Richard Bruton (Dublin North Central, Fine Gael)

The Deputy has raised a number of points. While aggregate sales from foreign-owned companies are very large, it has to be recognised that the impact of such companies on the Irish economy is also very large. Even though the wage percentage might be small, total foreign direct investment accounts for almost 250,000 jobs in the economy. The companies in question spend €19 billion on Irish-sourced goods and services and have a €7 billion payroll. They have a substantial impact on the Irish economy. They have helped us to develop clusters of expertise. The presence in Ireland of companies like Microsoft, which was mentioned by the Deputy, has helped to create an ecosystem, as it is described in California, in which many other small information technology companies have developed. Ireland is the envy of many countries for its success in building clusters in areas like pharmaceuticals, information and communications technology and medical devices. These clusters are playing an important part in driving both the foreign-owned and indigenous export recovery.

I fully recognise there are issues in the domestic economy. Most of the initiatives on which we are focusing in the action plan for jobs relate to the needs of domestic companies. I refer, for example, to initiatives relating to access to finance, various elements of the cost base, various development capital needs, mentoring and supports of different kinds. There is a recognition that this country needs a strong international economy in which foreign and indigenous companies can complement each other. It is not a case of one or the other. We need to use that to develop a stronger domestic economy as well.

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