Billy Timmins (Wicklow, Fine Gael)

The Minister will know that approximately 152,000 people are employed directly in foreign companies that invest here and that approximately 300,000 are indirectly so employed. Does he know what percentage of jobs created by foreign direct investment comes from the United States? He may not have the exact figure today but my understanding is that approximately 40% of all jobs created by foreign corporations are in US-based companies. Perhaps the Minister might let me have the figure later.

There is much euphoria in Ireland as a result of the American presidential election. Is the Minister concerned that the new US President may make a policy change as he has intimated, most particularly at the Democratic Convention in Colorado? President-elect Obama stated that he may look at the concept of double-taxing companies that are based abroad. I have concerns that the new US Administration may seek to put an additional charge on companies that invest abroad and that this might have major implications for Ireland.

It is very important that the Minister give me his view and that he outline what steps, if any, he might take to try to ensure that this very important economic sector does not come under threat.

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