Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

I thank the Deputy for his question. This is a big good news story in Ireland. The Irish economy and the manufacturing and export sectors are stronger than they have ever been. Of course, there will be international disruptions at different times, but the strength and employment, and the tax revenue created by this sector is in a very good place right now.

The Irish manufacturing and services sectors, both FDI and Irish-owned, have performed strongly and successfully weathered a number of shocks in recent years, including Brexit, Covid and the disruption caused by Russia’s invasion of Ukraine.

Irish exporting companies continue to perform well in global markets. Enterprise Ireland clients reported a record €32 billion in exports in 2022 with goods exports increasing by 19% in value in the first three quarters of 2022 compared to the same period in 2021, while services exports increased by 10%. Enterprise Ireland’s 2022 results detailed the creation of over 19,000 new jobs by their client companies while the total directly employed in the multinational sector in Ireland, supported by the IDA, reached over 300,000 for the first time by the end of 2022.

These record results demonstrate not only the resilience of our enterprise sector but also the strength of Ireland’s value proposition and attractive business environment which enables global companies to invest and expand successfully in Ireland. Last week's IMD ranking of Ireland as No. 2 in the developed economies of the world was also particularly encouraging.

I can assure the Deputy, however, that the Government is by no means complacent or taking our positive economic performance for granted. The White Paper on enterprise which we published last December, and which is supported by biennial implementation plans, details how we will deliver on our ambition for a vibrant, resilient, regionally balanced and sustainable economy made up of a diversified mix of leading global companies, internationally competitive Irish enterprises and thriving local businesses.

The Deputy will know that Ireland currently has full employment. The unemployment figure is the lowest it has ever been at 3.8%. Having said that, however, one will have heard reports perhaps this morning in the media of a slight weakening of the value of pharma exports out of Ireland. That is very much impacted by global trends and expenditure. I want to reassure people in the context of that data that the investment appetite within the pharma sector is very strong in Ireland at the moment. We have seen big projects this year, predominantly outside of Dublin, from companies like Eli Lilly and others which are investing hundreds of millions of euro in the Irish economy for the future. That is a very encouraging sign of where this sector is moving in the medium term.

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