Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

Like other Members, I begin by congratulating the Minister of State on his recent appointment, or indeed reappointment, to a Department with which he has great familiarity, although it is some time since he was last there. We expect great things and I have no doubt that our expectation will be delivered upon.

There are many ways to approach this legislation. On Second Stage, we have relative liberty to approach it in any way we choose but the most important thing in respect of this matter is reputation. It is the reputation of Ireland Inc. and that of our economy. It is our reputation as an outward-looking country that thrives in the realm of export but, crucially, also in investment. By passing the Bill and, in turn, transposing the related directive we will further reinforce Ireland's reputation as a wonderful place to do business, invest and recruit top-quality staff. Obviously, this legislation is protecting the State, the European Union and the wider Single Market but it is also protecting our reputation. That is why I encourage the Minister of State and colleagues in this House and the Upper House to ensure the swift passage of the Bill and the swift transposition of the directive, as has been done already in other EU member states. Deputy Bruton made the point that it has only been used in 1% of flagged cases. This is the crucial importance of this legislation. There is a very small threat but if that threat is allowed to get into the ecosystem of the Single Market, it will cause untold damage not just to individual persons but to the reputation of the entire Single Market, the world's largest economic bloc.

The Bill allows and requires us to reflect on the importance of FDI in the State, going back to the early establishment of the IDA and the foresight of T.K. Whitaker. I am not going to lurch into a history lesson or offer my historical considerations on that point but I wish to underline that while we talk about the importance of FDI and cheer on great investments, huge job announcements, expansions, the recruitment of staff and diversification in the regions - of course, all Members welcome the fact that IDA Ireland and Enterprise Ireland activity is bringing job growth in every region of the country at this moment - we have to remember the fragility of the FDI model. These wonderful large or not so large companies from the US or outside the European Union that are prepared to come to Ireland and invest greatly should not be taken for granted. Their presence here is not accompanied by some sort of guarantee. We have to protect that model which has served the State so well for so long, particularly at this delicate point in global economic affairs. Since the election of this iteration of the Dáil, we have come through a global pandemic the likes of which had not been seen in more than a century, yet, in 2020 alone, Ireland welcomed €839 billion in FDI from America and €15 billion from the UK. When we were in the darkest point of the storm, FDI was there to ensure that people could continue to receive a salary. These companies were flexible and allowed people to work remotely. They were cautious and made sure they followed the public health advice but they kept the economic train going and that allowed the Government to provide the finest level of supports to the population and businesses of any developed country in the world, as noted by the OECD today.

That is never reflected on. There is great talk about doom and gloom and how big multinationals are forcing data centres to put a huge drain on our electricity supply and on our grid but when we reflect on the situation in other countries, be they close to home in the European Union or in less developed regions, we manage to get a great many things right in this State, collectively. This is not just praising the Government, but collectively across the entire House and most importantly our business sector. When we get things right, particularly our model of foreign direct investment, FDI, we have to be very careful to ensure we can maintain it. Those people who say we can simply lump loads of taxes on the big multinationals and they can pay for everything, must be wary that there are always alternatives. They are not simply coming to Ireland because we are a bit of craic. They come because we have a great model. At the heart of that model is a believe not only in the rule of law but a belief in our population, a highly educated, English speaking, outward looking population that welcomes FDI. This sort of legislation of course comes from the European Union with collective input from Ireland. This will strengthen the Single Market and Ireland's place within it. In the next couple of years coming out of the pandemic and facing the current global challenges that the war in Ukraine and so much else poses, this will place Ireland in as strong a position as is possible. It is a position that is the envy of most other countries in the European Union but a position that cannot be taken for granted. It is a reputation that cannot be taken for granted. My key closing point is to ensure that this legislation is passed swiftly, thoroughly and most importantly that it is transposed in due course.

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