State-backed foreign firms created more than 8,800 jobs in Ireland last year, it was revealed today.
Development agency IDA Ireland said there were 130 new investments in the country with networking site Facebook, computer giant IBM and pharmaceutical firm Boston Scientific among the biggest names to expand.
IDA chief Barry O'Leary said efforts to improve competitiveness were helping Ireland attract big business from overseas.
"Despite the current economic situation, Ireland is more than capable of securing high-value, knowledge-led investments," he said.
"Competitiveness is a key factor in attracting FDI. Positive improvements in cost competitiveness have taken place in many areas including land, building, rent, energy and labour costs.
"A strong focus on further improvements in overall competitiveness will position Ireland to take advantage of the eventual global economic recovery."
The IDA 2008 annual report revealed 55 research and development projects were secured worth €420 million.
It showed 8,837 jobs were created through Foreign Direct Investment (FDI) bringing the total number of people working in IDA assisted companies to more than 136,000.
The business is worth 16 billion euro to the economy. Tanáiste Mary Coughlan said the IDA had exceeded its targets for last year.
"The level and calibre of investments demonstrates clearly that Ireland retains its reputation as a leading location for FDI," she said.
"And this confidence in Ireland by foreign investors has continued through 2009 with a good flow of investments to date and a positive outlook for further investments in the coming months."
Some of the key global business investments in Ireland last year included Coca Cola's 220 million euro investment in a flavour manufacturing facility in Wexford; 250 jobs at Facebook's European HQ in Dublin; Boston Scientific's €91 million investment in Galway creating 45 jobs; and orthopaedic firm Zimmer's €50 million investment in Shannon creating 250 high-end jobs.
Elsewhere, IT giant IBM made three R&D investments; computer firm HP made an €18 million investment creating 500 jobs; Big Fish Games announced their European HQ in Cork creating 100 jobs; and Microsemi's expanded its manufacturing facility in Clare creating 315 jobs.
PA