The Industrial Development Authority has warned that the future of foreign direct investment in this country is uncertain over the next two years.

Investors face many challenges in the face of the crown virus crisis, said Authority chief Martin Shanahan, particularly as global trading conditions have been distorted.

The Industrial Development Authority today announced a reduction of 6% in the volume of new foreign investments in the first half of this year compared to the same period last year.

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Martin Shanahan argued that some sectors are resilient and suggested that technology, pharmaceuticals, medical technology and financial services should survive.

Foreign direct investment alert.78

The pharmaceutical company Pfizer employs 3,200 people in Ireland

However, engineering and business service are in trouble, he said, as well as investments related to tourism, hospitality, construction and retail.

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He said that it is very important that this country can compete with other countries for foreign investment in the future.