There has been an increased focus on the revival of our ailing economy in recent weeks, especially as actions already taken by the State seem not to be working. Nearly 18 months after former Taoiseach Brian Cowen hosted the Global Irish Economic Forum in September 2009, Ireland has nothing to show for it.
Today, the questions that Cowen tasked the forum remain relevant: Where are the new economic opportunities for Ireland? And how do we create a ‘European Silicon Valley’ here? We have no doubt the new Taoiseach Enda Kenny is very anxious to find the answers.
Since coming to power on 9 March, the Government has been anxious to get it right. But exports alone cannot and will not reverse our economic woes. We desperately need a total rethink on the way we do things.
We must stop looking inward. No government of any successful economy has restricted itself to its own borders. Ireland as a nation must go big into the export of capital, in form of investment abroad. Indeed, Ireland can do the same thing we are begging US companies to do for us.
Metro Éireann proposes the creation of a €500m State fund to be invested in manufacturing and other industries in five different developing countries across the world. In each, we must retain full control of both the funds and management of the investments, and repatriate 100 per cent of the profits after taxation.
We believe that such a proactive investment policy is the only way forward for Ireland.
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