asked the Minister for Industry and Commerce whether he considers that the penetration of the economy by foreign interests calls for an annual review of existing legislation to ensure no harmful effects to the economy and for an assessment of the present extent of their involvement.
Ceisteanna—Questions. Oral Answers. - Foreign Investment Legislation.
124.
The various aspects of foreign participation in Irish industry and commerce are already kept under constant review in my Department. I am satisfied that this participation as far as manufacturing industry is concerned is to be welcomed and that it is essential if we are to provide full employment for our people. Its implications for the distribution sector are not so clearly beneficial but, as I have said, I am having them kept under constant review.
Would the Minister not agree that it would be desirable for us to have information on the extent of foreign penetration? The CIO reports did show for each industry the extent of foreign control. These are now out-of-date and would the Minister consider having an up-to-date survey carried out so that we would know to what extent there has been an increase in the foreign-owned shares in Irish industry?
Of Irish industry or distribution?
My question is to industry because there is not any study of distribution. We have figures for industry which are out-of-date and I am concerned to get up-to-date figures for industry and also fresh figures for distribution.
I think we have up-to-date figures for industry available.
Where?
They are six years out of date.
I am not referring to the CIO survey. Coming on from there we know in the case of new industry the percentages of either Irish or foreign.
If I put down a question, will the Minister tell me the percentage of employment or output in each Irish industry which is controlled or owned from abroad?
I would hope to be able to do this.
Could the Minister also give the amount of capital involved in relation to the capital invested by Irish nationals?
For the distributive trades?
My Department has been carrying out an informal survey in regard to the distributive trades. I think it is fairly accurate but I would not like to give it as the ultimate in accuracy. This is part of what I referred to as the operation whereby we are keeping this under review.