Government plan targets multinationals
Around 1,000 jobs could be created through a new Government plan targeting multinational companies based in Ireland to source
their business locally.
Minister for Jobs Richard Bruton said there was an €80 billion global market for Irish companies to tap, in an attempt to win contracts to supply materials and services.
“We have just less than 14 per cent of that,” Mr Bruton said.
“If we can win even another €500 million, a very small increase in that, that represents 1,000 jobs in Ireland. This is a really tangible opportunity.”
His department, along with Enterprise Ireland and IDA, have identified 65 multinationals they think have potential for Irish business,
the minister said. This was a concrete initiative that could boost Irish sales, exports and ultimately create jobs, Mr Bruton said.
The goal was to achieve this by the end of next year.
As foreign direct investment in Ireland is expected to grow, there would be further potential for this over the coming years.
“There is an €80 billion market here on our doorstep of supplying multinationals with their needs for materials and services,” he said.
Meanwhile, Mr Bruton would not be drawn on areas his Cabinet colleagues Minister for Finance Michael Noonan and Minister for Public Expenditure Minister Brendan Howlin would target in next week’s budget.
But he said he was confident Ireland’s relatively low corporation tax rate of 12.5 per cent would remain untouched over the next few years.
It was important Ireland be seen as an attractive place for corporations to set up business to ensure its economic recovery, he said.
German chancellor Angela Merkel has tried to pressure Taoiseach Enda Kenny during meetings in Europe to raise the tax, calling for an even rate across euro zone member states.
But the Taoiseach has been steadfast, insisting Ireland’s rate should be maintained if it is to continue on the road to growth.
“This is an issue that the Taoiseach and Tanaiste have absolutely buttressed at every opportunity in Europe,” Mr Bruton said.
“It is a key part of our strategy and I think Europe understands now that if Ireland is to deal with the imbalances in our economy and pay back debts, what we have to do is successfully make the transformation to a strong, enterprise-led, innovation-driven, expert economy.”