Business Enterprise and Innovation Minister Heather Humphreys has announced the opening of a public consultation process on the scrutiny of foreign direct investments.

The move is aimed at shaping Ireland’s policy as it implements of an EU Regulation on Investment Screening that is due to come into effect in October.

The consultation process will focus in particular on whether Ireland should introduce an investment screening mechanism for inward investments from third countries on the grounds of security and public order.

Open economy

“Ireland prides itself on the fact that it operates an open economy welcoming of foreign direct investment from all around the world,” said Minister Humphreys.

She said the aim was to implement the new EU rules in a way which balances Ireland’s continued attractiveness as a location for inward investment, with “a robust, but proportionate” mechanism to protect security and public order.

Assets

The Minister added that investment screening was one way of protecting European strategic assets, an issue which has come under focus due to the current COVID-19 pandemic.

The consultation process is open until Friday 22 May.