Mary Coughlan (Donegal South West, Fianna Fail)

The announcement made by Pfizer and the implications this has on an individual are very difficult. I empathise with that. The issue has arisen as a consequence of the purchase of Wyeth by Pfizer and the present overcapacity. This afternoon Pfizer indicated to the stock exchange that 6,000 jobs would go from Pfizer global manufacturing on the basis of that overcapacity. Arising from that decision, more than 780 jobs will be lost as a consequence. There is a timeframe in which we can work towards supporting those people. IDA Ireland is of the view that the three facilities can be sold. Equally it is important to say that we will continue to have in excess of 4,000 people working within Pfizer.

I know Dr. Duffy and have met him. I have listened and continue to listen to what people have to say about foreign direct investment being established and continuing to be established here. It is important to put on the record the role of IDA Ireland, which has been in a position to establish a number of foreign direct investments last year and this year despite the challenges within the economy. One of the issues that is very important to FDI in this country is that we constantly reassure - as the Minister for Finance did in the last budget - that we will continue to have a 12.5% corporation tax rate. The Deputy and his party did harm in this regard last week. Investment in research and development has been enormous and will continue to be on the basis of the development of the smart economy and the innovation island.

The Deputy raised the specific issue of the PRSI holiday. As he knows, we are awaiting that discussion here in the House under the social welfare Bill. That entitlement will be backdated to the beginning of the year. A number of very important issues have been raised by the FDI community and IDA Ireland in the context of last year's budget, when a number of research and development tax credits were proposed. Some have been included in the taxation package which has been accepted by the FDI community as greatly beneficial in its sustainability and stabilisation here. We are not in a position to provide a tax credit to offset something where no profit is created. In the context of stabilising the FDI community we also included them in two initiatives that were both available to Enterprise Ireland clients, city and county development board clients, and FDI clients.

We are very cognisant of the role of FDI. Horizon 2020, the new framework set down by IDA Ireland in the context of sustaining and encouraging new foreign direct investment here is a plan that can be implemented and will see not just the sustainability of a number of existing clients, but also the attraction of new clients to this country. That does not take away from the issues that have arisen for those working for Pfizer at present.

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