New jobs are being created as a result of venture capital (VC) investment in Ireland, a politician has stated.

According to the country's enterprise minister, businesses backed by such support have seen employment growth of 18 per cent annually since 2003.

Addressing delegates at the InterTradeIreland Venture Capital Conference, Richard Bruton added: "Countries with a strong VC sector have been slower to enter and quicker to exit recession than others."

At the same event, former Norkon Technologies chief executive Paul Kerley noted high-value foreign direct investment in Ireland could help to drive economic growth and benefit indigenous enterprises.

He pointed out that funds of this kind are being secured at a level last seen during the 1990s.

A survey of individuals attending the event discovered many want to see tax incentives from the new government and a co-investment fund established to drive further growth.

Ireland's unemployment rate stood at 14.7 per cent in March 2011, the same rate recorded for February.

Posted by Alex Donnell