Oireachtas Joint and Select Committees

Tuesday, 18 October 2016

Joint Oireachtas Committee on Jobs, Enterprise and Innovation

Economic Impact of Brexit: Discussion

5:00 pm

Photo of Tom NevilleTom Neville (Limerick County, Fine Gael) | Oireachtas source

My question relates to the diversification of companies into new markets. It goes back to what was said about the Asia Pacific region and the eastern side of the globe where 4.5 billion people live, or 60% of the world's population. I understand, however, that there is a lot less income than in the western world, but, as was rightly stated, there is an emerging market with the growth of the middle class. How much of an increase in resources was there in the Asia Pacific region in the past 24 to 36 months? I see from the figures that Irish exports to the region have increased. Is a specific strategy being put in place for it, given what has happened with Brexit? On IDA Ireland looking at foreign direct investment and competing with the United Kingdom, at the recent EU symposium the British ambassador, Mr. Robin Barnett, mentioned that the United Kingdom was looking at increased trade with Asia and towards a Singaporean model. That would put us in direct competition with it for foreign direct investment, as mentioned. Is there a strategy in place to attract Asian companies to Ireland and compete against the United Kingdom? What is the strategy between Enterprise Ireland and IDA Ireland and is there joined-up thinking?

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