Phil Hogan (Carlow-Kilkenny, Fine Gael)

In a previous reply on manufacturing we noted declining productivity levels and higher costs, most of which are directly attributable to the Minister's policy. He disagreed with the Central Bank and the Department of Finance about export growth and the fact that many companies would not be based in Ireland were it not for our tax policy. Future job creation will be based on exploiting the talent of the Irish.

I agree with the Minister in that there has been much investment in research and development in the third level sector, but 16% of all funds, whether private or public, is being invested in property. Does he have initiatives in mind to redirect some of the incentives away from property to manufacturing and employment generation proposals? A figure of some 5% is the European average for investment of private and public funds in property. Notwithstanding the fact that the Minister referred to the Ahead of the Curve report and other initiatives and fora, has he studied specific financial incentives in the context of the Finance Bill or other measures to direct incentives to manufacturing and the commercialisation of research and development activities?

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