Peter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

That is another exceptionally good question. We had a competitiveness summit a couple of months ago, and one of the key areas we are looking at is the changes in the Single Market and the exemptions that have been provided through the state-aid context. Ireland must be very careful in that regard because we are trying to ensure uniformity in the Single Market in order that it is a level playing field.

We have sectors that are present in Ireland - the Deputy will be aware of them as they are right in the heart of his constituency - that are involved in semiconductor activity. It is going to be very important that we get big support in this regard. There are very significant projects under important project of common European interest, IPCEI, rules in Europe. We are now trying to get a rolling fund together in order that we are able to make applications when calls are made. As a country, we have only once applied under that fund, for a company in Limerick. We know semiconductor activity is very important globally. Europe has about 8% of the market but that will go to 4% very quickly if action is not taken. We must work to ensure the areas we can go big in for this country - semiconductors and renewables - are developed, as they will be critically important and make us a shining light in those regards. They will also give some large energy users certainty in Ireland as well, which will be very important in ensuring competitiveness.

It is important also that there is investment in our grid and in other areas where we have a lot of work to do. We need to take a more formal approach with the National Competitiveness and Productivity Council because it is so important. That is our big challenge in the future. When we look across the 62 or 63 countries that are measured in the competitiveness index, we are No. 4 globally and we are No. 1 in the eurozone, which is very strong, but our infrastructure offering is coming under pressure. We have approximately €160 billion to deploy over next decade. We must be smart about that. We need to get an additional fund for our grid upgrade as well.

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