The commitment of international tech firms Ireland remains “very, very strong” despite this year’s job cuts, Simon Coveney has insisted.

The Enterprise Minister was speaking after Facebook owner Meta confirmed it was cutting nearly 500 jobs in Ireland.

The layoffs at a company that employs over 3,000 people here come hard on the heels of similar moves by Twitter, Amazon, Stripe and Google this year.

On Newstalk Breakfast this morning, Minister Coveney said he was concerned at the move – but insisted Ireland’s international tech firms remain fully committed to the country.

Meta

“We do need to put this into context,” he said. “We have seen some big names make global announcements that they are reducing global headcounts predominantly to shore up share prices in many of these companies, including Meta, because they took on too many people too quickly last year.

“That is of course going to have an impact in the short term in Ireland and we need to respond to that by being supportive of the workers that are impacted but I think, in the medium term, the commitment of these tech firms to Ireland is still very, very strong.”

Job cuts

He rejected claims that this year's job losses in the sector are a response to the new corporate tax rules and increased regulation.

“When you look at the global cuts that have been announced, generally the percentage of global cuts is higher than the cuts than we are seeing in Ireland,” he said.

“That may not be the case at some of the tech companies but for many of them that is the case.

“Certainly, the information I am getting from the tech sector is that Ireland is a place they like and that it is a priority location for them and it is an essential part of their global business – but because their global business is essentially shrinking in terms of headcount, then of course that has to impact Ireland as well.”

Employment

Minister Coveney said State agencies would support those who lose their jobs in finding alternative employment.

“My experience, so far this year, with many of the tech companies that have reduced their numbers in Ireland, [has been that] the people who have been impacted by that have managed to find alternative employment quickly,” he said.

“These are skilled people in an area where their skills are demanded.

“First and foremost, I think we have to concentrate on making sure that the people who lose their jobs in Meta have alternative options quickly and I think they will.”

He insisted that the Irish economy remains “very, very strong”, noting that an extra 100,000 jobs have been created in the past year.