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Dáil Éireann debate -
Tuesday, 13 May 1958

Vol. 168 No. 1

Industrial Development (Encouragement of External Investment) Bill, 1957—Fifth Stage.

Question proposed: "That the Bill do now pass."

I should like to suggest to the Minister that, in view of the doubts which were expressed during the earlier stages of this Bill as to the results which would accrue from the enactment of this legislation, the Minister should consider publishing a brochure or taking some steps to make it publicly known abroad that this measure has relaxed restrictions on external investments here.

I think nobody is entirely happy about the Title of this measure and the mere fact that we have not been able to get a better Title during the various stages of the Bill is no reason why the present Title should be accepted as satisfactory. I would therefore urge on the Minister the desirability of making it known that the amendment has relaxed restrictions in view of the agreed national policy of endeavouring to get external investment here. Either a brochure or some publicity calculated to convey the information that the restrictions which are imposed here are of a less rigid type than heretofore obtained would I believe probably secure more publicity than the actual discussions which have taken place during the various stages of the Bill have secured. Certainly, outsiders reading the Bill once it leaves this House, or after it is enacted by both Houses, would be pardoned if they were not aware of the relaxation which is intended. As it leaves here it is a somewhat intricate measure and, therefore, I would suggest some steps should be taken to make it publicly known, particularly abroad, that the requirements which operated heretofore have been relaxed, at least to some extent, and that we are anxious to attract external investment.

I wonder would it be possible to simplify the Title by excluding the words: "Encouragement of" and just say "Industrial Development External Investment Bill, 1957". Is it necessary to put in the words "Encouragement of"? As Deputy Cosgrave pointed out this Bill is intended to do away with the deterrents in the Control of Manufactures Acts, 1932 and 1934, and to give greater encouragement to industrial development. I do think that the new brochure issued by the Industrial Development Authority came out too soon, though the brochure is a very attractive one. It is a pity, however, that it did not include the kernel of this new Bill and that it did not give publicity to the advantages granted by the Bill.

I know a rose by any other name would smell as sweet. I believe it is necessary to keep the two words "Encouragement of" within the brackets, because the Act we are amending is the Control of Manufactures Act which was well known to have restrictive provisions in it covering external investment in Irish industry. Merely to repeal that Act, by another Act with reference in its title only to external investment, would not by itself emphasise the fact that the purpose of the Act was to relax these restrictions. Therefore, I think there are advantages in keeping the words "Encouragement of" in the Title. It is true that the brochure issued by the Industrial Development Authority would require to be revised. It would have to be revised anyway in view of the tax changes announced in the Budget which will be incorporated in the Finance Bill. Consideration is now being given as to how the changes in the Bill, plus the tax changes, will be incorporated in the brochure in future.

The House is, I think, aware that the Department of Commerce of the United States Government is also publishing a brochure on the "Establishment of Business in Ireland." That will be the title of the brochure and their attention has been drawn to the fact that this Act is being passed through the Oireachtas and will, presumably, be passed in its present form. They are taking measures to incorporate in their brochure details of this Act.

Question put and agreed to.
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