asked the Minister for Energy whether he considers there is scope for attracting Irish companies earning profits abroad to invest in private forestry; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Private Forestry.
13.
Irish companies are already showing an interest in investing in private forestry. Grants of up to £800 per hectare for planting trees together with tax concessions are offered to attract Irish companies including those earning profits abroad to invest in private forestry.
Is the Minister aware that large companies such as Smurfits who have investments abroad have indicated their preference for investing in machinery? Would the Minister consider encouraging such companies to direct their investment to forestry, which provides a good return?
Many of these companies have approached our Department with a view to private planting. A major promotion has been undertaken by the Department and by companies already involved in private planting. The results to date are very encouraging. The attractiveness of the grants on offer is most important. These grants will attract many companies to invest in Ireland. I expect to see a remarkable improvement in results during the next few months.