Dáil Éireann Debate, Tuesday - 10 February 2026
419. Deputy Naoise Ó Muirí asked the Tánaiste and Minister for Finance his views on the way in which Ireland can insulate itself from potential trade shocks that may arise from recent events in Venezuela. [1753/26]
Amharc ar fhreagraDespite trade, geopolitical and other headwinds, the economy performed well last year. The resilience of the economy is, of course, encouraging but we cannot become complacent.
Indeed, uncertainty remains elevated and Government is acutely aware of the substantial risks to the economic outlook. These risks are primarily external in nature.
While Ireland has limited direct exposure to the Venezuelan economy, the geopolitical events of recent weeks – and indeed the past year - underscore the need to prioritise what we can control.
That is why Government is focused on protecting jobs, boosting our competitiveness, and reinforcing the resilience of our economy and public finances.
Continued investment in key strategic infrastructure is crucial to help maintain competitiveness and boost productivity. To this end, the National Development Plan sets out how the Government intends to allocate investment toward the strategic objectives of energy, water, housing and transport.
Moreover, the Action Plan on Competitiveness and Productivity represents a whole-of-Government plan focusing on the domestic drivers of competitiveness. Sustaining strong ties with trading partners while diversifying export markets, as set out in the Action Plan on Market Diversification, will also help to bolster Ireland’s resilience to potential trade shocks.
Finally, we must also continue to build up our fiscal buffers to ensure that Government is in a strong position to respond to future shocks. In particular, as set out in the Medium-Term Fiscal Structural Plan, Government will keep saving for the future by running budgetary surpluses and setting money aside in the Future Ireland Fund and Infrastructure, Climate and Nature Fund.
