Ireland Attracts 10,000 Job Commitments in H1 2023

By Padraic Halpin
DUBLIN (Reuters) – Ireland secured commitments from foreign multinational companies during the first half of the year to create 10,000 jobs, up from 8,900 in the same period last year despite a challenging trade environment, the country’s inward investment agency reported.

Ireland heavily relies on the taxes and jobs provided by foreign multinationals, which have nearly doubled their workforce in the last decade, now making up around 11% of the entire labor market. However, job growth has stalled over the past two years.

The long-standing strategy of attracting jobs, predominantly from U.S. firms in sectors like technology and pharmaceuticals, faces more threats from former President Donald Trump’s economic policies aimed at bringing production back to the U.S.

IDA Ireland’s half-year results do not account for job losses that largely offset new jobs in 2023 and 2024. Though new job creation might weaken in the second half, IDA CEO Michael Lohan stated that such seasonality is not unusual.

“Ireland has promoted its political, policy, and institutional stability as a fundamental aspect of our offering to FDI. Today’s results demonstrate that in a turbulent world, this stability now stands out as a very attractive feature,” IDA Chairman Feargal O’Rourke added.

The new job commitments stemmed from 179 new investments, an increase from 131 in the same period last year. Research, development, and innovation projects represented a quarter of these commitments, primarily driven by the pharmaceutical and technology sectors.

North American companies accounted for 65% of the investments, consistent with historical trends, and included 52 companies investing in Ireland for the first time.

Lohan noted that foreign multinationals are beginning to make significant capital investment decisions again as they start to perceive a clearer future amid the substantial uncertainty following U.S. tariff announcements in April.