24th April 2020
Minister Humphreys today announced a Public Consultation on Investment Screening of foreign direct investments.
The consultation is intended to inform the policy position that Ireland adopts in its implementation of an EU Regulation on Investment Screening that is due to come into effect in October 2020.
Specifically, the consultation is aimed at informing the policy position as to whether to introduce in Ireland an Investment Screening mechanism on inward investments from third countries on the grounds of security and public order.
Launching the consultation, the Minister said:
Ireland prides itself on the fact that it operates an open economy welcoming of foreign direct investment from all around the world. Foreign direct investment has been a feature of Irish economic life for decades and has served this country extremely well.
The Minister continued:
In our approach to implementing the EU Regulation on Investment Screening, we want to ensure that we do this in a manner that balances Ireland’s continued attractiveness as a location for inward investment, with a robust, but proportionate Investment Screening Mechanism that protects security and public order.
The EU Regulation sets the criteria of security and public order for screening so the expectation is that screening of investments would arise in a small number of cases.
The Minister added:
This represents an opportunity to design and tailor a system of investment screening relevant to Ireland’s needs while also meeting the obligations under the EU Regulation.
The Minister noted that in the current public health pandemic Europe was placing a greater focus at European level on the need to protect strategic European assets at this time of severe economic vulnerability. Investment Screening represents one of the tools in the toolbox aimed at protecting European strategic assets.
The Minister urged all sectoral interests to respond to the Public Consultation on Investment Screening, which is open until Friday 22 May 2020.
The Department of Business, Enterprise and Innovation (DBEI) plays a key role in implementing the Government’s policies of stimulating the productive capacity of the economy and creating an environment which supports job creation and maintenance. The Department has lead responsibility for Irish policy on global trade and inward investment and a remit to promote fair competition in the marketplace, protect consumers and safeguard workers.
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