Five multinationals are to invest more than €53 million in new IDA Ireland-backed research and development (R&D) projects in the Republic.
The companies, operating in technology, pharmaceuticals and finance, plan to open dedicated R&D facilities at existing bases in the State.
Speaking at a press conference yesterday, IDA Ireland chief executive Seán Dorgan predicted that more multinationals would reveal similar R&D investment plans over the coming months.
"We have a pipeline of these projects and, in six to 12 months, we will see further announcements," he said.
Mr Dorgan added that they would involve companies that are already based here and businesses with no presence in the State.
The projects announced yesterday could create a total of 50 new jobs in Cork, Dublin and Waterford, and will require a total investment of €53.25 million.
All will get grant aid from IDA Ireland, but Mr Dorgan said he could not reveal how much the taxpayer is investing in the new developments. "It's a worthwhile percentage," he told a press conference yesterday.
US pharmaceutical giant Pfizer is planning to make the biggest investment. It will put €20 million into a product development facility at its base in Ringaskiddy, Co Cork that will be used in preparing new drugs for the marketplace.
Another US drug manufacturer, Bristol Myers Squibb (BMS), will spend €9.645 million on collaborative research with Dublin City University (DCU) and National University of Ireland Galway (NUIG).
Xilinx will put €7.5 million into a branch of Xilinx Research Labs at its base in Dublin. The company will work on programmable microchips for use in networks. It will be the company's first R&D base outside the US.
Genzyme Corporation is investing over €6 million in extending its research facility in Waterford.
Global bank Citigroup will spend €10 million on a new centre in its base in Dublin's financial centre that will employ eight specialist researchers who will design new cross-border payment systems.
All the companies will initially hire people with PhD and masters qualifications to work in their new facilities. The number of jobs in each will be small.
However, Mr Dorgan argued that overall job numbers were not important, and said that the investments were of strategic importance to both the State and the companies involved.
Announcing the investments yesterday, Minister for Enterprise, Trade and Employment Micheál Martin said they were hugely significant for the State's future competitiveness, Government policy and IDA Ireland's strategy of focusing on drawing R&D projects here.
"The fact that five of the world's leading multinational corporations have chosen Ireland over global competition for their research activities is a serious achievement and shows our ability to compete vigorously and win these highly sought-after investments," the Minister said.
