Louth TD calls for new jobs agency 'to rebalance Irish industrial strategy'

Louth TD and Sinn Féin Spokesperson on Business, Enterprise and Innovation, Imelda Munster, has today along with Sinn Féin spokesperson on Jobs, Workers’ Rights and Pay Equality, Maurice Quinlivan TD, called for the set up of a "new jobs agency needed to rebalance Irish industrial strategy".

The party published a new policy paper today that they hope will begin a process of "rebalancing Ireland’s industrial strategy by supporting and growing indigenous Irish businesses".

They are proposing to restructure the existing Local Enterprise Offices into one centrally led national agency, with an increase in funding, personnel and investment powers to help support and grow domestic enterprises.

In a statement issued this morning, the Sinn Féin TDs said that:

“The purpose of this new jobs agency is to grow domestic Irish businesses, providing balance to our economy, our workforce and our public finances.

“Sinn Féin recognise the importance of FDI for Ireland, but we also recognise the risks an over-reliance on this sector alone brings.

“Currently 45% of the total corporation tax take in 2018 came from just 10 companies, while foreign owned multinationals paid 77% of 2018’s €10.4 billion corporation tax intake last year. That isn’t sustainable.

“While we are still supportive of maintaining foreign direct investment and export led growth as key pillars of our industrial strategy, it is imperative we grow our indigenous and co-operative sectors to provide balance to our economy and to our public finances. This new jobs agency can lead that change.

“In addition to providing business support to SME owners, this agency would encourage good pay and working conditions for employees and develop remote working hubs in derelict sites, to address the decline of many town centres, giving workers the option of working from their own communities if they wish."

Deputy Munster added:

"The IDA and Enterprise Ireland already support FDI companies and exporters, but we want a new agency that will help micro businesses and shop owners on our main streets too.

“SMEs are the engine of the Irish economy, and they need to be treated as such.

“Regional Ireland cannot be left behind any longer when it comes to having high quality jobs, and this new organisation could deliver locations in regional Ireland for indigenous companies to locate to and develop remote working spaces helping to regenerate our town centres.

“The IEA would have an initial seed capital fund of €10 million, which it would use to take equity stakes in start-ups or existing businesses in exchange for investment.

“These investments could provide stability to businesses, protecting jobs, allow businesses to scale, and in return, profitable dividends would be returned to the IEA and to the state for further investment, in a similar way Enterprise Ireland does with exporting businesses.

“A company would also be expected to show all employees have good pay and fair working conditions, including no gender pay gap existing, to be eligible for any state financial support from the agency.”