We will now consider the 2003 annual report of IDA Ireland. I welcome Mr. Seán Dorgan, chief executive officer; Mr. Dermot Clohessy, head of regional development and property; and Mr. Enda Connolly, head of education, skills and research and press and PR. I propose to follow the earlier format, beginning with a presentation from Mr. Dorgan followed by questions from members. This is the second occasion on which we have had the privilege and the opportunity to discuss the annual accounts with Mr. Dorgan and to get an up date on progress in 2004.
2003 IDA Ireland Annual Report: Presentation.
Mr. Seán Dorgan
I thank the Chairman for giving me the opportunity to speak to the joint committee on the 2003 annual report of the IDA which sets out the performance in the year and also some of the work we are doing to lay the basis for future success.
There are 129,000 people employed in over 1,000 overseas companies in Ireland, the impact of which extends far beyond the level of direct employment. In 2003 we agreed 103 new investment projects, of which 33 were greenfield investments; 31 expansions of existing activities and 39 research and development investments involving expenditure of over €100 million by the companies concerned which we were supporting. We are pleased with the quality of these investments which reflect the higher value and higher paying activities we now need as well as their regional spread. This was achieved against a backdrop of difficult global trading conditions, changes in Irish costs and conditions and continued transformation in overseas companies both here and elsewhere.
The strong base of global companies is the source of many developments that add greatly to our national wealth and give us confidence for the future. For example, in health care, Abbot Laboratories decided last year to invest €155 million in facilities for new diagnostic products in Longford and Sligo for which 80% of the 1,200 staff will require third level qualifications. Last year Pfizer added a European financial shared services centre to its many other operations here while GlaxoSmithKline is investing €35 million in three research and development investments in Cork.
The success of last year is continuing this year. Highlights to date have been Intel's announcement of a further €1.6 billion investment in its next generation technologies in Leixlip; Guidant's plans to double its workforce in Clonmel to produce its new drug eluting coronary stent; Centocor's announcement of a major biopharmaceutical investment — over €500 million — in Ringaskiddy; new high value research and developmentcentres from IBM and HP; Bell Labs' announcement of a ground-breaking research centre here in conjunction with nine of our universities and institutes of technology which will be supported by Science Foundation Ireland and the IDA and involve 120 researchers; while Merrill Lynch will be growing its Dublin centre to employ 700. Also noteworthy has been Elan's new €35 million investment in Athlone and Leibherr's research and development initiative in Killarney. Among other locations which have won inward investments this year are Galway, Limerick, Ennis, Waterford and Tubbercurry. While these investments show that Ireland is competing for high value, knowledge based activities, there are continuing challenges. Competition is relentless and global. Everything we offer in Ireland has to be world class or as close to it as we can possibly achieve. This is so for our people, skills, education and research capabilities. It must also be true of our infrastructure — for access, be it by road or air; telecoms, waste management and property solutions. Our tax advantages and ability to get things done must be as good as the best. Flexibility, speed and agility matter a lot to business. Therefore, our openness to change is critical.
The type of investment for which Ireland can now compete and win is different from that of ten or 15 years ago. Manufacturing is still important and valuable to us. It is still at the heart of all advanced economies. All of the major pharmaceutical, medical device and IT companies are manufacturing here but the type of manufacturing is changing; it is now more complex and sophisticated and requires more skills and qualifications. That is also true of shared services, financial services or software, areas in which we can continue to compete but we have to be able to handle more sophistication because there will always be cheaper locations.
The implementation of the national spatial strategy and national development plan will be critical to regional development and winning investment in the regions. We need to push ahead with and deliver on them to improve the chances of the regions to win investments, particularly those of higher value which are more demanding and, therefore, more difficult to win. In general, these tend to go to urban areas which have a critical mass of skills and services. Therefore, the national spatial strategy must give us strong urban centres in each region in order for the regions to win.
The provision of world class IDA business and technology parks has been continuing in practically every key town — 28 in all. That is important but it is only part of what we offer investors who also look for a good base of business support services. They want quick and easy access and cost competitive services. They also want positive, forward looking attitudes, attributes which are generally in good supply in Ireland. Because we are serious about our regional responsibility, the challenge for us is to show these attributes are as strong throughout the country as investors perceive them to be in Dublin or Cork.
