Ireland must redouble efforts to encourage indigenous industries or it will lose more manufacturing jobs to low-cost economies, it was claimed tonight.
The Labour Party's finance spokeswoman Joan Burton warned in a speech at the annual MacGill Summer School in Co Donegal that high business overheads for multinational firms were creating an uncompetitive economic climate here.
"At the present time, we are unusually dependent on foreign industry and services and the attractions of a low rate of corporation tax," she said.
"Unfortunately, the competition for this mobile foreign industry has intensified due to the enlargement of the EU and rapid economic development in Asia.
"Ireland must develop new indigenous industries and export services so we won't be struggling to keep a share of foreign industry in a very competitive world economy."
Speaking on the theme "Shape of Economy by 2030," Ms Burton said that the number of people over the age of 65 will double in the next 25 years.
But the Dublin TD expressed concern that most of this age bracket will be dependent on State pensions as recent research revealed only half the workforce had retirement packages.