John Bruton
Question:4 Mr. J. Bruton asked the Taoiseach when he will next meet the Ireland-America Economic Advisory Board. [21045/98]
Ceisteanna—Questions. - Economic Advisory Board.
I hosted a visit to Ireland under the auspices of the Ireland-America Economic Advisory Board between 18 and 22 October. The visiting delegation included members of the board as well as some other prominent Irish-American business people. The purpose of this visit was to brief the delegation on recent developments in Ireland, to avail of their advice and experience from the perspective of the US business sector, to generate and sustain a network of friends of Ireland amongst the Irish-American community, and to identify other opportunities where participants in the visit could be of assistance to Ireland.
As well as meetings with me, the programme for the visit included engagements with the President; the Tánaiste, IDA Ireland and Forbairt, the Minister for Foreign Affairs, the Minister for Tourism, Sport and Recreation and Bord Fáilte, the Department of Finance, the Chairman of the Information Society Commission, the Chief Executive of the Dublin Docklands Development Authority, the IFSC, including representatives of Bank of Ireland's IFSC subsidiary, students and staff of the Michael Smurfit School of Business, Baltimore Technologies, an example of an Irish-owned software company, Wicklow Enterprise Centre, and representatives of the Irish venture capital industry and financial institutions.
Among the main points to emerge from the visit were the priority which must be given to tackling Ireland's infrastructure investment needs and the possible use of US models for accessing private sector investment in public infrastructure; the need for a more proactive approach by financial institutions to the provision of capital for small Irish business; support for incubation units for small enterprises, particularly in the software and electronic commerce area; that Ireland should reduce its exposure to any one industry sector by having a diversified economic base; that members of the advisory board could be used to identify and cultivate contacts in specific industry sectors in the United States — for example, Brian Thompson who is a member of the board currently chairs the advisory group on telecommunications established by the Minister for Public Enterprise; the crucial importance of skills development and, in particular, postgraduate research and education, and the need to ensure a coherent marketing message in the United States from different State agencies.
These and other ideas arising from the visit will be followed up through the relevant State agencies and Departments. The next board meeting has not yet been scheduled but the practice for some years has been to have a meeting during the St. Patrick's Day period. I intend to do this next March.
The board recommended that Ireland should not unduly expose itself to the vulnerabilities of one or two economic sectors. Are there any sectors to which it could be said Ireland is currently unduly exposed in terms of over-investment? Does the Taoiseach agree biotechnology is one sector where there are opportunities, but because of increasing divergence in the approach to regulating biotechnology in the European Union US companies may not invest in Ireland?
If the regulatory system is not compatible, there is a danger that US companies will not invest in Ireland. The board is seeking to identify the areas in which our industries should seek to diversify in European and world markets in the next ten to 20 years, including the next phase of software technology and e-commerce. It considered the International Financial Services Centre and access to private sector finance in developing the economy. As the Deputy is aware, members of the board have a range of skills in the financial, technological and manufacturing areas. I thank Brian Thompson in particular for the work he has done since the board was established at the beginning of September. It will present its report to the Minister tomorrow.
The Taoiseach did not answer the questions I put to him, the first of which related to the sectors to which Ireland may be overexposed in the view of the board and the second related to the regulatory framework for biotechnology in the European Union and the United States.
On the second matter, if the regulatory system is not compatible, US companies will not invest here. If the Deputy wishes to table a specific question, I will be glad to answer it. While there are no major differences in the area of genetically modified organisms, there are difficulties which may inhibit investment. On the first matter, it is not a question of overexposure but of diversifying our economic base. If we keep pace with developments in the areas of pharmaceuticals, chemicals and software and provide the necessary infrastructure, we will succeed. The advisory group states that we should broaden the base further. It is not fear of over-exposure but that it would like to see the base broadened further.
What the Taoiseach read out included over-exposure.
Has the Taoiseach had an opportunity to read the policy proposal for the setting up of a Euro-Atlantic foundation in Ireland to promote better European-North American understanding? Has he discussed it with the advisory board and what is his view on the policy initiative? The idea is to establish a European-North American transatlantic foundation in Ireland. The Taoiseach received a copy some weeks ago of the policy proposal published by me on behalf of Fine Gael, and his colleague, the Minister for Foreign Affairs, has undertaken to pursue the idea. Has the Taoiseach raised the idea with the advisory board as he could probably benefit from its advice on it?
I did not receive a copy. Perhaps the Minister for Foreign Affairs did and the Deputy may wish to address his remarks to him.