Skip to main content
Normal View

Dáil Éireann debate -
Tuesday, 2 Apr 1968

Vol. 233 No. 11

Ceisteanna—Questions. Oral Answers. - US Investment Restrictions.

54.

asked the Minister for Industry and Commerce if he will report on his discussions with the US Secretary of Commerce on the effect of the US Government's restrictions on foreign investment.

I discussed with the Secretary of Commerce the effects, on Ireland's industrial development, of the US Government's restrictions and in particular the requirement regarding the repatriation of profits. I pointed out that the effect of the regulation was that the tax which Ireland was foregoing on profits earned by US industrialists here would be collected by the US Treasury. I put forward certain suggestions about how this position could be overcome and the Secretary of Commerce undertook to have the matter examined.

Does the Minister think that we would continue our tax concessions to these firms in the event of the American Government not changing their policy in this direction and do we intend to continue what he is reported to have said, quite correctly, to the American Secretary what we would be doing, in fact, that is subsidising the American Government in its present economic difficulties?

I think we would be able to find a solution to the difficulty all right.

55.

asked the Minister for Industry and Commerce if it is his intention to provide further financial help to US companies who are contemplating setting up industries here during the present foreign investment restrictions policy pursued by the US Government.

Arrangements have been made to ensure that, in the case of any sound industrial project for Ireland, any short fall arising from the restrictions by the US Government on foreign investment will be met by finance from Irish sources. This can be done by obtaining "bridging" finance on a normal commercial basis from financial institutions in Ireland. In this connection I wish to acknowledge the co-operative response of these institutions to the approaches made to them in this matter by the Industrial Development Authority.

This special arrangement visualises that any such sound industrial project would benefit in the normal way from the scheme of grants and other incentives already available for new industries.

Top
Share