CORRECTED-(OFFICIAL)-Ireland touts strong investment pipeline amid tech job cuts

Follow us on Google News:
 CORRECTED-(OFFICIAL)-Ireland touts strong investment pipeline amid tech job cuts
Image source: ©2022 Kalkine Media®

(Corrects Nov 7 story to say "106,000" not "37,000" in paragraph 6, after state agency clarifies)


DUBLIN, Nov 7 (Reuters) - Ireland has a strong pipeline of investments from foreign-owned multinationals and expects many positive announcements in the coming months, Deputy Prime Minister Leo Varadkar said on Monday, looking to ease fears around tech-sector jobs cuts.

Ireland is hugely reliant on multinationals that employ over 275,000 people, or one in nine workers, and pay a large chunk of the country's income and corporate taxes. Jobs growth in the sector soared to record levels in the first half of 2022.

However, digital payments firm Stripe and Twitter, both of whom employ around 500 in Ireland, announced layoffs last week and the Wall Street Journal reported on Sunday that Facebook parent Meta Platforms Inc plans to begin large-scale layoffs this week.

Meta's international headquarters are in Ireland, where it is one of the largest multinationals, directly employing around 3,000 staff with another 6,000 supporting its operations across the country.

It is also set to move into a large new campus in Dublin shortly.

Varadkar was briefed on Monday by the state's inwards investment agency, IDA Ireland, on the current situation in the global tech sector. Tech multinationals employ over 106,000 people in Ireland, according to the IDA.

"There is a strong pipeline of new investments from overseas and within Ireland in a range of sectors including tech and in other sectors and we expect many positive announcements in the coming months," Varadkar, who is also the country's enterprise minister, said in a statement.

"As a country we are close to full employment, with high demand for tech, marketing and other skills across all sectors."

Multinational job announcements have continued in the second half of the year with cloud data service provider NetApp Inc saying on Friday that it would create 500 jobs by 2025 at its new international headquarters in the city of Cork.

Multinational firms have been responsible for an enormous boom in corporate tax receipts in recent years, and also now account for around 33% of all income tax paid in the country due to their highly paid roles. (Reporting by Padraic Halpin in Dublin; Editing by Matthew Lewis)

Disclaimer

The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Featured Articles