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Donegal to be targeted for FDI
DONEGAL is one of four counties in the Republic of Ireland (ROI) to be made a special case for Foreign Direct Investment (FDI) in an attempt to combat high levels of unemployment in the North West.
The Irish Minister for Enterprise, Trade and Employment, Mary Coughlan, published a radical new plan to tackle joblessness yesterday (Tuesday) under which the southern Industrial Development Agency (IDA) will channel inward investment and jobs into the North West.
Under a radical new plan designed to boost employment in ROI economic blackspots, half of all new projects backed by the IDA will be now located outside Dublin and Cork, with priority given to rural areas with high unemployment.
Donegal, Sligo, Limerick and Waterford will be the focus of targeted FDI and associated job creation.
The IDA intends to attract FDI from emerging economies like Brazil, India, China, Russia and Latin America and to focus on green technology, global services, life sciences and the innovation sectors rather than on manufacturing.
Last year in ROI the IDA won a total of 125 FDIs almost 70 per cent of which were from existing clients. Thusfar in 2010 there have been 14 FDI announcements promising 750 new jobs.
The southern policy initiative is in marked contrast to that in unemployment blackspots north of the border such as Londonderry.
Last month the Sentinel reported the Minister of Enterprise, Trade and Investment Arlene Foster's view that the North West should not be considered a special case insofar as the direction of foreign direct investment is concerned.
Mrs Foster wrote to the local authority late last year after it forwarded a motion to her demanding she ensure that any future spending by Invest NI is distributed in an "equitable and accountable manner."
In her reply Mrs Foster referred to the panel of the Independent Review of Economic Policy (IREP) and pointed out that the Londonderry area would not be directly targeted by her Department despite its high rate of unemployment.
She wrote that "in relation to the location of investment, the view of the Panel was that government policy should not seek to unduly influence the location of firms within Northern Ireland."
She continued: "Indeed, the report highlights that FDI will naturally gravitate towards larger urban areas where they can benefit from proximity to customers, suppliers and other institutions such as Government."
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Weather for Londonderry
Sunday 27 May 2012
Today
Sunny
Temperature: 12 C to 24 C
Wind Speed: 18 mph
Wind direction: North east
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Sunny spells
Temperature: 13 C to 24 C
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