Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The conclusions of the review included the opinion that while it could not be definitively stated that the existence of the foreign earnings introduction had led to an increase in exports to the qualifying countries, there was a consensus among stakeholders that the FED should be extended and enhanced to support SMEs trying to expand exports into emerging markets. The first part of this raises concerns for me. This was done in 2014. Those responsible for the review made the point that it takes time to establish markets in the countries in question and that the effects cannot be proven. We are now in 2016. We should be able to say definitively whether those pioneers, to use that term, those who originally availed of the FED, were actually successful in establishing market share in those countries and whether the scheme actually worked.

We may decide to extend the scheme for a further three years to 2020 and reduce its qualifying criteria. However, is the Department willing to look at the earlier entries into the scheme, in other words, the BRIC countries, to establish whether the conclusion still stands? Can we now state that the FED has led to an increase in exports to qualifying countries? Given that the scheme was introduced in 2012, four years ago, we should be able to carry out such a review with definitive verifiable evidence from the qualifying companies and individuals involved. They should be able to say whether it led to exports into those qualifying countries. I urge the Government to do that in order that we have the relevant information for the Finance Bill next year in case we are looking at these sections again.