Feargal Quinn (Independent)

I welcome the Minister to the House. I found the Minister's figures interesting, in particular those from the World Competitiveness Yearbook 2011. I am impressed to hear that Ireland ranks first in respect of corporate taxes, business legislation, foreign investment and availability of skilled labour, second for consumer price inflation and third for direct inward investment and financial skills. That is interesting information of which I was not aware. It is also a reminder that we are in a competitive marketplace. I have travelled a great deal during the past couple of years, including to Panama and Singapore which are determined to be the most attractive places for small businesses. On that basis, we must remain alert.

I welcome this legislation which extends to US companies the exemption from 2015 to 2020 for filing their accounts under Irish accounting practice. The companies involved are major employees. The last thing we need to do is discourage them or others from locating in Ireland. It seems likely the quality of discourses will not change. This exemption is to be welcomed because the US is such a large employer in Ireland and a massive contributor to FDI here.

On foreign directive investment, can we make it easier to do business and so attract more FDI? According to the British Government, a 2005-2010 programme in the UK reduced the burden of regulatory compliance on businesses by 25%, resulting in a €4 billion saving for firms. I frequently refer to the cutting of red tape to make it easier to do business. However, I have an idea that could allow businesses, including foreign companies responsible for FDI, have a say on regulation, which could be done through e-government. The UK invites comment on regulatory proposals on the website of the Better Regulation Executive. Canada and the US publish guidelines on the evaluation process underlying the cost-benefit analysis of new regulations. In the UK, the "one in, one out" system requires Departments to assess the net cost to business of complying with any new regulation that is proposed - which is an "in". These calculations are validated by the independent regulatory policy committee. If a new regulation means a cost to business, a deregulatory measure - an "out" - that reduces the net cost by at least the same amount must be found. One such "out" is a measure permitting credit unions to communicate with their members electronically. This is estimated to reduce the net cost to business by around £10 million, a calculation validated by the regulatory policy committee. I believe we should not be putting on small business the same burdens as those placed on a multinational, in the same way as the Minister is trying to make it easier for US companies to do business. We could have a public website through which the Government could gather the views of the business community, including foreign companies and the public, and invite practical suggestions for alternatives. Anybody would able to access the website and comment on any particular legislation identified for review. The feedback from those affected by regulation will inform Government decision making. When the period for comments closes Ministers would have a specified period, perhaps two months, to consider the comments provided. This means burdensome regulations would be removed where no good reason for retaining them has been identified. We debated legislation in this House yesterday which dealt with abolition of some old laws that have been on the Statute Book for years. Many of the regulations which were introduced some ten or 20 years ago are no longer needed. This would be a very practical step to show foreign companies that we are making it even easier to do business here.

Could we attract more foreign investors into our marine business? Ireland has the largest maritime area - 220 million acres to land mass - in the EU, yet it derives only 1% of its gross domestic product from the maritime sector. Comparative figures for the UK, Denmark and Norway are 5%, 11% and 20% respectively. Does the Minister or Minister for Communications, Natural Resources and the Marine intend to introduce any further incentives or tax breaks for companies who want to invest in the maritime area? On a related note, why are wind energy electricity producers forced to pump power back into the grid for free while in the UK there is an incentive in terms of producers being paid for power that they generate, which is a source of income for farms and families. If there is no reform of this area, there is much less chance of investment in wind energy, which could help business and the country as a whole. We need to change this provision. I believe it can be changed and that it would be comparatively simple to do so.

Ireland's chairmanship of the Organisation for Security and Co-operation in Europe, OSCE, could bring new opportunities to bring FDI into Ireland and for Irish business to expand. The Tánaiste's visits to OSCE states, where there are conflicts or field presences, will also be important in raising Ireland's profile. These are states in which Ireland is not known. While the primary purpose of these visits must be to aid in conflict resolution,; they also offer opportunities to promote awareness of Ireland in an economic context. Irish businesses active or interested in those countries can expect far greater name recognition for Ireland during 2012 than heretofore. A region of particular importance is Central Asia. Ireland has no resident diplomatic or trade presence in these five states and has traditionally had little contact with them. However, the OSCE is a household name in this entire region and the visit of the chairman of the OSCE, the Tánaiste, will offer an unequalled opportunity to make Ireland a household name too.

I support the Minister in his efforts and I hope he is open to ideas to attract more foreign direct investment here. It is something we can continue to do. I know from what he said today that he is determined to do that and I encourage him to continue with the same energy, enthusiasm and commitment he has shown up to now.