Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

I thank the Acting Chairperson, the officials and the officials in my Department for facilitating Committee and Report Stage today, and for their support of the Bill on Second Stage, which we dealt with here last week.

As all Members are aware, this Bill deals with sensitive and complex matters. Its purpose is to protect Ireland's security and public order against threats that are emanating from investment from third countries. To achieve this, the Bill will empower the Minister of the day to assess, investigate, authorise, condition or prohibit foreign investments based on a range of security and public order criteria, and to prevent or mitigate such threats.

Establishing a formal investment screening mechanism represents an opportunity to design and tailor a system that is appropriate to Ireland's needs. Our approach will balance Ireland's long-standing foreign and direct investment strategy while also acknowledging the challenge posed by potentially hostile investments. The implementation of the investment screening mechanism will also provide reassurance to key trading partners that Ireland is a responsible global player, cognisant of the threat posed by the strategic and potentially hostile state-backed investment strategies that are being deployed by some third-country corporations.Ultimately, Ireland's development of an investment screening mechanism is in line with best international practice. I again reassure Senators that this Bill will in no way act to dampen legitimate investment in Ireland.

It is not envisaged that large numbers of transactions will require notification. Of those that are notified, it is likely that most will be quickly cleared without flagging any security or public order concerns. The Bill does, however, provide a necessary safeguard against the actions of those who would do us harm or undermine our security. We will now begin its implementation in the Department.

I thank my officials who have put considerable work into this legislation over a long period. I thank the Members of Seanad Éireann and Dáil Éireann, in particular the members of the Oireachtas Committee on Enterprise, Trade and Employment for their co-operation.