Oireachtas Joint and Select Committees

Tuesday, 28 July 2020

Special Committee on Covid-19 Response

Covid-19: Impact on Aviation (resumed)

Mr. Sean Doyle:

I do not necessarily have an opinion but I struggle to see why we are taking a different approach. I was looking at a 2018 report on foreign direct investment. I think Ireland is approaching something like €700 billion of GDP value in foreign direct investment. That is 256% of domestic GDP. That is approximately five times higher than the European average. We have built our economic model on being open for business and being a global economy. Many companies have invested in Ireland over the past decade on the basis that it is a great place to be headquartered and doing business globally and in Europe. We are taking that for granted and not understanding the consequences for that sector and that economic model if we do not enable connectivity. In other countries, we may be seeing the effect of unemployment more immediately. Certainly in the UK there is news of unemployment levels reaching very scary heights and job losses beginning to hit home a bit more quickly. Politicians are responding to the economic outlook with a bit more urgency on the back of that.

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