Billy Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

I welcome the opportunity to speak on the motion and I thank Deputy Collins for tabling it. When we listen to what is said in the debate that often transpires in the House with regard to foreign direct investment and where Ireland has positioned itself in the global context, and we are an open global trading economy and interdependent on the world and it on us in terms of trade, it is critical that we maintain this outward looking view of the world in terms of our policies. This is why it is critical from time to time to assess and acknowledge the importance of foreign direct investment in the overall context of the economy.

Needless to say, foreign direct investment cannot be viewed in isolation. For example, in the area of medical devices and software, many of the smaller companies were embryonic spin-offs of multinationals that established here initially and gave Ireland a critical mass in key areas of those new economies. At times, we are a little disingenuous about the importance of foreign direct investment not only in its direct role, but also in establishing embryonic industries and supporting the industries underpinning many of the multinationals. It is very significant to the Irish economy.

Of course, foreign direct investment is here for a number of reasons. Undoubtedly, it is here for the corporation tax, and we must remain competitive in that context. It is also here because of the skilled, flexible workforce, the fact that we speak English, the independent Judiciary and because we uphold the rule of law. Ireland is also a bridge between the United States and Europe. All of these are critical components in ensuring that foreign direct investment looks on Ireland in a positive light. Some from the left philosophy and ideology glibly comment as if foreign direct investment would be here if their policies were in place. They say foreign direct investors do not pay enough tax, that they are not contributing enough and that if they were in government they would take far more tax from them. However, if they were in government the investors would not be here at all, so they would be taxing companies that would no longer reside in Ireland. It is important to put that in context. Sometimes in this debate the left pockets all the good that comes from foreign direct investment, yet spends the imaginary profits that would be there if it was in government. It is important to make that point.

Deputy Mick Barry, my constituency colleague, consistently undermines the importance of foreign direct investment. I suggest that he stand outside Apple in his constituency some day, where 6,000 people are directly employed, and hand out leaflets stating that Apple should not be here. He could also go to Schering Plough, Johnson & Johnson and the many other multinationals that are providing superb employment and huge spin-off employment in the broader economy of Cork alone. These are key issues.

Reference has been made to Brexit. I have examined the amendment to the motion proposed by Sinn Féin. There are many things in it that I could agree with, but there are also many items that are hypocritical. One example is the decision of the electorate in Northern Ireland who voted to remain within the EU. Of course, the people voted to remain in the EU. However, citizens in the Republic voted to enter the EU in the early 1970s and Sinn Féin consistently opposed Ireland's entry into the EU and opposed every EU treaty subsequently. It was only during the last election, in the context of the referendum result in the North, that it became pro-European. That is a fact. The reason it is pro-European has nothing to do with the broader issue. It is about electoral advantage because, for a change, Sinn Féin accepted that the people in Northern Ireland with good sense would support remaining in Europe. Europe has been good to this island, North and South, the broader economy and the citizens who live on the island.

Another issue that has been mentioned is Ireland and its international obligations. CETA and TTIP are important. It is important to have international trade agreements. It is also important to have international resolutions for disputes. That refers back to my earlier comment on the independence of the Judiciary and the rule of law. These are critical for multinationals when they are choosing where to locate around that world. They must be confident that their investment can be protected in terms of copyright, research and development and its other aspects.

There has been glib commentary from the left about nationalisation, as if we could nationalise Dell, Apple, Johnson & Johnson and some pharmaceutical companies. This type of commentary beggars belief. Do they honestly think that multinationals would locate in this country if they thought for a moment that following that investment some left wing Minister would come knocking on the door to say they are taking over the concern and will make the computers, pharmaceutical products and so forth? It simply beggars belief. Do not undo the good work that has been done for many years by successive Administrations, although primarily Fianna Fáil Administrations, in attracting foreign direct investment and making this a place where international companies can locate and provide good jobs for our citizens, both North and South.

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