If someone were to turn up in a small rural community today with a pledge to invest €30 million there and employ 1,000 people, not only would red carpets be rolled out from every direction, but there would be pledges of political and possibly taxpayer-funded financial support to ensure that the project went ahead.

A figure like €30 million could buy you a thoroughbred stallion, and large breeding and racing operations have workforces ranging from three to four figures.

All of them are based in rural areas, many of them far away from urban centres that draw the bulk of investment in the Republic. The evidence of the last week indicates that this industry is capable of generating large sums in foreign earnings. Irish breeders sold €86 million worth of horses at auctions at home and abroad. Overseas buyers were responsible for most of that cash, a large chunk of which is now heading for the Exchequer. The rest will be spread out amongst 48 different farms in 10 different counties.

Breeding racehorses is something at which this country is very good. The entire sector, racing included, employs around 16,000 people. But it is facing sustained competition from abroad, and the key assets, the stallions and broodmares are mobile and, of course, have finite lifespans.

While they have to focus on bringing in investment, policy makers should also pay attention to the Irish industries, such as thoroughbred breeding, where investors have already backed this country and which are capable of delivering employment and export earnings.