asked the Minister for Industry and Commerce the prospects he has for foreign investment in Ireland in 1987; and if he will make a statement on the matter.
Ceisteanna — Questions. Oral Answers. - Foreign Investment.
8.
In so far as foreign industrial investment is concerned, I am informed by the Industrial Development Authority that, despite a very slow start this year, the authority expects the level of such investment in 1987 to be equal to the average investment achieved over the last five years, that is, in excess of £300 million.
Has the Minister had discussions with the IDA to see in what way he and his Minister of State can assist that authority to ensure that in real terms there is a substantial increase in foreign investment this year?
I have already had discussions with the IDA and I will be going to the United States in early June in that regard. I visited Germany in the past number of weeks——
I was not going to raise that matter.
The Deputy can raise it if he wishes. As regards the German trip, Ireland was shown up in a very poor light in relation to media coverage before, during and after the general election and that had to be put right in the first instance. As we all know, investment abroad takes cognisance of worldwide press in relation to the Irish economy and I found a very negative attitude in Germany to the Irish economy. When I return from the United States I will report my findings to the House. I believe I was successful with all the various interviews with the media and in meetings with bankers, industrialists and so on in Germany in allaying their fears in this regard. The reports in relation to the Irish economy were totally exaggerated. There must be confidence in the economy before we can expect to bring in investment. That was my first priority in relation to that trip and if I have to do the same job in America I will be only too glad to do so. Every assistance will be given by me as Minister, by the Minister of State with responsibility for trade and marketing and by the Minister of State with responsibility for science and technology, if it is required, to boost international investment to this country to the highest level we can achieve, not alone this year but in future years.
I thank the Minister for his reply. Arising from what he said with regard to the bad Press reports, principally in journals like The Financial Times and others emanating from Britain——
And The Economist.
——which were clearly motivated by commercial reasons for the benefit of the UK economy, will he not consider that the IDA, with their scarce resources, would be better advised to take out advertisements in German newspapers in order to correct the impression there rather than the ludicrously expensive advertisements that cost over £100,000 which they placed in the Irish papers when trying to convince the Irish people of how good an outfit they were?
We are entering into a new area now.
I will very quickly respond, a Cheann Comhairle, if you so wish. I certainly agree the problem of negative Press reports is a very serious one for this country. The advertisements the Deputy speaks about in relation to Ireland have been discontinued.
I am glad to hear that.