Micheál Martin (Cork South Central, Fianna Fail)

Earlier today I announced the Government's consideration of the enterprise strategy group's report and the endorsement of the broad thrust of its recommendations. That will involve a fundamental and significant restructuring of Enterprise Ireland's structures, so far as they pertain to overseas marketing and the supports it can give to Irish small and medium-size companies in terms of internationalisation. The internationalisation agenda will be key to the growth and competitiveness of Irish-based companies in the future. They will have to go out and get a presence in markets such as China, which they are doing, thereby guaranteeing core activities at home and at corporate headquarters.

In addition, the key for Ireland will be research and development and innovation and in terms of attracting foreign direct investment we are endeavouring to bring a greater amount of research and development investment into both existing multinational companies in Ireland and in any new companies we can attract into Ireland.

The Deputy read a list of company closures. We have had company closures for many years. However, every year we have also had significant job creation. Already in the first two months of the year we have had announcements of seven major overseas companies wishing to locate in Ireland. The sectors will change where jobs will be created. As the economy changes and as we move up the value chain the job profile will change and in particular sectors there will be stronger growth than in others. A classic illustration is financial and international services which grew 68%, from 39,800 jobs to 67,100 jobs between 1999 and 2003. That is a dramatic increase in a short period in the financial and international services sector. We will concentrate on high end manufacturing and the innovation agenda is key to that.

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