Simon Harris (Wicklow, Fine Gael) | Oireachtas source

Deputy Boland is right on both fronts. We are very lucky that Maroš Šefčovič is the Commissioner. He is a very experienced Commissioner who knows this country well through his previous roles during the Brexit time.

He is an engaging, consummate individual and he is in fairness already engaging with the US Administration. He was in DC last Monday. He spoke to the commerce secretary and met him just before I did and spoke to him on the telephone as well.

The second point the Deputy is really right on is the effects on SMEs. There is rightly a lot of discussion on foreign direct investment, and we are going to continue to work to keep foreign direct investment. We do not take it for granted. However, foreign direct investment does not come to Ireland for the weather. It comes here because this is a good country in which to do business. It provides businesses with massive access to 450 million consumers right across the European Union, a skilled labour force, a stable Government and stable business policies. It is a good country in which to do business and I am going to keep making that point. However, SMEs do provide about 90% of employment in this country. It is actually why the Government needs to double down on some of our policy initiatives. It is why we campaigned in the recent general election to reduce the VAT rate, for example, in the hospitality sector. That needs to happen because more than ever now we are going to have to help our small and medium enterprises. There are two figures I will put on the record of the House. Around 32% of our exports head to the United States of America, but around 17% of our imports come from the United States of America. That area of imports will have to get attention in the days ahead. It is not just about what we are exporting but also about the supply chains, particularly for small indigenous companies in Ireland and what they rely on in terms of imports and the impact that can have on the cost of business and the cost of goods to consumers too.

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