Breen meets with IDA Chief to press the case for a greater share of FDI projects.

March 7th, 2012 - Pat Breen

p1040128-pictured-with-ida-chief-barry-oleary Chairman of the Oireachtas Committee on Foreign Affairs & Trade & Clare T.D. Pat Breen recently meet with the CEO of the Industrial Development Authority Barry O’Leary to impress upon him the need for a greater share of Foreign Direct Investment for the Mid West Region.

“In my role as Chairman of the Oireachtas Committee on Foreign Affairs & Trade I recently had a very productive meeting with the CEO of the IDA Barry O’Leary. Because Ireland is a small country, the importance of Foreign Direct Investment cannot be understated in terms of job creation. Last year the IDA had a record year creating 13,000 new jobs and each year IDA multinational client companies support over 146,000 direct jobs and spend €19 billion in the Irish Economy.”

“Wearing my constituency hat at that meeting I was very anxious to impress upon him the need for a greater share of FDI projects for the Mid-West Region and especially for County Clare, particularly given that we are an ideally positioned for such investment. We have the infrastructure in place to support FDI investments; access to international markets through Shannon Airport; a deep sea port in Foynes and a world class cluster of educational Institutions based here.”

“Over the past 12 months our Government has worked hard to restore Ireland’s international credibility which was in tatters after years of mismanagement by the previous Administration. We have succeeded in restoring international pride in the Green Jersey and Ireland’s attractiveness as a place to do business is boosting international investment into the Country.”

“Two recent reports confirm that Foreign Investors and multinationals are looking at Ireland again as a positive place to do business. The Independent Report published by the Law Firm Matheson Ormsby Prentic reports that Foreign Investors and multinationals plan to invest an estimated $7.5bn in their Irish Companies over the next 3 years creating 20,000 new jobs. While according to the Ernst & Young “2011 Annual Globalisation Index “, Ireland has displaced Signapore to become the world’s second most globalised economy.”

“The retention of 12.5% Corporation tax rate and the fact that Ireland is the seen as the primary gateway to European markets for international multinationals is very important. Ratifying the European stability trade will also be an important step in cementing growing international investor confidence in Ireland.”

“The high profiles visits to Ireland has also helped to develop Ireland’s bilateral trade with Countries in the emerging markets. During the recent visit of the Mr Xi Xingping, Vice President of China, the Government signed a number of important agreements with China aimed at promoting investment between our two Countries and I would hope that given the very positive coverage of his visit to Clare received in China that we will reap the benefits into the