Dáil Éireann Debate, Thursday - 3 November 2016
23. Deputy Bernard J. Durkan asked the Minister for Jobs, Enterprise and Innovation the extent to which she remains satisfied of the ability of Ireland to attract sufficient foreign direct investment and indigenous investment to compensate for any geopolitical changes that might occur in the European Union; and if she will make a statement on the matter. [32992/16]
Amharc ar fhreagraThere is a whole of Government approach in place focusing on Brexit issues and my Department and its agencies are to the forefront of this effort. We are very much at the start of a process that will lead to the UK renegotiating its relationship with the EU and it is unclear how, or when, this will be finalised.
What is clear is that any changes in the UK’s relationship with the EU will present both challenges and opportunities for the Irish economy.
In Budget 2017, I secured the largest capital provision made to my Department over the past fifteen years. This increase will be used to fund additional measures to support companies impacted by Brexit, as well as new competitive funds for the Regions focused on job creation.
I also secured additional Pay monies which will provide for 50+ new posts for the Department and its agencies to respond to Brexit and to work with companies to help them respond to the challenges and opportunities of Brexit.
In terms of FDI, IDA Ireland is constantly engaged with clients across its entire portfolio and in the months leading up to the UK referendum it engaged with clients and prospective clients in relation to the potential impact of Brexit. IDA Ireland believes there are potential FDI opportunities for Ireland as a result of the UK vote to leave the EU. These opportunities are likely to be found along differing timelines, partially influenced by sector. I am confident that Ireland is well positioned to maximise any opportunities that Brexit may present from an FDI perspective.
However, of particular concern to me right now are the immediate challenges being faced by Irish SMEs due to a weakened sterling. Many of the sectors particularly exposed, such as food, construction, retail, tourism and traditional manufacturing, have deep roots across the regions and they provide significant employment.
From a strategic perspective Enterprise Ireland is assisting companies to maintain and grow UK exports and extend their international reach, as well as helping companies to enhance their competitiveness. The Local Enterprise Offices are also working closely with those clients likely to be impacted by Brexit.
I am working across Government to ensure that as Minister for Jobs, Enterprise and Innovation, any actions that are taken in response to Brexit are tailored, targeted and evidence based.
