Ollie Crowe (Fianna Fail) | Oireachtas source

I welcome the Minister of State, Deputy Calleary, to the House. Overall this Bill is to be welcomed. It serves an important purpose in addressing the potential threat posed to security and public order from some third country investments. It is important to highlight that the record of FDI into Ireland has been outstanding and is something that should be acknowledged when discussing this Bill. The IDA has done and continues to do outstanding work in that regard, with the quality of investment coming into Ireland being first class. FDI has played a hugely significant role in the development of our economy and while we all welcome that the job growth which has occurred in every region of the country as a result of FDI is important, we do not take it for granted. In my own city of Galway, for example, FDI has played a huge role in the development of the local economy where Boston Scientific, Thermo King, Medtronic and Creganna Medical provide thousands of jobs and have done so for decades. Not only are the jobs they provide directly important but so are the indirect snap-on benefits to locally-owned SME's, to family businesses which have all benefited from the foreign direct investment.

Having said that, we must recognise that as with any country, our environment is not without threat. The investment screening regulation is in response to growing concerns among member states regarding the purchase of, and investment in, strategic European companies and assets by foreign-owned firms, and in certain cases, State-owned firms, that may undermine a member state's security or public order. Specifically, the concern relates to third-country parties acquiring control or influence over certain companies, assets, technology, data, research or intellectual property.

The Bill will provide an opportunity to design and tailor a screening mechanism appropriate to Ireland's needs, an approach that balances Ireland's continued attractiveness as a location for inward investment with the robust but proportionate screening mechanism that protects security and public order and enhances the State's ability to respond to those potential threats. This Bill will offer reassurance to our key trading partners that Ireland is acting appropriately and responsibly to deal with a potential threat. Ireland is a responsible global player aware of the threat posed by the strategic and potentially hostile State-backed investment strategics being deployed by some third-country corporations. It should also be highlighted that our intentions in this area are being closely followed by key trading partners with strong encouragement to establish a formal screening mechanism. I welcome the legislation and believe it is necessary but as I have outlined it is important that it is not seen in any way as a mark against the key FDI Ireland has attracted up until this point.