Cowen drafting plan to attract new foreign investment

The Taoiseach, Brian Cowen, is reportedly working on an economic recovery plan aimed at attracting more foreign investment to Ireland.

Reports this morning say Mr Cowen is formulating the plan with cabinet colleagues, as well as officials from the IDA and Enterprise Ireland.

The plan would reportedly involve tax incentives aimed at attracting new companies and at encouraging existing multinationals to locate their research and development divisions in Ireland.

This morning's reports say Mr Cowen is hoping the move will have a similar positive impact to the development of the International Financial Services Centre in the late 1980s.