Dáil debates

Thursday, 10 July 2014

Ceisteanna - Questions - Priority Questions

Foreign Direct Investment

10:10 am

Photo of Richard BrutonRichard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

I am pleased to note the Deputy is changing his view of the role of foreign direct investment in the economy because he suggested, in an earlier question, that FDI was somehow undesirable and unsustainable. Foreign direct investment is an important element in the economy. There are, however, limits to what one can do in terms of regional location. IDA Ireland does not choose what areas of investment are mobile - certain sectors are clearly more mobile than others - nor does it decide where companies choose to locate. A range of measures is required to build up the competitive offering of different regions, to play to their strengths and to use these strengths as a magnet for attracting foreign direct investment.

While IDA Ireland plays an important role in regional development, as the Minister of State, Deputy Sean Sherlock, pointed out, 91% of all employment is in non-IDA areas of activity. We must work on these areas as well as on those where IDA Ireland attracts investment. It is for this reason I have located this focus in a broader regional enterprise strategy, rather than in one agency.

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