Dáil Éireann Debate, Thursday - 14 July 2016
270. Deputy Michael McGrath asked the Minister for Jobs, Enterprise and Innovation if she will provide data on the early impact of a British exit from the European Union on trade and investment involving Irish or multinational firms with a presence here or in the context of firms currently based in the United Kingdom considering Ireland as a possible base to which to relocate. [21821/16]
View answerAs has been well-documented, the Government undertook detailed contingency planning in advance of the British referendum on the UK’s membership of the European Union. This process helped to identify significant policy areas that stood to be potentially impacted by a UK exit. It also set out key actions to be taken forward, across Government, in the event of a decision by the British people to leave the EU.
While it is well-known the Government’s preference was for the UK to remain in the EU, we are already implementing the steps identified through that contingency planning. This includes actions identified as immediate priorities in the areas of trade and investment. I have, for example, instituted a coordination group comprising the Chief Executive Officers of both the IDA and Enterprise Ireland, as well as relevant senior officials, to oversee the management of my Department’s response and our messaging to business. Direct contact has also been made with the IDA’s existing client base to assure them of Ireland’s continued membership of the EU and our other continued strengths with regard to foreign direct investment (FDI). I have met too with key stakeholders – including the American Chamber of Commerce, IBEC and the Irish Exporters’ Association – to discuss the challenges posed by the referendum result.
It is important to emphasise, however, that the UK has not yet left the EU and will continue as a member for a considerable period. The full impact of its departure on trade and investment into Ireland will also very much depend on the outcome of future negotiations in connection with the terms of Britain’s post-membership relationship with the Union. It will be therefore difficult to accurately assess implications for Ireland in these areas until those discussions conclude.
I am, though, determined that minimising any potential disruption to trade and investment will remain a key priority, for both my Department and the Government as a whole, as the process ahead unfolds. Another priority will be ensuring that Ireland is well-placed to take advantage of any FDI-related opportunities that may arise on account of the referendum result.
