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IDA Ireland is the agency responsible for industrial development in Ireland. The agency was founded in 1949 as the Industrial Development Authority and placed on a statutory footing a year later. During the Lemass Era the authority changed its role greatly and took a central role in reform and industrialisation of the economy. In 1994 the authority became the Industrial Development Agency (Ireland) or more commonly, IDA Ireland. In recent years many countries and regions have created industrial development authorities modelled on the agency to encourage foreign direct investment and economic growth.