I should summarise what the accounts show for 2003. The main items of income were Oireachtas grants of €119 million, grant refunds from companies of €25 million and profits on sales of property assets of €39 million. Our property activities are largely self-financing. Our expenditure consisted of grants paid of €96 million, promotion and general expenses of €35 million and depreciation charges and provisions of €13 million. Total expenditure last year was €45 million less than in 2002 but that was not an issue for us.
All of us who work in the IDA feel privileged to be able to do the work we do because of its potential benefit to the country, the regions and many individuals. We have the opportunity to present the best of Ireland to some of the best companies in the world but know we have to keep improving in everything we do and offer because the world and our competitors keep moving and we know that not all of our needs, potential or ambitions have yet been fulfilled.
How is the update on the first nine months of the year looking?
Mr. Dorgan
I believe it has been very good. I have listed some of the investments we have won.
So far, yes.
Mr. Dorgan
There is an ongoing process of transformation in existing companies. This sometimes happens very much below radar and is perhaps not spoken about much but there has been real change in many companies. We expect that we will end the year with the same number of jobs in overseas companies, although we cannot predict this with great accuracy. While jobs matter a good deal, particularly to the individuals who hold them, they are not the best way of measuring success but we do not have a good or easy alternative. We will have had a good year. We will be able to say at the end of the year that Ireland continued to advance significantly and the type of high value activity we are now winning provides the basis to move forward in the years ahead.
A total investment of €155 million is of major importance to Sligo and Longford. It is an incredible investment. The €35 million investment in Athlone, another part of my constituency, must be welcomed also. A state-of-the-art 68 acre site was purchased in Mullingar in the past 12 months which I understand the IDA is starting to service. What is the up-to-date plan?
Mr. Dorgan
The position in regard to Mullingar is that we will be lodging an application for planning permission very soon for road and site development. We will also be seeking planning permission for four buildings in respect of the provision of which, in line with our standard approach, we will go to the private sector. Over the next year or two there will be significant investment of approximately €12 million in the park which will be a jewel in Mullingar for which there are other options also.
The IDA is to be congratulated on the location of the site because with the provision of the new motorway and dual carriageway it will be almost on a direct line to Dublin Airport. Is the €12 million investment related to services on the site?
Mr. Dorgan
Yes, in the buildings.
Mr. Dermot Clohessy
As well as the site development costs.
I welcome the IDA representatives and want to put a number of questions to Mr. Dorgan. In the past five years it appears IDA generated employment in companies is reducing. Notwithstanding what Mr. Dorgan said about greater competition, total employment by region is roughly the same as it was in 1999. There is obviously a competitiveness challenge in IDA backed, inward investment supported companies.
I note employment opportunities in the south-east are static, while in the midlands they are substantially reduced. Therefore, I welcome what Mr. Dorgan said about Longford and the midlands, in particular, because they are badly needed. Ballinasloe, about which I am sure Deputy Callanan will want to ask Mr. Dorgan, is a black spot as is County Donegal where Fruit of the Loom and traditional industries, in particular, appear to be coming under enormous pressure. I will ask the same question I asked of the Enterprise Ireland representatives. Has the IDA noted this matter? Does it have the benefit of a task force report of the type the Tánaiste was fond of commissioning? She commissioned many reports which the Department now has to try to implement.
Elan has invested €35 million in Athlone. Is there any moral obligation to the people of Macroom to do something about the announcement it made of an investment in Macroom but which did not go ahead? This is an important matter for the people of the town who were led to believe there would be a substantial investment by Elan but it did not go ahead. What does the IDA have in mind to address the matter in the light of the new-found wealth Elan has generated in recent months?
In the American presidential election there is much talk about the domestic agenda but for America outsourcing is a major problem. It is also a major problem for Ireland as we do not want the American economy to experience too many outsourcing problems because many companies here will come under pressure. What does the IDA see as the challenges for the US economy in the context of the emerging political issues?
The corporation tax regime is important. While we are likely to have it in place for many years to come, what are the regimes in place in eastern Europe of which we must be aware from a competitors' point of view? Do we need to make any policy changes to our regime to keep us as competitive as possible in the light of the incentives the IDA offers in respect of inward investment? We must ensure we will not be caught offside in regard to potential tax incentives which may be available in other member states, particularly the new applicant countries.
Mr. Dorgan
Deputy Hogan covered much ground. I will start by referring to the employment issue again. As I said, the total number of people employed in overseas companies in Ireland has dropped since 2000 from 141,000 at the peak to 129,000 now. However, I am absolutely convinced that those companies are contributing more to the economy in all sorts of ways despite that somewhat lower employment number. It is difficult to measure what all the other benefits are but there are many.
