100 new IDA jobs in Fermoy to add to the 4,562 created in Cork over the past three years – Stanton

“The news that US company ABEC Inc. plans to expand its global operations in Fermoy, Co. Cork with the creation of 100 jobs over the next two years is very much to be welcomed” says David Stanton, Fine Gael TD for Cork East.

“The new operation will produce engineered process equipment for biopharmaceutical manufacturing and they will provide a range of services to meet the growing demand from global pharmaceutical and biotech customers.

“Today’s announcement of 100 new jobs will add to the 4,562 high-skilled jobs created directly by IDA Foreign Direct Investment in Cork from 2011 to 2014.

“This Government is implementing a plan to grow the economy, create jobs and reduce unemployment to ensure that everyone feels the benefits of recovery and in order to create a better country. Today the Government has recommitted to ensuring 40,000 additional jobs in 2015, which, when combined with the 80,000 new jobs already created since the launch of the Action Plan for Jobs, will ensure the Government’s original target of 100,000 new jobs by 2016 is beaten. This will also mean that unemployment falls below 10% this year, two years ahead of schedule.

“IDA investment is important in directly creating opportunities for our skilled workforce. However as every ten jobs generated by FDI create another seven in the wider economy; there is also a significant knock-on effect for local areas. Between 2011 and 2014 it is estimated that based on a conservative calculation approximately 3,180 additional indirect positions in the local economy have been created through supply companies and support services. This brings to approx. 7,750 the number of new jobs in Cork.

“Cork has a lot to offer investors and business owners; we have the skilled workforce and local services are constantly improving to meet the needs of those doing business here. It is important to note that 70% of IDA investment is directed towards existing businesses that are growing. With a strong IDA presence in Cork, there is every reason to believe that this will grow further in 2015.”