Foreign companies created almost 11,000 jobs in debt-stricken Ireland last year, double the number created in 2009 despite huge setbacks for the economy, official data showed on Tuesday. The number of new companies setting up industries in Ireland also rose by a fifth to 47, according to an end of year statement from the government's Industrial Development Authority (IDA).
The jobs promotion body is a key part of Ireland's economic development, supporting companies that are attracted to the country by its 12.5-percent corporation tax rate. Over 60 percent of corporation tax in Ireland is paid by IDA client companies and they account for more than 75 percent of the country's total exports.
Debt-ridden Ireland ring-fenced its low corporation tax rate as non-negotiable when it was in talks last year with the European Union and the International Monetary Fund about an 85-billion-euro (113 billion dollar) bailout. IDA chief executive officer Barry O'Leary said Ireland continued to win significant foreign direct investment in 2010. There were 9,545 job losses in IDA supported companies last year leaving an overall increase in its employment portfolio of 1,352. IDA supported companies directly employ some 139,000 Irish people with a total impact of 240,000 jobs in the Irish economy.
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