Michael Comiskey (Fine Gael) | Oireachtas source

I welcome the Minister of State to the House. As we are aware, budget 2014 included a provision to allocate just over €54 million, in an 80:20 split, to the horse and greyhound industries. This is a significant allocation and reflects the importance of both industries to the economy and sporting life. It is estimated that the combined horse and greyhound industry supports 24,000 jobs and generates €1.6 billion in economic output.

Both industries are net contributors to the economy. Funding which had been allocated to these sectors has come back to the Exchequer in multiples of the original amounts invested. Both industries have a large spin-off for the many farmers and services providers who are linked directly and indirectly to the sectors' activities.

The fund has been used by both the greyhound and horse industries to invest in the local economy. Funds allocated have been used to put in place infrastructure which allows the sectors to maintain their presence in rural Ireland. The fund has directly contributed to the improvement of 17 greyhound tracks.

As regards the horse-breeding industry, the fund was central to founding a centre of excellence which was a key component in establishing Ireland's industry on the international stage. Ireland is the largest producer of thoroughbred foals in Europe and the fourth largest in the world. We must not be complacent with this standing, however. In order to retain and improve this status, we must properly equip the industry and put in place resources to retain stocks and bloodlines.

The horse-breeding industry has a healthy investment potential, with a small market for that investment compared to other sectors. It is a market in which investment when lost can be difficult to win back, as competition from other countries is intense. The allocation is significant so I am pleased that a full review of Bord na gCon and the greyhound industry is under way to ensure that this money is spent efficiently.

I look forward to the betting (amendment) Bill coming before the House, which will extend betting duty to online and remote operators. It is only fair that all those operating in the sector should be treated equally in this respect.

I note from figures provided last week to the Oireachtas Joint Committee on Agriculture, Food and the Marine by the Minister, Deputy Coveney, that in 2012 some 1.2 million people attended race meetings, which is approximately the number who attended the GAA hurling and football championships. This demonstrates the contribution these industries make both to the national Exchequer and the rural economy. As such, it is only proper that the State should assist in putting in place the infrastructure to support these industries, in growing jobs and maintaining rural pastimes.