Dáil debates

Thursday, 10 July 2014

Ceisteanna - Questions - Priority Questions

Enterprise Ireland Funding

9:40 am

Photo of Seán SherlockSeán Sherlock (Cork East, Labour) | Oireachtas source

Is Sinn Féin now proposing that the corporation tax rate is too low? Is that the inference of the Deputy's question when he says we have a bargain basement corporation tax rate? I do not accept the Deputy's inference that US foreign investment in the economy is at an undesirable level. The activities of US owned companies represent an important source of exports and employment. They are spread across 500 companies in a wide range of sectors and have strong links with the economy. Exports from foreign owned enterprises are an important and sustainable element of the economy, as they are in other small globalised economies.

While IDA Ireland client companies play an important part in the economy, it should be remembered that employment in such companies represents less than 9% of total Irish employment. The majority of employment comes from the activities of Irish owned companies and enterprises and these are the key focus of much of our enterprise policy. Many of the proposals developed in An Action Plan for Jobs have been designed to assist the start-up, scaling and internationalisation of Irish owned enterprises. Measures include the roll-out of the local enterprise office, LEO, network, the establishment of the potential exporters divisions, the increase in staff assisting Irish companies to develop in overseas markets, the increase in the number of trade missions, the creation of new instruments to facilitate access to finance and the development of sectoral strategies in areas such as tourism, software and food.

There is solid progress being made. Exports by Enterprise Ireland companies are up by €3.5 billion in the past three years, while employment has grown by 14%, from 146,419 to 166,184 higher than the total employed in IDA Ireland client companies.

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