In terms of the impact in particular areas, we are very conscious of the impact of, for example, the Fruit of the Loom closure in Donegal, or the impact in Ballinasloe in the past two or three years. We attempt to bring in other activities. It is worth pointing out that when the big fallout happened in Donegal around 1999-2000, we lost 2,000 jobs in Fruit of the Loom. However, since 1999, some 30% of the jobs in the entire north-west region are now in international services — financial services. Those jobs were not available at that time. There was no footprint of international services there in 1999. Therefore, so in five years we have made that change. It will take another five years to make further changes of such magnitude unless we get lucky, and in some cases we will get lucky because we will have worked hard to make our luck.
I encourage the committee not to think about individual towns because investors do not do so. The challenge for us in winning international investments is to compete with city regions elsewhere. Very often the investment we are chasing is something which is considering going to Geneva, Amsterdam, Manchester, Singapore or to some other well developed city region where an investor will think of having one million people from which to draw with a whole range of skills. How can we show that a region in Ireland can achieve that? This is very much what the spatial strategy is about, namely, to build regions which have strong centres with good access, good talent and skills and strong business services which have a global orientation. To be frank, one will not find that in a town of 5,000 or 10,000 people if one concentrates only on a town. If one thinks of Ballinasloe as having one third of a million people within a 60 kilometre radius, then one can offer it is as the solution. The same is true of every other town which has challenges and would welcome further investment. We must think in terms of catchment areas and what all of those regions can offer.
In terms of outsourcing, the World Investment Report 2004, published by the United Nations in the past few weeks, pointed out something we have known for some time, namely, that Ireland has been, and continues to be, one of the main beneficiaries of outsourcing in the world. That is because of all the investment which has come from American, European and, in some cases, Japanese companies. It might be perceived as outsourcing in local political terms regarding from where it is coming, but we are the great beneficiaries of it. We have won it because we have been so open and so competitive. We have to stay open and competitive and recognise that some of the activities which have been here in the past may not be sustainable in the longer term.
A very good example of how outsourcing has worked for us is that five and a half years ago Apple in Cork had 1,000 people involved in manufacturing. One of the first concerns, or crises, I faced when I came into this job was that it intended to drop to 400 people. It dropped to 400, but there are another 1,000 people in Apple who are doing a whole range of other activities which were never conceived of at that stage. That must happen and we must be open to it.
The Deputy also asked about corporation tax. There is much competition through lower tax offerings in other locations. We faced it in the past from countries such as the Netherlands and Belgium which offered special tax deals. Some of the eastern European countries have certainly set out to copy the success of Ireland and low tax. Singapore, Puerto Rico and Switzerland are locations with which we frequently compete for pharmaceutical investments. Singapore offers a zero tax rate for 15 years and in Puerto Rico, it is often up to 3%. The individual cantons in Switzerland, the local communities, offer very favourable tax deals. We cannot chase everyone making those tax offerings. We must have a very competitive, long-term, consistent and assured rate, which we have, and all the other advantages in terms of people, skills and all the infrastructure and business services which help us win.
What about Macroom?
Mr. Dorgan
The factory in Macroom has changed hands at this stage and I think there has been some investment in it. I think what Elan has done in Athlone is very good and a very definite indication of its recovery. However, one must recognise some of the challenges that company faced in recent years. We certainly want to see Macroom and so many other towns pick up investment and we will work in that regard. There are probably 40 towns for which we must cater. Of that 100 investments, 40 are research and development, 30 are greenfield and 30 are expansions. Let us see how well we can locate those against so many areas which have expectations and demands.
I realise there are so many areas. An expectation was generated by the agency and at political level in regard to Macroom. What is happening there in the light of the information in Mr. Horgan's contribution that €35 million has been invested by Elan in Athlone, which I welcome? In the context of the announcement made in Macroom, what is the situation now in view of the fact that the company is on a recovery path?
Mr. Dorgan
The particular investment did not proceed because of the big corporate issues into which Elan ran. That particular investment will not proceed. Elan is, let us say, on a different corporate recovery path, and a good one.
It has returned to its core business.
Mr. Dorgan
It has.
That is to its eternal credit.
