, according to a new survey, despite strong economic growth and overall improving sentiment amongst foreign investors into Ireland.
Ernst & Young’s latest Attractiveness Survey measures the intentions of thousands of international business decision makers across 44 countries. It shows that after a poor year for Ireland in 2023, almost four in five respondents are now considering Foreign Direct Investment (FDI ) in Ireland for 2024/5, but of the 150 businesses with Irish plans, only nine are looking West.
Greater Dublin, the east midlands and South East of the country is attractive to 92 FDI decision makers, while the midlands, Mid-West and South West regions across the central swathes of the country attracted 51 votes of confidence. Connacht, with only nine expressions of investment intentions, scores the lowest alongside the Border region.
EY’s survey shows 79 per cent of international investors are planning new or expanded operations in Ireland over the next 12 months, up from just 53 per cent last year. Optimism is particularly buoyant in pharmaceuticals and financial sectors.
In terms of potential domestic policy improvements, business leaders cited improving workforce skills as their most desired input (36 per cent ), but geographic rebalancing of the Irish economy comes a close second (32 per cent ), followed by transport infrastructure, renewable electricity supply, and international connectivity, such as upgraded ports and airports.
