Securing investment - Education is key to saving our economy

THE IDA’s optimism at a time of falling exchequer returns, a relatively comatose housing sector and a general air of pessimism regarding our contracting economy is very welcome indeed.

The IDA’s recently appointed chief executive, Barry O’Leary, reassuringly reports: “Ireland is very well positioned to win further foreign direct investment (FDI) in 2008.”

Mr O’Leary continues: “Proof of our national evolution as a significant 21st century knowledge economy is evidenced in the sophistication and complexity of the investments secured... and the advancements in Ireland’s economic ecosystem.

“Investments such as Microsoft’s €360m EMEA [Europe, Middle East and Africa] data centre in Dublin, Merck Sharpe Dohme’s €200m strategic vaccine operations in Carlow, a new pharmaceutical development centre by Wyeth Medica in Newbridge, a global research, development and innovation centre for Merrill Lynch and an additional €75m investment by Baxter in its two facilities in Mayo all bear testament to this fact.”

These fine achievements are all entirely laudable and absolutely essential to our continued economic wellbeing. But all of them are dependent on the availability of a highly educated workforce.

Despite Mr O’Leary’s assurances, there is a shadow over all of these investments and the prospects of more like them. That shadow is the growing criticism of our education system. We have been told repeatedly and, by now frequently, that it is not as good as we imagine it to be and that it is utterly underfunded.

OECD figures unfortunately confirm this view. These challenges are compounded by European Union limits on direct investment offered to attract foreign investment. These limits do not, however, preclude us from investing heavily in educating people to sustain these industries and a renewed emphasis on raising the bar across all of our education system, no matter what it costs, is the only sure way to stay in the race for international investment.

It really is that simple: you can have all the green fields and all the céad míle fáiltes you like but unless we can provide the highly educated workforce needed to make these plants work we have very little chance of realising or sustaining our ambitions.