Over-reliance on US foreign direct investment “a cause for concern” – Maurice Quinlivan TD
Sinn Féin’s Spokesperson for Business, Enterprise and Innovation Maurice Quinlivan TD today expressed concern at the heavy reliance on foreign direct investment from the United States, and called for action to be taken to diversify the countries of origin of FDI companies investing here.
Speaking today, the Limerick City TD said;
“Information I received today through a parliamentary question show that over half of all the companies supported by the IDA in Ireland are US companies.
“Ireland has very strong ties with the United States, and US investment here is and has been incredibly important, but having such a high concentration of companies originating from one state is a cause for concern.
“The figures show that of the 1,384 IDA supported companies here, 753 of these are American, accounting for over 54% of all IDA supported companies.
"This level of concentration leaves our economy vulnerable to external political or economic changes in any one country of origin, and this is particularly so, given the current situation in the United States.
“This high concentration from the US is in stark contrast to the representation from other parts of the globe, with just 6 companies originating from the entire continent of Africa, and no companies at all from Brazil, Indonesia and other major economies.
“It’s quite shocking to note that the two most populous countries on the planet have a poor representation of FDI companies in Ireland. There are just 24 Chinese companies, and the same number of Indian companies supported by the IDA here, despite these country’s populations accounting for some 2.5 billion people.
“In addition to growing our indigenous businesses and exports, Sinn Féin wants to see more engagement and trade missions to countries with traditionally weaker FDI ties with Ireland, particularly in Africa, Asia, and South America.
"This will ensure we can broaden our FDI investments base, in addition to exploring new export markets, to insulate against major changes in any one particular country.”