FDI hides Ireland's weak record of innovation, says venture capital body

The Irish Venture Capital Association are calling for a mandatory ‘opt-in’ by participants in the auto-enrolment pension scheme to invest in Irish companies or funds

Sarah-Jane Larkin said pensions funding could unleash a wave of investment.

Ireland’s success in attracting foreign direct investment (FDI) has masked the fact that it has one of the weakest innovation records compared to other small, advanced economies, the representative body for private equity firms has said.

In their pre-budget submission, the Irish Venture Capital Association (IVCA) joins a chorus of bodies warning the State of its over-reliance on revenues from FDI. They are calling for a mandatory ‘opt-in’ by participants in the auto-enrolment pension scheme to invest in Irish companies or funds.