Phil Hogan (Carlow-Kilkenny, Fine Gael)

I thank the Minister for his reply and acknowledge the success of IDA Ireland over many years in bringing a high level of foreign direct investment to this country. The chairman of the Small Business Forum and the managing director of Microsoft Ireland, Joe Macri, said recently that the competitive rate of return on investment by multinational companies here has fallen from 28% in 1995 to 12% in 2003 while the rate in eastern Europe rose by 8% at the same time. Mr. Jim O'Hara, president of the American Chamber of Commerce in Ireland and reputable managing director of Intel wrote four days ago:

In recent years, the cost base for US companies has increased significantly and while it's clear Ireland cannot compete on cost alone, it's imperative we urgently address some of the fundamental drivers of the rapid increase in our cost base.

Are those two people right in their assessment of the economy?

See this speech in context