independent

Thursday 17 April 2014

Corporations targeted for business

Jobs Minister Richard Bruton wants to persuade more multinationals to source their business locally

Around 1,000 jobs could be created through a new Government plan targeting multinational companies based in Ireland to source their business locally.

Jobs Minister Richard Bruton said there was an 80 billion euro global market for Irish companies to tap, in an attempt to win contracts to supply materials and services.

"We have just less than 14% of that," Mr Bruton said.

"If we can win even another 500 million euro, 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.

Meanwhile, Mr Bruton would not be drawn on areas his Cabinet colleagues Finance Minister Michael Noonan and 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% 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.

Press Association

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