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Dáil Éireann debate -
Thursday, 3 Dec 1998

Vol. 497 No. 7

Written Answers - Inward Investment.

Bernard J. Durkan

Question:

33 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to any imminent competition to industry arising from attractive investment locations in Asia or elsewhere; if she has evaluated the extent to which this provides a threat to the Irish economy; the proposals, if any, she has for countering this; and if she will make a statement on the matter. [26070/98]

I refer the Deputy to a question which I answered on 3 November 1998.

The changing patterns of competition for mobile international investment projects are reviewed on a regular basis. Ireland's main competitors for foreign direct investment are other countries in Europe. Policies are being pursued to maximise the attractiveness of Ireland as a continuing desirable location for foreign and indigenous investment and to ensure that existing industry is competitive. In this context, particular emphasis with appropriate initiatives is being placed on addressing key competitiveness factors such as skills, costs, telecommunications and the information society.

Ireland is particularly strong in the pharmaceuticals, electronics and software sectors. Our main competitive advantage here is our highly educated English-speaking workforce. Because of its conviction that development of our workforce is the best way to both attract and safeguard long-term investment for Ireland, the Government recently announced an additional £250 million investment in education. The development of information technology and language skills are particular aims of that investment. In addition, the recently concluded agreement between the Government and the European Commission which safeguards Ireland's low tax regime beyond the year 2010 will contribute substantially to maintaining Ireland's competitiveness for investment moving into Europe.
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