The Minister for Enterprise, Trade and Innovation Batt O’Keeffe has said the Government’s four-year plan will drive recovery and create jobs.
The Government’s Budget, according to O’Keeffe, underpins the work of the job creation and research agencies IDA Ireland, Enterprise Ireland and Science Foundation Ireland, by providing funding that will allow them to meet their targets.
“The capital investment in the agencies will allow us to continue to win foreign direct investments, grow indigenous exports and create high-quality sustainable jobs in the smart economy.”
The minister believes this will drive recovery of the domestic economy as a result.
The department’s capital budget is €508m next year and then €558m annually between 2012 and 2014.
O’Keeffe contends that the four-year plan sets out specific actions to improve cross-economic sector competitiveness, including plans to reduce energy costs, as well as maintain the 12.5pc corporation tax rate.
O’Keeffe believes the overall taxation of €5bn will contribute to the €15bn adjustment target by 2014.
“The Government has maximised support and protection for enterprise and jobs and, although adjustments in a number of areas will be difficult, they are essential in the national interest.”
The announcement comes at a time when Fianna Fáil backbenchers are calling for the resignation of An Taoiseach Brian Cowen and question his ability to see out a controversially grim Budget that proposes benefit cuts, levies and income tax increases.