Michael Moynihan
Ceist:185. Deputy Michael Moynihan asked the Minister for Finance what action has been taken to boost Ireland's economic competitiveness since 27 June 2020. [54395/23]
Amharc ar fhreagraThursday, 7 December 2023
Ceisteanna (185)
Freagraí scríofa
Ireland’s long-standing reputation as a stable and pro-enterprise jurisdiction is reflected in the continued investment in the economy. The most recent figures show the stock of foreign direct investment (FDI) in Ireland stood at over €1.2 trillion at the end of the third quarter of 2023. The multinational sector contributes to the domestic economy through employment and supply chain linkages as well as income and corporation tax receipts.
It is important, given the impact of FDI on the domestic economy, that Ireland maintains its competitive position internationally. Ireland’s talented and flexible workforce, strong legal and regulatory landscape, and reputation as a stable economy all contribute to our competitiveness in encouraging both indigenous and foreign investment. Continued investment in skills and infrastructure will help Ireland to remain attractive in this regard.
To this end, this Government has consistently put forward policies to protect and further enhance the competitiveness of the Irish economy. Through the National Development Plan (NDP) we are investing in Ireland’s future, ensuring that crucial investments including in housing, healthcare and schools are in place to meet the needs of the generations to come.
Arguably, one of the greatest challenges facing households and businesses over the past year has been the high rates of inflation. The Government has responded to this challenge with timely and targeted cost of living measures.
Budget 2024 included a package of once-off cost of living measures of €2.7 billion. This is the fifth package of cost of living supports that the government has provided since Budget 2022. This has brought the total fiscal support provided by Government to just under €15 billion.
This Government has also taken considerable actions through policies aimed directly at our enterprise sector. In Budget 2024 the Government’s set up a Smart Regions fund, increased the R&D tax credit and established the new National Enterprise Hub.
This Government remains vigilant of the challenges on the horizon and will take the prudent steps required to ensure Ireland remains a highly competitive economy in the years ahead.