Europe

Brexit: Rep of Ireland gains more than 4,500 jobs related to UK's EU exit

River Liffey, Dublin
Image caption Several big international firms are setting up or expanding in Ireland due to Brexit, IDA Ireland said

The Republic of Ireland has gained more than 4,500 jobs from international firms as a result of Brexit, according to the country's foreign investment body.

IDA Ireland revealed the figure in its annual results for 2018.

It said the jobs were a result of more than 55 "Brexit-related" investments which were approved last year.

It listed Bank of America, Morgan Stanley and Legal & General among firms setting up or expanding in Ireland.

'Stable investment climate'

"For investors, the importance of Ireland's ability to provide a stable, predictable investment climate cannot be overstated," the report stated.

"Ireland's advantages in a post-Brexit context include English language, commitment to the EU, a common law system in addition to our existing competitive proposition," it added.

Other firms involved in the Brexit-related investments include Citi Group, Barclays, AXA XL, Thomson Reuters, BRE Global and Neueda Technologies, according to the report.

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Image caption IDA chief executive Martin Shanahan said foreign investment had "transformed Ireland"

IDA Ireland is the semi-state agency tasked with attracting foreign direct investment to Ireland.

The organisation was established in 1949 and is marking its 70th anniversary this year.

Chief executive Martin Shanahan said foreign direct investment has "transformed Ireland" during those decades.

In its 2018 results, the IDA recorded its highest ever number of people employed in multinational companies, at 229,057.

Meanwhile, the Republic of Ireland recorded a €100m (£90m) budget surplus in 2018, the first since the 2008 financial crisis.

The surplus was announced by Taoiseach (Irish Prime Minister) Leo Varadkar as he spoke to reporters on Thursday.