Jimmy Deenihan (Kerry North, Fine Gael)

I agree that one of the major causes of concern stems from what President Obama is saying about possible changes in tax laws. As the Taoiseach outlined, the issue of competitiveness is also very important. I was in Silicon Valley in March 2008. The Minister was there at that time. A senior IDA Ireland official, who was on the delegation with me, said that Irish competitiveness was a major factor in selling Ireland. He gave the example that the total cost of employing a person in Ireland at that time was $28 per hour. The total cost of employing somebody in Silicon Valley was $26 per hour. It was cheaper to employ somebody in Silicon Valley than in Ireland at that time. In Poland it cost $6 per hour. That was last March 12 months. He also emphasised that energy costs were the highest in the competing destinations.

I returned there this March - at my own expense. The chief executive of the Chamber of Commerce in San José advised us that we were the first Irish group she had met in months. The Chinese and Indians were queuing up outside her door. There were three delegations from different cities in China waiting to meet her that morning. Representatives of one Chinese city were even taking the unit next door to her in order to carry out their lobbying in Silicon Valley. Apart from the attitude of President Obama to the tax laws, there are other issues that we also need to address.

There is a very energetic network operating in Silicon Valley, the Irish Technology Leadership Group. The group presented an award to the then Minister for Enterprise, Trade and Employment, Deputy Martin in March 2008. It brought over a large number of chief executives to Dublin and the Minister addressed the meeting in Trinity College. It is bringing chief executives to Northern Ireland in October. The proposed forum to be held in September will be in competition with what it is trying to do in Northern Ireland. We need to be careful to explain to these people, who are spending the money from their own pockets, that there will not be a conflict between both conferences.

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