Business

Brexit uncertainty creating more jobs in the Republic

Invest NI helped create 5,900 jobs last year in Northern Ireland
Invest NI helped create 5,900 jobs last year in Northern Ireland Invest NI helped create 5,900 jobs last year in Northern Ireland

THE Republic's business development agency the IDA is capitalising on Brexit uncertainty creating 20 per cent more jobs this year on the back of supported investment.

The Irish Development Authority (IDA) has announced strong half-year results, with investments for the first half of 2017 to create over 11,000 jobs, more than 20 per cent more than for the same period last year (9,100).

In all 114 contracts were won in the first six months of the year and while the investment figure is at the same level as the first half of 2016 – the job content is higher due to some significant investments of scale.

The IDA has said Brexit is both an opportunity and challenge, but the agency has been in discussions with potential investors for over a year with the majority of the engagement being with financial services companies.

The IDA has further said it is seeing an increasing number of Brexit motivated potential investments across a number of sectors.

"The positive results are an indication of just how important Ireland’s stable economic and political environment have become for investors," IDA CEO Martin Shanahan said.

"2017 has brought the competitive nature of winning foreign direct investment into sharp relief. Other jurisdictions are fighting hard for investment and Ireland must remain as competitive as possible in order to ensure that we continue to achieve the positive results that we are outlining today."

Last month Invest NI unveiled its performance figures with 5,900 jobs created in 2016/17 and £660 million investment made in the local economy as a result of its support.