Foreign direct investment into Ireland dropped by almost 50 per cent last year, according to figures from the Organisation for Economic Co-operation and Development (OECD).
Figures published by the group estimate the total invested here for 2004 $14.1 billion, down from $26.9 billion in 2003.
However, the OECD also said that Irish investment abroad rose from $3.5 billion to $11.4 billion over the same period.
Meanwhile, Fine Gael Trade Spokesman, Phil Hogan, said that estimates from the OECD illustrates that Ireland has a problem with international competitiveness and that the Government has failed to meet the challenges of emerging economies.
Deputy Hogan added that the Government must now meet with the business sector directly in order to address this major problem.
"The figures from the OECD clearly show that Ireland has a major problem with international competitiveness. In just one year, FDI into the economy has dropped by almost 50 per cent while Irish investment abroad has more than trebled," he said.