Matt Shanahan (Waterford, Independent)
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That is potentially 200 jobs to Waterford over the next three years. We have not had major FDI investment in Waterford since West Pharma eight or nine years ago. I was recently told informally that an inquiry was made by staff of a large multinational about locating in Waterford and IDA Ireland advised them it did not feel the land bank was available for what was proposed. There are two factory sites there for sale, which I mentioned to IDA Ireland previously: Cartamundi, which, unfortunately, went out of business last year with the loss of 350 jobs, and Waterford Tretford Carpets. Both sites are in the industrial park. Why would the IDA Ireland not buy them as a proactive development to attract FDI?

Going back to the business environment, we are trying to get entrepreneurs into business and to scale and move on but we have a regime of capital gains tax which means an entrepreneur who wants to divest a business or pass it on to family can be subject to up to 33% capital gains tax. This is a significant disincentive to people in business. Will the Minister look at that, particularly considering the headline capital gains tax take fell by €200 million in 2023? Does he have an opinion on whether it is working?

Another employee incentive programme is the key employee engagement programme, KEEP. We have problems with employee churn in business and this is an obvious way of dealing with that but the take-up is very small. What can be done to push it on?

I reiterate what Deputy Stanton said on the offshore wind development programme. I have questioned a number of times in the Dáil why the State is not taking an active investment role in licensing offshore wind. Taking the south-east DMAP that is being discussed, the community dividend is €14 million to €18 million over the life of the farm, which is 25 years, so it is nothing really. We are putting money into strategic rainy day funds. Why is the Government not investing in future energy generation so the State will not be held hostage by private investors in the future when it has no ownership and no rights other than being contracted to pay the tariffs they put on?

Waterford port is marshalling onshore wind. If you go down to the port, you will see all the roundabouts coming up the motorway have been amended to allow large turbines and pylons be moved to onshore wind farms. There is an application from Waterford port for over a year and a half to the Department for funding to help with a jetty extension. It is up to a total of €35 million but there is no movement on that. It is far less than any other figure being asked at present for port development. Deputy Stanton said, and I agree, that we are in danger of losing all this offshore opportunity, whatever it may be. It is hard to quantify what it is but it is obvious the State is not showing interest in investing in the ports. It thinks the private sector, which is doing the wind farms, will do the port infrastructure. Wind farm people I have spoken to have told me that will definitely not happen.

The State does need to invest.