asked the Minister for Industry and Commerce if any review of the extent of foreign control of Irish industries is under way; and if any consideration has been given to the establishment of an industrial development corporation as proposed by the ICTU.
Ceisteanna—Questions. Oral Answers. - Council of Irish Industries.
58.
As I have said on previous occasions, this matter is kept under constant review. I am satisfied that the current situation calls for no other action at this stage.
In regard to the proposed establishment of an industrial development corporation, I do not see the necessity for another body in this field. I consider that the Industrial Development Authority will be able to discharge any functions of this kind which may be needed.
Does the Government not fully accept the seriousness of the statement made by the Irish Congress of Trade Unions in a very responsible document, "Economic and Social Development", that, in effect, many Irish industries were now becoming hostages to foreign fortune and that in that context the Government should give much more serious consideration to the views expressed by very responsible spokesmen about the extent of foreign control of Irish industry at present?
I do not think there is cause for undue concern about foreign control of Irish industry but in regard to the Deputy's statement that Irish industries are hostage to foreign fortune——
Some of them are.
——I think that in any country which is exporting there must be a danger of industry being affected by matters entirely outside that country's control. We have had several examples and I think the same applies in every other country with a good proportion of export industries.
Not to the same extent.
Does the Minister appreciate that we are talking of the danger of major manufacturing units here being subjected to international cheque books and being taken over particularly by British groups, and that at present, because of the absence of preventive legislation in that regard, that danger is quite serious?
The greatest danger I think is in export industries where the foreign market for some reason falls through. I do not accept that what the Deputy mentions constitutes any great danger.