Written answers

Tuesday, 30 November 2010

Department of Enterprise, Trade and Innovation

National Recovery Plan

5:00 am

Photo of Lucinda CreightonLucinda Creighton (Dublin South East, Fine Gael)
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Question 297: To ask the Minister for Enterprise, Trade and Innovation the way the Government's four year plan will affect trading and investing in a smart economy; if the projected funding allocated to the strategy will be affected; and if he will make a statement on the matter. [45311/10]

Photo of Batt O'KeeffeBatt O'Keeffe (Minister, Department of Enterprise, Trade and Employment; Cork North West, Fianna Fail)
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One of the key messages in the Government's National Recovery Plan is that export led growth will fuel domestic recovery. It recognizes that the implementation of the strategy and action plan set out in Trading and Investing in a Smart Economy will ensure that our trade, tourism and investment sectors are well positioned to respond effectively to emerging opportunities as the global economy recovers.

The National Recovery Plan through its underpinning of the work of the relevant State agencies by providing the funding that will allow them to meet their targets, fully supports the implementation of the new trade strategy. Likewise the capital provision of €2.2 billion investment for the Enterprise agencies will allow us to continue to win foreign direct investments, grow indigenous exports, support research, development and innovation.

Trading and Investing in a Smart Economy identifies cost competitiveness as one of the key challenges effecting the ability of the trade, tourism, and investment sectors to grow. The National Recovery Plan has set out specific actions to spur further improvements in competitiveness across all sectors of the economy including measures to cut costs in energy, waste and transport, broadband infrastructure, professional fees, property and labour. The Recovery Plan also commits to maintaining the 12.5% corporation tax rate which the new trade strategy identifies as a key component of our industrial policy.

The overall objective of the Trading and Investing in a Smart Economy is to marshal and coordinate the resources of the State in a way that best supports firms, of all sizes, in all parts of the country, which are trying to trade and grow their business overseas. Its implementation will result in the sustained, concentrated and coordinated efforts of all the key Government Departments and agencies, including our embassies and consulates abroad in support for Irish companies in overseas markets. Departments and agencies will implement the strategy and action plan from within their current budgets. I am confident that the Four Year Recovery Plan fully supports the achievement of the ambitious targets in relation to trade, tourism and investment as set out in Trading and Investing in a Smart Economy .

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