Peter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

I thank the Deputy for his questions.

There are currently 302,000 supported jobs in the foreign direct investment sector, which is approximately 11% of our labour force. It is interesting to note the top ten indigenous firms currently employ 450,000 people. This demonstrates the internationalisation of our indigenous economy and how much it has grown. If we look at the metrics through Enterprise Ireland, its latest report shows €36.75 billion in exports, up 6% from last year and has continued to increase in recent years, and 234,000 jobs, which is again up by more than 15,000 in the past 12 months. We have a target to get to 275,000 in the next four years.

We have seen a record level of research, development and innovation, RD and I, expenditure with €2.2 billion earmarked over the next four years. The strategy I mentioned and referenced earlier aims to increase our start-ups in that space. We have a quarter of billion euro in a seed and venture capital fund, which significantly backs that sector. We had a strategic review of the fund and we expect to leverage very significant funding in the future. This week, Fenergo announced 500 new jobs. This was our first Europe unicorn back in 2019. Aerogen got a top award in the US economy for ventilation and aerosol mechanisms. We have many good news stories and I am backing them up with evidence. Our indigenous economy is growing through Enterprise Ireland. The committee can see we have put 90,000 new jobs into the economy in the past year. That is 90,000 families with an additional income. The best route to realise your ambition in life is a job and that is one thing we are focused on growing in the indigenous economy. That is why we have brought forward a raft of initiatives to try to do things more simply and to support it more.

One of the key things we are redeveloping is the Act underpinning IDA Ireland and Enterprise Ireland in our environmental aid scheme, which will assist them in sustainability. We have €300 million currently ring-fenced in capital expenditure for that sector, which will enhance growth there. We saw the huge amount of work Diageo put in which has been a lighthouse in that sector on the journey to get to net carbon zero. For one of the most iconic brands in our country, it can demonstrate how we can go on that journey. It sets a strong example that can be replicated. We are giving finance to it which will be shared across the industry and sector.

We are facing challenges but I robustly point out, on foot of the evidence I have put before the committee, there are many good news stories in the indigenous sector. It is strong in employment, RD and I expenditure, new start-ups coming in and those that are scaling up. There will be a big challenge with the US and getting early funding into the tech side of some of the start-ups. We are under pressure in that sphere but we want to change that.