I welcome the delegation. Coming from the blackest town in the country in terms of employment, I will not lay blame with anybody but it is hard to be positive. At least we had Dubarry, but it is now winding down. We have lost approximately 1,000 jobs in the past three years. That is the same as if Dublin lost 25,000 jobs. There would be an outcry in Dublin if that happened. Unfortunately, the people of Ballinasloe are getting angry at this stage. We have tried to be positive because it is the only way to go. There is no use whinging and crying. We must promote our town in the best way we can.
I compliment the IDA on what it is trying to do there. I accept it has brought in many investors, but one can bring the horse to water but cannot make it drink. We were very upbeat at a meeting here with the Tánaiste and former Minister for Enterprise, Trade and Employment some months ago. She had hoped there would be some announcements.
I ask that the IDA do its best to try to ensure investment. What can we do to make the town more attractive? We have broadband and new hotels are looking for planning permission. The town is located on the main road from Dublin to Galway. What can I do, as a local representative, to help the IDA to try to return the town to its former position and to bring in some investment?
In his report, Mr. Dorgan said that implementing the national spatial strategy is vital to winning investment for the regions. How would he rate the progress in implementing the national spatial strategy as far as it impacts on his area? What is the role of IDA Ireland in ensuring that the national spatial strategy comes to fruition? It was stated that we should not refer to individual towns but, as public representatives, it is our duty to do so. There is an beautiful industrial park in Tuam but it is completely empty. Will there be any progress with regard to Tuam, particularly as it is designated as a hub town under the national spatial strategy and, as such, should be receiving special attention from IDA Ireland and all other agencies? The industrial park is in place but nothing appears to be happening. What is the position as regards Tuam?
It was also stated that it is vital to have a world class infrastructure. However, I come from the west where the infrastructure is deplorable. Will the region be consigned to the waste bin in terms of job creation, particularly if it is necessary to have a world class infrastructure in order to make progress?
I welcome the delegation and thank its members for their presentation. I realise that it is necessary to fight globally to try to attract additional industry to Ireland. When one considers current employment figures, it is clear that we are in a good position. However, that position must be maintained and it is a constant battle to do so. It was stated that it is perhaps somewhat more difficult to attract industry to more outlying regions and that a large critical mass and a high level of population are required.
I come from west Waterford and on four occasions I received representations from local people who were extremely interested in using part of IDA Ireland's land bank there in order to establish small service industries which would provide a reasonable level of employment. However, they could not obtain any land because we were informed that it was for manufacturing purposes only. In the light of changing circumstances, is it time IDA Ireland looked at how it allocates land from its land banks or how it considers applications? If there is a great difficulty attracting businesses to the regions, people who are trying to help themselves should be given assistance. Will IDA Ireland give consideration to this matter?
Mr. Dorgan
I will deal first with Deputy Callanan's questions. We are conscious of the fall-out that has occurred in Ballinasloe. We have had 12 itineraries into Ballinasloe since the beginning of last year. They have not yet resulted in direct investment but we are still involved in discussions with a small number of those involved. It is important that we continue to do so. As the Deputy will be aware, we have made a significant investment in the business park and we have obtained planning permission for an advance building. The tenders for this have already gone out so there will be a building on the park in the near future. However, the AT Cross building is also available.
The Deputy is probably also aware that we have plans for a significant utility intensive site in County Galway which inevitably will benefit Ballinasloe and the entire region. We will be investing strongly in that but it will take a few years to bring it to fruition. Ballinasloe, like other towns, can and does present well. As to what public representatives can do, one of the most important things is to remain positive. What worries me is when I hear people referring to black spots. People do not invest in black spots. I accept that it is a challenge to keep the local community positive, ensure that it continues to push forward and thinks about how best to present the town.
Progress on the national spatial strategy has been good. However, it has perhaps been behind the scenes and not terribly visible. We are aware that there is good being done in terms of regional planning guidelines in a number of the regions. In addition, local councils are coming together and thinking in terms of the regions. We are strongly encouraging them to do so and we are also increasingly focusing our efforts on the key gateways, hubs and county towns in order that we can develop the critical mass, which is so important.
The park in Tuam is an asset to the town and it will be present for the appropriate moment when we find the right fit for it and when an investor decides to locate there. In the next two to three years, some of the successful businesses involved in the area of medical technologies that have grown up in Galway will have an impact on towns such as Tuam in terms of new investment, sub-supply, spin-offs or activities relating to medical technology being located there or in other towns.
