Seanad debates

Thursday, 10 October 2002

Address by President of the European Parliament.

 

Much of our growth came from the extraordinary flow of foreign direct investment, especially from the United States. We should be in no doubt, however, that while many preconditions are in place, such as speaking English, an educated labour force and a friendly tax environment, people still need to sell. Market access for a population of 4 million was not the platform that attracted 25% of all US foreign direct investment to the EU in 2000. Access to EU and other markets is a key part of that attraction. Our singular dependency on the UK is gone; it now takes just over a fifth of our total exports. It is still our major customer but things have changed. We must avoid replacing the old psychology of failure, emigration and stagnation with a new psychology intoxicated by the success of the last decade where, as on the soccer fields abroad, we might think that they will never beat the Irish and that the Irish can walk alone. Let us have no nostalgia for standing alone because it does not work.

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