7. Deputy Colm Burke asked the Minister for Enterprise, Tourism and Employment if his Department and Enterprise Ireland plan to introduce a growth equity fund to help scale and co-invest in large privately owned Irish companies with a view to expansion in other jurisdictions; if his Department has researched similar programmes which are operational in other European countries, such as Denmark, Finland and Germany; and if he will make a statement on the matter. [62264/25]
Sentiment score: 0.22
Do the Department and Enterprise Ireland plan to introduce a growth equity fund to help scale and co-invest in large privately owned companies with a view to expansion in other jurisdictions? Has the Department researched similar programmes which are operational in other European countries, such as Denmark, Finland and Germany?
Sentiment score: 0.32
Ireland has a significant number of indigenous companies that have successfully scaled €100 million in revenue and turnover and 250 employees, creating essential local employment and economic prosperity across the country, especially in rural areas. Despite the efforts of many, the majority of the current State supports treats such companies as too large to be SMEs and too small to be public limited companies, PLCs. While Revenue currently provides direct equity to start-ups and high-potential start-ups, HPSUs, larger Irish companies lack the opportunity for direct equity investment to support international expansion, especially through mergers and acquisitions. I have already outlined that Denmark and Germany are providing support to companies to expand outside their jurisdictions. The gap slows down the scaling growth of Irish companies outside Ireland despite the success of some notable exceptions. The lack of direct State equity backing invariably means most end up using private equity. The opportunity for Ireland to cover it is lost and foreign ownership is the ultimate outcome. That is basically where I am coming from on this. These companies want to expand. There is an opportunity for them to expand but they cannot do so. If they get the equity, it is extremely expensive. In order to expand, they end up getting into ownership from abroad.
Sentiment score: 0.23
This is an important matter, because these companies create a huge amount of employment locally, especially in rural areas. It is important that we help them to expand further, particularly where they already have access to markets but are restricted because they need access to finance in order to expand. One of the companies I know has more than 800 employees, is operating outside Ireland and is bringing finance back into the country in the context of what it is doing. It is also giving employment to people who are working here but who also work abroad for certain periods. There is a huge opportunity here. Many of these companies are not based in the major population centres like Cork city or Dublin city; they are based in rural areas. They have grown gradually over the years and have made a contribution to local economies and to the national economy. They want to continue to do that. Japan has one person employed for every person who is retired. As a result of its work abroad, Japan is able to get money in to support that system.
Sentiment score: 0.30
11. Deputy Colm Burke asked the Minister for Enterprise, Tourism and Employment if his Department and Enterprise Ireland are reviewing current policies with a view to expanding opportunities in areas outside of the Dublin region; and if he will make a statement on the matter. [62265/25]
Sentiment score: 0.13
Where I am coming from is that in the Cork area, the land bank IDA Ireland has in Ringaskiddy is now totally built on and there is very little space available for new companies to come in. Likewise, many of the private business parks have been developed, such as Blarney Business Park, which has seen huge growth in the past five to eight years and is running out of space. My question is about the Cork region and the identification of a land bank that could be made available for new companies to start up on or for companies coming from abroad to start up on. It is extremely important. We have had huge growth in the pharmaceutical and medical devices sectors, and in a lot of other sectors, in Cork. That is because we have the support of the third level colleges, which are producing the graduates to work in those companies. The question now is about a land bank that is needed outside Dublin for companies and we need to deal with it fast.
Sentiment score: 0.27
There is continued expansion. I visited one company recently that was doing a €60 million expansion and a number of other companies have plans to grow. The challenge is that some of them need to move to bigger sites. I welcome what the Minister said about a land bank because it is extremely important and also because of the port facility. The Ringaskiddy bypass road is now being built. It will take another two years. With the development in the Tivoli Docks area, the port facilities will move to Ringaskiddy and while land will be opening up there, it will be for residential development and other potential development. There are a lot of opportunities in Cork now. It is interesting how, by the local authorities - the city and county councils - IDA Ireland, Enterprise Ireland, the Minister's Department and other Departments working together, we can make sure land is available and the infrastructure is developed so that companies can come in, create employment and grow the local economy further.
Sentiment score: 0.21