Tom Hayes (Tipperary South, Fine Gael) | Oireachtas source

I thank the Ceann Comhairle for selecting what is an incredibly important issue for people throughout the country and for my constituents in Tipperary. While I do not want to be accused of bias against Dublin, the fact is that 80% of foreign direct investment goes to the large urban centres of Dublin, Cork and Galway. We are obviously in the midst of a deep recession brought about by reckless lending, poor governance and a depressed world economy. Nevertheless the country still retains the key characteristics which have in the past been cited as the reasons for multinational companies choosing to invest here. We have a young well educated workforce and Ireland is an English speaking country seen as a hub for European operations. We have improved our competitiveness and reduced our labour costs in recent years and we have given a firm commitment on our corporation tax rate remaining at 12.5%, which was reiterated yesterday in the budget.

When the economy was growing quickly these were cited as the reasons we were able to attract and win investment from large companies, and although there is now strong downward pressure on costs and wages, reduced red tape and increased incentives we are not securing foreign direct investment for rural areas. I understand the role the world economy growth rate plays in this but I want to know what efforts are being made to ensure we are in pole position to capitalise on growth in the world economy. It is often stated that when the world economy starts to grow Ireland will reap the benefits.

We have made huge strides recently in restoring our international reputation and confidence in the economy. While I acknowledge the work of the IDA and the past success of the Department of Jobs, Enterprise and Innovation I urge everyone involved in attracting foreign direct investment not to be complacent. I encourage the Minister to consider the rural areas in the country when courting multinational investment. My constituency has suffered jobs losses in recent years in Clonmel, Cashel, Carrick on Suir, Thurles and Tipperary town. Empty factories are available in each of these towns and areas. I call on the Minister to give his attention to these locations. Huge opportunities seem to be available for large-scale businesses in rural locations such as these.

Biotechnology, pharmaceutical, information technology and professional services companies to mention but a few can grow and develop in a different environment. The costs outside of the capital are lower. The quality of life available to employees is very different to that in the major cities. The road, rail and broadband infrastructure which was not in place years ago is now available. The road from Dublin to Cork passes through Tipperary and makes it accessible to the airports in Dublin, Cork and Shannon, which are at most an hour and a half away. I urge the Minister of State to punch this home when visitors come to our country and ensure these arguments are made to CEOs when they are deciding where to invest. They will see the broader picture and choose to locate in rural areas and thus help the infrastructure and quality of life in areas outside the main cities. With the deficit under control and confidence restored, a growing world economy can be hugely beneficial to Ireland once we position ourselves to capitalise and attract inward investment to rural areas as well as the large cities. I urge the Minister of State to do this.

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