Enda Kenny (Mayo, Fine Gael) | Oireachtas source

Deputy O'Sullivan's question is very valid and I thank her for her comments. The Industrial Development Authority, for very many years, has been a global model for structuring a situation where foreign direct investment into this country has continued to be very strong. The Minister for Jobs, Enterprise and Innovation, Deputy Bruton, and the Tánaiste, Deputy Gilmore, as trade policy Minister, have had a direct impact on this.

I do not accept the multinationals come here and head for the hills shortly afterwards. This morning, for example, Hollister announced an €80 million investment in Ballina, and it has been there for 40 years; Allergan, which has been here the same length of time, has invested €300 million in Westport, and there are many others. It is true to say that the nature of the products manufactured in many of these plants has changed over the years and there have been changes in technology, in robotics and in the way things are done. Multinationals employ over 100,000 people here, with a massive investment in IT, pharmaceutical, software and many other areas.

I want Deputy O'Sullivan to understand that a priority of Government is really to focus on job creation through the SME sector. That is why Silicon Valley Bank, the Chinese Investment Corporation and KfW, the state investment bank from Germany, are putting together €4 billion in a couple of years for investment in regard to access to credit for small and medium enterprises, including the schemes the Deputy has mentioned. Some 20 SMEs from Ireland were in San Francisco at the weekend, pitching for venture capital investment, and these SMEs had gone through a boot camp here, where their presentations were taken asunder and reconstructed so they would be made in the strongest possible fashion. The Minister of State, Deputy Sherlock, is in Switzerland today with up to 60 companies from Ireland, small and medium enterprises pitching for business and new markets.

I agree with the Deputy in regard to job creation and growing the economy for the future. The emphasis of the Minister through the Action Plan for Jobs, through the Pathways to Work scheme and through access to credit from new sources is to do exactly what the Deputy says, namely, make opportunities for small and medium enterprises to build on their potential. Enterprise Ireland, as an equivalent model of the IDA, has been exceptional in terms of the assistance, time, effort and creativity with which it works with companies so jobs can be created here in Ireland. Its fund, through high potential start-ups and so on, is very focused. While we cannot cover the entire range of opportunities, the ones where we see real potential get real priority and focus from Government.

The Deputy's question is valid. Some 60,000 jobs were created last year and 40% of those were created by companies that are less than five years old, so those frontiers up ahead are changing. Deputy O'Sullivan can take it from me that the focus and emphasis of Government is genuinely on small and medium enterprises and giving them that opportunity to grow their potential and create jobs here at home. It is then all about economic confidence.

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