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Seanad
‹ Order of Business

Foreign direct investment

Summary

Senator Ó Domhnaill linked Brexit to opportunities for inward investment but warned that housing and business barriers still make Ireland less attractive.

I want to touch on an issue that is linked to Brexit. It is an example of an opportunity that exists despite Brexit. Many multinational companies are seeking English-speaking European bases after Brexit. Many companies in Canada, which possibly has the fastest growing multinational sector in the world, are seeking English-speaking European bases post-Brexit.

They are looking to Ireland. IDA Ireland has set up a new office in Toronto, and I welcome that.

Among the difficulties those companies experience are the challenges of doing business in Ireland, especially the challenges around housing, transportation and infrastructure. I do not know whether we could organise a debate in the House before the summer recess on foreign direct investment in Ireland and seeking some kind of joined-up partnership approach across government whereby there would be a one-stop-shop process available for the multinational companies. What appears to be happening at the moment is that the system is multi-departmental but without the structure. I know that IDA Ireland does much of the co-ordination. There is a need to look at these challenges and to try to exploit the opportunities that arise.

The planning issue is being acknowledged by some multinationals, including a French multinational that is looking at basing itself in Dublin. However, the planning process is so drawn-out in Ireland that other European capitals are more attractive. There are many challenges in this area. If we are looking for the high-technology jobs, we need to meet the housing, transportation and planning challenges. I would like to see a Minister before the House to discuss these issues in the coming weeks, if possible.

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