Life sciences create 2,000 jobs

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Ireland has attracted more foreign direct investment in life sciences than any other European country, leading to the creation of almost 2,000 jobs.

Research by Belfast company OCO Monitor found the Republic accounted for a quarter of all foreign investment in life sciences in the European market.

The figure was more than double that of its competitors Switzerland and France, who both brought in 11.6%.

OCO Monitor tracks foreign direct investment (FDI).

Its research covered the period in the 12 months from July 2006 to June 2007.

The FDI indicators also revealed that outside London, Belfast is now the top-ranking city in Great Britain and Northern Ireland for attracting foreign investment projects.

'Marked shift'

OCO chief executive Mark O'Connell said that 17 life sciences investment projects created 1,960 new jobs in the Republic during the period.

"Globally, Ireland remains an attractive investment destination and currently is amongst the world's largest recipients of investments," Mr O'Connell said.

There had been a marked shift in the Republic towards high quality investments in the life science, business and financial services and the ICT sector, he said.

"Globally, the Republic remains an attractive investment destination and is currently one of the world's largest recipients of investment.

"More than half of all projects are in the life sciences, financial and business services and the ICT sector.

"The significance of foreign investment in the pharmaceutical, healthcare and biotechnology industry in Ireland, is that it tends to create high-value jobs and contributes to long term sustainable economic growth."