In terms of our land bank and the use thereof — Deputy Wilkinson also raised this matter this year — we own 1,500 hectares throughout the country. That is intended to be the basis for winning significant or worthwhile international investment. There is a great deal of other land available. If we begin to give away the 1,500 hectares to every business that would like to avail of it, we would undermine the basis of winning some significant investments. However, we also aim to be practical and reasonable. If there is something that would fit well with the development of what we want to achieve and if we obtain, as is required, the proper commercial return, we will deal with the person involved, subject only to the wider legislative stricture imposed on us that we provide land for manufacturing and international services. There is a possibility of exemption, with ministerial agreement, in particular cases. Given that we are in the business of land and property development and that the private sector is also involved in these areas, it is reasonable that we do not compete — with State backing in our case — head to head with the private sector and create difficulties for others. There is a balance to be struck.
I wish to congratulate IDA Ireland — those involved past and present — on the significant contribution it has made to the wealth of the country. The agency has done an excellent job and it is no harm to remind those involved of the important role they play, particularly within the public service.
I wish to comment on the figures for 2000 and 2001 when a decline, which in the interim seems to be tapering off, became apparent. I take it that this decline relates to the 11 September 2001 attacks and the downturn in the global economy. What is the position vis-à-vis the first nine months of this year?
I welcome Mr. Dorgan. We worked together in a Department in the past. It is great to see his experience, along with that of his colleagues, Enda Connolly and Dermot Clohessy, coming into play.
I accept that IDA Ireland has a difficult job to do. Everyone throughout the country is seeking its assistance. Inward investment is absolutely vital. Without American and European investment, Ireland would not have enjoyed the level of success it has in recent years. No one can deny the contribution made in that regard. It is important, from a political point of view, that we have maintained extremely good relations with the United States of America because this makes IDA Ireland's task much easier. Difficult decisions, such as that which the Government was obliged to take in respect of landing facilities at Shannon Airport, have a knock-on effect. The decision taken by the Government in respect of Shannon was correct, particularly in terms of the future development of the country and of future support and investment from the US.
As regards other developments, IDA Ireland, due to the development of broadband technology and Internet facilities, is in a better position to assist companies wishing to establish operations in rural areas. There is better technology and better investment in roads infrastructure, which is vital. Investment in IDA business and technology parks is first class. I concur fully with that decision. The Western Health Board provided land in Ballinasloe, Tuam and Roscommon, where work has commenced on developing the business and technology park. This makes it much easier to sell because people will not have faith in bad or grotty developments.
I welcome the Elan investment of €35 million which, technically speaking, is in County Roscommon. The building in Roscommon is the most advanced one developed by Elan and has never been occupied. The former Taoiseach announced a major development in 1992 which never took place because the product was not certified.
Was the Senator a Minister of State at the time?
No, I had been dropped at that stage. The last IDA investment in Roscommon town took place in 1992 when I was Minister of State. It should be borne in mind that since 1992 there has been no direct IDA development in Roscommon town. I had direct contact with some industrialists. The approach at the time was "anywhere but Roscommon". Frank Conlon has brought new development to the area and has been very proactive. We look forward, not back. We project a bright image for our area. Towns like Roscommon are developing with the advent of decentralisation. Major multinationals coming to the area and the development of hospital facilities and so on are adding to the attractiveness of a town like Roscommon. If towns promote themselves in a positive light, they will achieve success. The development of Carrick-on-Shannon resulted from an IDA link with an Irish development in the United States of America. We should utilise the goodwill in the United States and abroad to create development in rural areas. This committee can play a positive role to support and assist the IDA.
We have travelled with both groups.
It is vital that co-operation between Enterprise Ireland and the IDA continues. The facilities provided by Enterprise Ireland in regard to the former trade board should be used by the IDA abroad. There should be no competition as was the case when Shannon Development, the IDA and other enterprise agencies were competing for American investment.
I welcome Mr. Dorgan and his colleagues. I am happy to read about the development in Killarney given what has happened with Transmould, Scott Tools and Sara Lee. Liebherr is very important and we must showcase what is best. Mr. Dorgan can be proud to showcase Killarney, which was not the case when his predecessors were in charge. Liebherr owes no thanks to Mr. Dorgan's predecessors. It survived due to the good people of Killarney who were to the fore at the time. Liebherr is a great ambassador and, therefore, we must be positive. I would like Mr. Dorgan to expand on the detail of this development. Liebherr and research and development are the jewels in the crown in the area.
