Lenihan to go on Euro charm offensive

BRIAN LENIHAN is planning a tour of Europe’s financial capitals over the coming weeks in a bid to restore Ireland’s reputation on the international stage.

He will be joined on the trip by representatives from the National Treasury Management Agency.

“These visits will give me the opportunity to communicate more effectively with foreign investors about our plan for renewal,” Minister Lenihan said.

He said recent banking scandals have “sullied” Ireland’s good name and may have warded off investors.

“As a small open economy, our reputation abroad matters in terms of our ability to attract foreign investment,” he said.

The Minister said measures presented in yesterday’s budget will send a strong message around the world that Ireland is determined to restore its reputation.

“The resolute actions we are taking to reduce the budget deficit and to boost competitiveness by driving down costs, prices and wages are needed to restore the confidence of prospective investors and foreign lenders,” he said.

He also said that Ireland has been damaged by the rejection of the Lisbon Treaty.

Ireland's international reputation has been severely tainted over the past couple of years, with many analysts saying investors no longer want to invest here.

Minister Lenihan however kept corporation tax at 12.5%, which is one of the lowest rates in Europe adding that he sees it as a “key aspect of our inward investment strategy”.