Belfast Telegraph

Friday 22 August 2014

Republic sanctions new factories to attract foreign investment

Barry O'Leary is head of the IDA
Barry O'Leary is head of the IDA

The body tasked with attracting foreign direct investment to the Republic of Ireland is to build two new high-tech factories in Athlone and Waterford.

This is the first time since the 1980s that it has funded the construction of commercial property in an attempt to win over international companies.

The two large facilities are designed to attract large scale manufacturing or technology operations.

The IDA decided to build the properties because of a complete lack of private funding for these kind of projects, it said.

The midlands building will be located at IDA Garrycastle Business and Technology Park on the Dublin Road and the Waterford building will be constructed at IDA Technology Park, Butlerstown on Cork Road in Waterford.

Both will span around 2,500 square metres, part two storey and part double height single storey.

IDA Ireland chief executive Barry O'Leary said: "The availability of high quality property solutions is a key component in winning FDI projects.

"These initiatives will advance the product offering for both midlands and the south-east and therefore underpin the conversion of projects from IDA's pipeline.

"Furthermore, these initiatives by IDA will address the current deficit of suitable property solutions and promote investment into regional locations. IDA's direct intervention to construct these buildings is due to the absence of private funding available to do so."

Ireland's Jobs Minister Richard Bruton said the government wanted to see a "balanced recovery" across Ireland.

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