I propose to take Questions Nos. 34 and 22 together. I understand that, on the basis of information provided by the State industrial promotion agencies, a total of approximately 16,000 jobs were created in manufacturing industry, including international services, in 1987.
The Programme for National Recovery specifies as an objective of policy for the manufacturing and international services sectors the creation of 20,000 extra jobs on average per year over the next ten years, the actual provision accelerating as the programme's policies take effect. In relation to job losses, the programme clearly says that the offsetting trend in job losses in these sectors cannot be foreseen accurately but the more competitive economic climate and the greater attention given to the indigenous sector will make existing jobs more secure.
In the joint Government-ICTU statement on job creation developments under the Programme for National Recovery released last Friday, comprehensive details were provided of the progress achieved to date. As regards the State industrial promotion agencies operating under my aegis, surveys carried out by them estimate that of the order of 4,000 new jobs were created during the first quarter of 1988. Some 240 project start-ups have been recorded across the overseas, indigenous and small industry sectors during the first quarter of the year and some examples are listed in the joint statement.
There was a good build-up in the overseas company pipeline in the later part of 1987 and this momentum has been maintained since. This reflects the new marketing strategy put in place in the Far East, a pick-up in the electronics sector and international services activity in North America and the impact of the new Financial Services Programme. The IDA have targeted a 20 per cent increase in new job creation by overseas firms over the period of the programme and are confident based on current trends of their ability to achieve this.
The industrial job creation position has been helped by improved investment confidence as a result of the economic and fiscal measures taken by the Government under the programme and the associated dramatic fall in interest rates and inflation.
I am satisfied that the overall job creation targets for the manufacturing and international services sectors specified in the programme can be realised.