Despite recent layoffs, the country has a strong pipeline of foreign investment lined up, Deputy Prime Minister Leo Varadkar said on Monday
He added that the government expects “many positive announcements” in the coming months. Varadkar is trying to ease fears due to a recent round of tech-sector jobs cuts. Last week, digital payments firm Stripe and Twitter announced layoffs. Both organizations employ around 500 individuals in Ireland.
Moreover, the Wall Street Journal recently reported that Facebook parent Meta plans to begin large-scale layoffs this week. Meta’s international headquarters are in Ireland. It’s one of the largest multinationals in the country, directly employing around 3,000 staff with another 6,000 supporting its operations in various locations throughout the country.
Ireland depends on tech jobs
Layoff announcements can lead to unease in a country like Ireland, which relies on multinationals hiring its highly educated population. According to the Irish Development Authority (IDA), which is responsible for inwards investment, multinationals employ over 37,000 Irish professionals.
Moreover, multinationals domiciled in Ireland pay a huge portion of the country’s income and corporate taxes. The recent layoffs came as a shock, as jobs growth in the sector soared to record levels in the first half of 2022.
Varadkar, who is also the country’s enterprise minister, issued a statement designed to calm the fears surrounding potential job losses. “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”, he said.
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