Richard Bruton (Dublin North Central, Fine Gael)

As the former Minister will know, the likelihood that I will reveal budget decisions is remote. Yes, a new unit is operational within Enterprise Ireland. For example, it is seeking to engage with companies which are below the threshold normally regarded as making them eligible for Enterprise Ireland involvement. This is specifically to encourage more small companies to seek export markets. I am developing a jobs strategy, as part of which we will be examining initiatives precisely in the area to which the Deputy referred. How do we enter new markets and get more companies to expand? In addition, how do we get more seasoned companies with experience to support new companies? We are working on these issues. At the global economic forum it was significant that a number of people involved in overseas markets were willing and anxious to support this work.

There is a limited range of placements in BRIC countries. The review of our strategy in these countries will examine how we can expand that footprint. There is clearly a recognition that BRIC countries provide a significant opportunity. However, one must also balance the fact that some of our more traditional markets such as parts of the USA that have not been opened up by Irish exporters provide real opportunities in the short term. We need a long-term strategy to match this in these really dynamic economies.

I understand what the Minister is saying in that all of the specific commitments mentioned are a work in progress. That is fine and we will keep in touch with the Minister on them. He quoted figures for the increase in exports to BRIC countries, but is he aware that the percentage we export to those countries in terms of GDP remains static at 3.7%? It is lower than for any of the Euro-16 areas. The trade balance with BRIC countries has dropped from €80 million last year to approximately €70 million today. Does the Minister realise that it has taken 14 years for our trade with BRIC countries to double to a figure of 3.7%? Does he accept that it will take a great deal of time, effort and continued application to build trade with them? Such trade is badly needed in view of the fact that, taking the balance of trade figures into account, our export recovery seems to be faltering, while the domestic economy remains flat.

See this speech in context