Michael Lowry (Tipperary, Independent) | Oireachtas source

We have entered the second year of the greatest crisis in recent history. The focus remains on suppressing Covid-19. However, those who have seen their businesses suffer and jobs evaporate are beginning to place serious emphasis on where we are heading and what the future holds. They are asking how the Government intends to rebuild for the future. As the lead Minister with responsibility for this vital task, will the Tánaiste outline his plans and his vision to revitalise our business sector and our economy? Many sectors of the Irish economy need to be nurtured and assisted with practical support to recover from the devastation of Covid. It is accepted that aviation, retail, hospitality, tourism and the arts and entertainment have seen the collapse of their business.

The aviation industry in Ireland is decimated. Prior to the pandemic, aviation supported 140,000 jobs in Ireland. The aviation industry has issued a stark warning that the longer the disruption to air travel continues, the less appealing Ireland becomes to foreign investors, which will be crucial to our recovery. It is estimated that 75% of the tourism sector depends solely on overseas visitors. There were no visitors last year, and as we approach the start of this year's season the outlook is bleak. Without our own population fully vaccinated, there is little likelihood that Ireland will be the destination of choice for tourists. Lack of tourism for a second consecutive year will spell doom for many who depend on tourism as their sole income.

Before this pandemic, 250,000 SMEs were the main source of jobs and enterprise. They are the backbone of urban and rural communities. They are family businesses, farmers, hairdressers, coffee shops and tech companies. They are innovators and risk takers. They need to reopen and trade, develop and grow again. We need to review the current Irish banking environment in respect of the provision of lending to SMEs, the financing of SMEs, the terms of credit and the banking alternatives available to them. Pre-pandemic SME interest rates were the second highest in Europe. This must be addressed.

The time has come to concentrate on solutions. Hand in hand with the plans to suppress the virus must be a plan to rebuild our economy. The key focus must be on sustaining Irish jobs and exports and increasing the resilience of the enterprise base. There is now an opportunity for the Government to refresh its approach to delivering for the long-term needs of the economy. Chambers Ireland has said that with the current availability to the Government of low-interest finance, there should be a doubling of our investment in energy infrastructure and strategic transport as well as an upskilling of our workforce and support for gender equality through investment in childcare. What preparations are under way? What plans are being made to revitalise and stimulate the Irish economy? What is the timeline for Government initiatives to reboot and grow our economy? With the information available to the Tánaiste's Department, can he see our economy bouncing back in the short term?

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