Dáil Éireann Debate, Thursday - 16 July 2020
45. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Business, Enterprise and Innovation the extent to which alternatives can be put in place to prevent or control the most negative aspects now emerging in terms of investment, foreign direct investment and small and medium-sized enterprises; and if he will make a statement on the matter. [16446/20]
View answerRecent global developments – both as a result of Brexit and of the COVID-19 pandemic – have undoubtedly complicated the market for international foreign direct investment (FDI).
The challenges presented by Brexit in that context are well-known. The UK’s withdrawal from the EU does create commercial uncertainty and may affect investor decisions until there is clarity on the nature of the future EU-UK relationship. The IDA has been working hard with its client base, over a number of years, to help address and mitigate Brexit-related risks that could impact FDI in Ireland.
The Agency has also, ever since the EU-UK referendum in June 2016, been seeking to realise opportunities to attract further Brexit-related FDI to Ireland. The significant efforts that the IDA has invested into these efforts have yielded impressive results. The Agency has won 92 Brexit-related investments with an associated jobs potential of 5,900, numbers which could yet increase further.
More generally, we need to continue working to ensure that Ireland remains attractive in the long-term to international investors. That means consolidating existing strengths, such as further developing the skills of our talented work-force, and working to improve the long-term competitiveness of our economy.
We are also doing everything we can to support SMEs so that they can withstand the pressures that have been caused by COVID-19. The measures we have taken since the pandemic began are well-documented and include measures to boost liquidity and ensure access to finance. An important longer-term goal is to increase the strength of commercial ties between SMEs and overseas firms so that Irish businesses benefit as much as possible from FDI here.
