Seán Fleming (Laois-Offaly, Fianna Fail)

New hospitals and schools are being built and this will increase employment.

I want to refer now to a significant issue in my constituency. There is no major multinational operation in my county, County Laois. There has been a significant reduction in employment in housing construction and in investment in that area. I believe this creates the ideal opportunity for Ireland and the people to redirect investment put into the housing market over the past five to ten years into new knowledge-based science and technology Irish companies. Ireland has surprised itself in recent times. We talk about the level of foreign direct investment in Ireland. I estimate that from 9% to 10% of our workforce is employed by foreign multinationals, a maximum of 200,000 people. In recent years the economy has been strong, whether as a result of the agri-sector and various other businesses working abroad, and has been a net foreign direct investor in the international community. This is a sign we have matured as an economy. Not only is there sufficient investment available from Irish people for Irish businesses in Ireland, there is also sufficient funding available for investment abroad. There is an opportunity now for a return on this investment.

The fact that housing is now available at a more competitive and realistic price will help people. They will no longer have such large mortgages and it will be easier for them to pay them. This will help with the economic situation. The slowing down in the housing market is an opportunity for the funding that was in that market to be redirected to new companies. In recent years, the property market was the business to be in and people did not look at other good investment and employment opportunities that were available locally. I hope they will look more realistically at these now and thereby provide a better opportunity for local indigenous businesses to grow and prosper.

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