Bernard Durkan (Kildare North, Fine Gael)
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Question 95: To ask the Tánaiste and Minister for Enterprise, Trade and Employment the action or actions she proposes to take to address the issue of ongoing job losses with particular reference to securing investment in areas most likely to produce results in the short to medium term; and if she will make a statement on the matter. [19875/09]

Mary Coughlan (Donegal South West, Fianna Fail)
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There is currently a Budget provision of over €500 million for capital investment in enterprise. This is a clear statement of our priorities on the jobs front and the investment will be aimed at the most productive sectors of our economy in relation to both indigenous industry and foreign direct investment.

Assistance also needs to be available to companies that are basically viable but may need some additional supports. In this regard, I recently announced a €100m Enterprise Stabilisation Fund which will enable internationally trading companies survive the current global downturn by supporting their drive to reduce costs and gain sales in overseas markets. Sustainable economic recovery will be driven by enterprises focused on increasing their exports of innovative products and services in global markets.

Furthermore, Enterprise Ireland and the County and City Enterprise Boards are focused on supporting entrepreneurs and encouraging entrepreneurship in Ireland. The development of Irish businesses is central to our economic recovery. Enterprise Ireland, in recognising the significant changes in the current economy both in Ireland and globally, has prepared a new recovery strategy to identify the actions that will be undertaken to help clients in 2009. The agency has refocused its efforts on strengthening and sustaining companies of strategic importance through a range of initiatives focused on the needs of their client base and has developed a series of proposals which deal with access to finance, winning new sales, encouraging competitiveness, continuous innovation and R&D, and development of entrepreneurship.

The level of foreign direct investment in Ireland, relative to the size of the economy, is one of the highest in the world. There are almost 1,000 companies from overseas employing approximately 136,000 people. Even in these difficult economic times, there is still investment from abroad to be won. While IDA Ireland's focus is on securing investment from new and existing clients in the areas of High End Manufacturing, Global Services (including Financial Services) and Research, Development and Innovation, there are three new sectors that are also being targeted – Convergence, Cleantech and Innovation / Services. In an effort to increase investments in Ireland, the agency has expanded its personnel in the United States and has recently set up offices in India and China and continues to explore options in other economies.

I am confident that the pro-enterprise strategies being pursued will address the jobs situation particularly as Ireland is currently rated as one of the most entrepreneurial countries in the EU.