I join my colleagues in welcoming the delegation and congratulating them on their wonderful input to the success of the economy. I was a director of a company which benefited from their expertise in the past. It was Tip O'Neill who said all politics are local. Therefore, I hope Mr. Dorgan will forgive me if I am a little parochial. I am particularly aware that Wexford has disastrous unemployment statistics and a very poor manufacturing base, which resulted in the BMW region being given such status. We did not get it because we were not contiguous to that area at the time. Wealthy areas like Kilkenny and Carlow intervened so we were left on the outside. Last week, Spring & Precision in Wexford closed with a loss of 35 jobs. Even though much is being made of P&O Ferries, it will not affect us too much because the jobs are mainly at the other side. Nevertheless, it probably sends out a bad signal in regard to Rosslare. What advice can Mr. Dorgan give me? Obviously the IDA is directed by the Government to promote the BMW region and we lose out, despite what people from the BMW region say. What advice can I be given to help to create a manufacturing base in Wexford?
Mr. Dorgan
Senator Hanafin raised the slowdown in jobs. The world economy affected this but a transformation was going on in conditions in Ireland and in companies in Ireland reflecting what they needed to do globally. We have come through this very well, despite some fall-off in employment. The quality and value of what is going on in overseas companies in Ireland is at least a stage above where it was five years ago. This is continuing in the type of investment we are getting.
Senator Leyden referred to Roscommon town. Elan has passed on a wonderful building. We are hopeful that we can sign up a good user for it and perhaps the next few months will indicate the results in that regard. I agree that MBNA has been a tremendous result for Carrick-on-Shannon. It has hired a person a day for the past three years. There is currently more than 1,000 people in the company which has transformed the town. We work closely with Enterprise Ireland with whom we aim to achieve much.
Liebherr came to Killarney in 1958. It builds cranes and ships them globally from Killarney. It has announced that it will bring a development team to develop from the beginning a new type of mobile crane which will not just be designed in Killarney but has every chance of being built there. The industry is a great success story. It proves that we are still strong in manufacturing, even in heavy manufacturing, including engineering, and it is possible to ship globally out of Killarney.
We recognise that Wexford is one of the counties which has not progressed as well as it should. If one takes the whole swathe of the country, from the north-west through the midlands to the south-east, one can see many parts of the region which had investment in the 1980s but did not achieve all that much investment in the 1990s. This area, therefore, is somewhat exposed because much investment in the 1990s went to Dublin, Cork, Galway or Limerick. We recognise that challenge and, therefore, I must come back to the spatial strategy and what we can do in terms of improving the business park offerings and what local communities can do in offering a positive outlook. There has been good development in Wexford in ways that perhaps have not been announced or noticed. PSBA has been a good development, as has Lake Region in New Ross, which employs more than 500 people.
John Kehoe is doing tremendous work there.
Mr. Dorgan
I am grateful for all the positive comments people made, which those who work in the IDA appreciate. In general we have very good relations with many local and national representatives. The way in which we can work together and so often solve some local problems and impediments is a great boon to us and we are grateful for the support.
This has been a very useful morning for members of the committee. It is very important for Sligo and Longford to have received an investment of €155 million. However, it is important to note that 80% of the 1,200 staff have third level qualifications. That will be the requirement of people who come to Ireland to invest and of Irish people who wish to invest.
I thank Mr. Dorgan, Mr. Connolly and Mr. Clohessy for attending and giving us the benefit of their experience since we last met and reviewing the accounts. This is an exciting and good time for them to be in the positions they hold. We think this is a wonderful time to be in public life. We can do so much for our areas and for our people, in consultation with the IDA and by helping and assisting in any way possible. Deputies Howlin, Tony Dempsey, Hogan and I accompanied the Tánaiste to Canada and the United States. We found the visit of enormous help and importance. We felt we added to the trade mission, which was able to cover more ground with our help. We were able to see the work being done at first hand and to speak to many companies which were interested in Ireland and were impressed that we were present to assist the Tánaiste and then Minister for Enterprise, Trade and Employment. I look forward to participating with Enterprise Ireland in the coming 12 months and we wish you, Mr. Dorgan, and your executives and staff well in what you are doing for our country.
The joint committee went into private session at 11.35 a.m. and adjourned at 11.40 a.m. until 9.30 a.m. on Wednesday, 20 October 2004.