Micheál Martin (Cork South Central, Fianna Fail)

We also predict an increase in employment again next year. This expansion is especially noticeable in high technology sectors, where we are now able to confidently pitch for international investment in advanced research and development. IBM is not the Government. IBM's recent global location trends report, which is not any departmental statistical analysis, ranks us third overall in jobs creation relative to population size and second in ICT jobs.

One of the key elements of our enterprise strategy is to improve the level and quality of our support for indigenous firms so that we help them become an even more important driver of growth. However, foreign direct investment, FDI, remains important and contradicts the picture of economic decline painted by Fine Gael. FDI simply could not continue at the rates we saw in some past years but our stock of direct inward investment is five times greater than the OECD average. Ireland continues to attract a large number of international greenfield investment projects, relative to its size. The 2006 world investment report shows that we are first in the OECD for the number of greenfield foreign investment projects per capita.

The very sad and disappointing decision today by Abbott Laboratories to close the vascular device facility in Galway is particularly difficult and challenging for the workers and we will do everything we can to support them through the three State agencies — FÁS, the IDA and Enterprise Ireland. Galway has about 5,500 jobs in the medical sector alone and is one of the most advanced clusters for medical technology in Europe, never mind this country. We are confident we can do more, particularly with the Oranmore and Athenry developments, to replace the jobs that have been lost. However, I point out to Deputy Clune that Abbott Laboratories has between nine and ten sites in Ireland, with more than 3,300 jobs, and has made a very significant contribution to the economy. Our task is to work with it to see if we can build more here and, in particular, to look after the workers in Galway.

We are now seen externally as a small economic powerhouse. We are now recognised as a location of choice by some of the most sophisticated industries and services in the world. We have worked hard to carefully yet prudently influence economic activity into new areas that open up different yet more sustainable sources of competitive advantage, such as life sciences, biotechnology, services and related research, development and innovation. Deputy Tom Hayes spoke about south Tipperary. In the name of God, we have had Abbott Laboratories and Boston Scientific in Clonmel. Abbott Laboratories have 1,300 jobs in Clonmel. I received a deputation today from north Tipperary with Deputies Lowry and Hoctor. They would give their right arm for even one of the companies received by south Tipperary in the past four or five years, such as Merck Sharp & Dohme in Ballydine, Johnson & Johnson with Alza and Cordis in Cashel. These are very significant FDI investments. It is extraordinary how the Deputy can stand up here and lament the performance of south Tipperary in respect of foreign direct investment.

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