Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I thank Deputies for their questions. Unfortunately, almost all the matters raised have not been considered by the Cabinet committee on economy and investment. That is fair enough. Notwithstanding that, I will do my best to answer the questions but I may have to come back to Deputies in writing with some replies because they do not relate directly to the work of the committee.

Deputy Dillon highlighted that Ireland is now ranked second in the world for competitiveness, just behind Denmark, which means we have gone up in the rankings. That is encouraging for the future prosperity of the country. He pointed out we need to continue to invest in infrastructure, one of the areas where we are not in the top ten. We would like to be in the top ten or 20 in most indexes. We have a rapidly growing population and because we became a relatively wealthy country relatively recently, in the past few decades, we have a deficit of infrastructure that we need to build. We have programmed an increase in capital spending next year of €1 billion on top of the spend for this year. In my conversations with the Minister, Deputy Donohoe, he has been given the specific role of making sure the NDP happens more quickly and shovel-ready projects and those in the pipeline are advanced. It is a priority for me as Taoiseach to make sure that happens.

Deputy Hourigan raised the establishment of a new sovereign wealth fund. This will be in addition to our existing sovereign wealth fund, which is ISIF. It will be used to fund future investment in infrastructure and help to cover future liabilities when it comes to pensions and social care. We have not given consideration yet to an ethical framework around investment but will have to do that. The establishment of the new fund will require primary legislation so there will be an opportunity to stitch into that legislation a requirement for an ethical framework around investments, which I would support. The detail of that will have to be debated.

On Tara Mines, I understand an engagement is under way between SIPTU and the management. It is important we allow that to happen. The Minister, Deputy Coveney, is engaging with the company. The company assures us the mine will reopen. We want to make sure it reopens sooner rather than later and are willing to talk to the company about how to do that. There are limitations on what we can do. We want the mine reopened and those jobs restored and we are willing to engage with the company to help to make that happen.

Deputy Boyd Barrett raised royalties. I commend him on his concern for the protection of intellectual property and the extent to which he is advocating that intellectual property be protected.

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