IDA Ireland was formed in 1949 as part of the Department of Industry & Commerce. The IDA was initially briefed to stimulate, support and develop export-led business and enterprise in Ireland. This covered both indigenous and foreign investment and start-up enterprises. This was against a backdrop of economic protectionism and restrictions on imports.

The introduction of the first Programme for Economic Expansion was part of a series of moves in the 1950s to achieve economic expansion in Ireland. This programme removed protectionism, encouraged Foreign Direct Investment (FDI) and promoted exports.

2019 marks 70 years of IDA Ireland. Foreign direct investment has been a keystone of Irish economic policy since IDA Ireland was founded in 1949.