Kieran O'Donnell (Limerick East, Fine Gael)
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Question 180: To ask the Tánaiste and Minister for Finance his views on the competitiveness of the economy; the sources of lack of competitiveness; the way it is impacting on inward investment and indigenous industry; and if he will make a statement on the matter. [30014/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Maintaining and improving Ireland's competitive position is imperative to ensure Ireland continues to grow strongly and remains an attractive location for inward foreign direct investment. Recent IDA data shows that 2006 was another positive year with regard to new investment projects coming to Ireland. Some 71 new business projects, involving a total investment in the coming years of more than €2.6 billion, were negotiated in 2006. Some 54 Research and Development projects were supported involving a total investment in excess of €470 million, an 81% increase over 2005, a record in number and value. Over 85% of these were located outside Dublin. Over 50% of all new jobs in IDA-backed projects now pay in excess of €40,000 per annum. Total employment in IDA supported companies has increased by a net 3,795 to 135,487, the highest gain since 2000. I am confident that Ireland remains an attractive location for overseas investors. Our burden of tax is low, and we have demonstrated that we pursue sensible budgetary policies. Our workforce is highly skilled. Infrastructural development has been prioritised. These key policy orientations equip Ireland with the skills, infrastructure, facilities and overall operating environment that will allow us to compete effectively for projects at the upper end of the high skill/high wage spectrum, which is where our competitive advantage now lies.