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Bombardier job losses highlight dangers of over dependence on Foreign Direct Investment

24 October, 2006


Sinn Féin Economy Spokesperson, Mitchel McLaughlin MLA has said the Bombardier's announcement of 645 redundancies will come as a body blow to the local workforce and that it will have far reaching consequences for the local economy. He also said it highlighted the dangers of having economic policy driven by an over dependence on Foreign Direct Investment (FDI).

Mr McLaughlin said:

"The announcement of these 645 redundancies will come as a body blow to the local workforce. It will also have far reaching consequences on the local economy.

"Sinn Féin have been arguing for sometime that the structural weaknesses in the local economy will not be overcome through a over reliance on Foreign Direct Investment (FDI) to tackle either the high levels of economic inactivity or the dependence on public sector employment.

"This announcement highlights the very real dangers of having economic policy driven by an over dependence on FDI. Other recent announcements have also shown that a dependence on low skill low wage call centre orientated FDI will not provide a solution to theses structural economic weaknesses.

"I believe that we need a clearer focus on indigenous business development, improving investment levels in R & D and fundamentally, in the development of the all-Ireland economy as key drivers for long term sustainable economic growth." ENDS

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