Micheál Martin (Cork South Central, Fianna Fail)

On the morning of 3 October 2007, I was very disappointed to be informed by way of a conference call with the Irish general manager and the executive vice president of operations of Amgen Inc. that the project had been postponed indefinitely due to a downturn and difficulties within the American market for the company's products.

During the week commencing 8 October 2007 various discussions took place between IDA Ireland officials and both Irish and US-based corporate executives from Amgen at which the position regarding the indefinite postponement of the project was reiterated. On 15 October 2007 I met senior corporate executives from the company, including the executive vice president of operations, in California. The Secretary General of my Department and senior IDA Ireland personnel were also in attendance.

The decision was made as a result of a review of the company's operations and is based purely on developments related to the company's global business. The business difficulties being experienced by the company will result in the reduction of staff numbers by up to 2,600 people worldwide, the closing of two plants in the US, and a reduction of its planned capital expenditure. I have been assured by the company that the decision does not reflect on the business environment here. Amgen has praised the responsive, pro-business approach of the Government and its agencies and the level of co-operation of all the public authorities in Ireland.

Amgen made its original investment decision to locate in Ireland after a careful and calculated due diligence exercise, and this decision was won against intense international competition. The conditions which attracted the company to Ireland in the first instance have not changed.

The Cork gateway is still vibrant in what it can offer potential investors, particularly in sectors such as pharmaceuticals, medical technologies and internationally traded services. East Cork has been one of the country's strongest performers in recent times in attracting investment from these sectors. A total of nine foreign direct investment projects have been announced for Cork city and county since the start of this year, with an estimated 1,000 jobs to be created at full operation. In the past three years IDA Ireland has approved new projects for the Cork area with the potential to create over 3,100 jobs at full operation. There are currently 133 IDA Ireland-assisted companies in County Cork employing in excess of 20,000 people. The agency remains committed to securing additional new projects for east Cork and promotes the area to potential investors on an ongoing basis.

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