Micheál Martin (Cork South Central, Fianna Fail)

American investment in Ireland is very significant and over 100,000 jobs have been created by American companies. The figures are available in the Department of Enterprise, Trade and Employment and can be supplied to the Deputy. The key point is that it has been a significant factor, not merely in terms of quantity of investment but in the types of industries that have come in such as life sciences, technologies or internationally traded services. The degree of expertise that has come with that and the mindsets acquired in how to organise human resources and more have been greatly beneficial to us.

As Minister, I work with the Department of Enterprise, Trade and Employment to continue to seek ways of encouraging that investment, consolidating existing investments and winning new investment.

Regarding President-elect Obama's position on taxation and the suggestion that the new administration may seek to disincentivise companies moving overseas in terms of deferral tax, subsidiaries and other means, we must take this step by step. We must also be aware that such a policy change would require legislative input and we would obviously engage in making our position known to Congress and to public representatives there.

The reason many multinationals go overseas is to win market share in big trading blocs. American multinationals come to Europe to win market share in Europe. They are in Asia to win market share in China and India. There is, therefore, an interdependency. The system is now a global one and is not that easily disassembled. There is a journey to go yet on this matter and we must be cautious about overreacting. We must certainly be mindful of the situation and will take steps to respond if necessary.

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