International companies found to threaten national security to be banned from investing in Ireland

Tanaiste Leo Varadkar said: "While we welcome investment, it is important to be on our guard against forces that threaten our security."

Foreign companies will be banned from investing in Ireland if they are found to threaten national security.

A new law is being brought forward by government that will give the Minister for Business power to screen non-EU investment for security threats.

The Investment Screening Bill will also give the minister power to prohibit investment if deemed appropriate.

It follows concern some companies and assets deemed strategically important to EU member states could fall into the hands of unfriendly foreign governments.

Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said: "We have a strong reputation as a welcoming home for Foreign Direct Investment and that will continue over the lifetime of this Government.

"Foreign investment will be crucial as we seek to repair the economic damage wrought by the Covid-19 pandemic.

“However, while we welcome investment, it is important to be on our guard against forces that threaten our security and strategic assets falling into the hands of unfriendly foreign governments.

"This legislation will provide for EU countries and the Commission to share information and raise concerns about a company seeking to invest in a country, when doing so would pose a risk to state security or public safety.

“It is important that the structures put in place in accordance with this regulation are proportionate and tailored to ensure they meet that objective, while ensuring Ireland that maintains its position as a small, open economy, that is very welcoming of investment from abroad."