I was taken aback at the latest figures that show just how dominant foreign-owned firms have become in the Irish economy.

According to the business development firm Renatus, which is quoting its annual business survey, foreign-owned firms account for 87% of all sales and an amazing 92% of all exports (€425bn out of €459bn).

Given Irish food and drink exports are almost €20bn and you can see that what we consider Irish exports are predominantly agri-based, ultimately agri-based means the raw material comes from farms.

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In 1970, before EU entry, agri-based products accounted for 44% of Ireland’s exports as well as a broad range of products from Irish and some foreign-owned firms.

The changes in Ireland in the intervening period have been profound with fundamental consequences for those of us in the agricultural sector and of course for those earning good incomes in the multinational-based economy.

We have had a succession of statements and even a full official report on generational renewal in farming, presided over by the former secretary general of the Department of Agriculture.

Attractiveness of farming

However, apart from a general recommendation to improve retiring farmer pensions and encourage collaborative farming and a general statement to improve the attractiveness of farming as an occupation, there was very little – as far as I could see – on the fundamental change in the opportunities available to well-educated Irish young people.

Do these new opportunities suggest to anyone that a basic reappraisal of Irish farming as a career that bears comparison with other sectors of the modern Irish economy is not overdue?

These are fundamental questions that do not arise with the same intensity, especially over such a short period of time, in other parts of Europe.

Teagasc has excellent figures on farm incomes in the various sectors but very little on the economies of scale and the existing tax, pension and single farm payment systems that hinder farm transfer.

There are also detailed estimates of the amount of labour days required to operate various farm enterprises and the amount of income that can be earned in a year.

If we are serious about generational renewal in Irish farming, as distinct from normal generational shifts in land ownership, then the most basic reappraisal of policy has to take place.

Or of course we can continue to muddle through and let market forces continue with minor tweaks in policy having little effect.