I am delighted to be here to address the Ireland India Business Association. This is a very important annual event and I thank the IIBA for the invitation to be with you today. It is also an opportunity to welcome India’s new Ambassador to Ireland, Ms Vijay Thakur Singh. Ambassador, I very much look forward to working with you as Ireland’s relationship with India continues to deepen and develop. I would like to acknowledge how important India is as a trading partner for Ireland. 　

Overall, trade between Ireland and India reached an all-time high of €2.8 billion in 2014. This trade has grown significantly, from a level of just over €850 million in 2006. India is a priority market for both Enterprise Ireland and IDA Ireland. Both agencies have a direct presence in the country. The local market team, led by the Ambassador, works hard to foster relationships with key stakeholders.

The focus is on finding opportunities for Irish exporters to India. There is also a focus on sustaining the excellent reputation of Irish business. Irish companies have a keen interest in developing a footprint in India with the assistance of local partners. Ireland has world-class companies and world class products.

The job of EI is to help Irish companies to export globally.

Overall exports by EI client companies increased in 2015 to €20.6 billion, a record level. The export figure is now almost double what it was 10 years ago. This demonstrates the scale of the success that Irish companies are seeing in terms of winning business at record levels worldwide.

Significantly, growth was recorded across all sectors. Diversification into high growth markets is a focus for Enterprise Irelands clients. More companies have diversified their export strategies into high growth markets such as India. Irish exporters are continuing to increase their level of exports and seek out new markets. This is essential in order to compete effectively in global markets.

India is not only a major market in itself for Irish business. It is also an excellent location for developing business opportunities directed at the Asian market – the biggest in the world. Correspondingly, Ireland is the ideal Gateway to the markets of Europe. Indian companies are highly experienced marketing players throughout Europe.

Doing business in India means investing time in building relationships. Consistent sustained work is needed in order to take advantage of the opportunities it presents. There is also an increasing interest among Indian companies in Ireland as a location for setting up new operations to service the European market.

IDA Ireland has a strong focus on Indian companies in the market, making them aware of the opportunities that exist in Ireland. India is an important region in the IDA’s growth markets strategy.It has great potential for attracting investments and jobs to Ireland. And Indian companies are investing in Ireland.

Indian companies employ more than 4,000 staff here thanks to our location and highly educated, highly skilled population. Indian businesses want to work with the likes of Google, Facebook and Microsoft who all have European headquarters here.

There are other factors contributing to Ireland’s desirability as a location of foreign direct investment. We provide the infrastructure, support, innovation and talent that are essential to success. We’re an English-speaking country in Europe and in the Eurozone. We work hard to ensure a business friendly environment for businesses large and small. Foreign Direct Investment has been a key contributor to Ireland’s economic development and growth. Over 3,300 foreign-owned companies have put down roots in Ireland.

These include many of the world’s most successful global businesses. Net job creation by the multinational sector increased by 66% last year. 54% of all jobs created in 2015 were based outside of Dublin. This shows the strength and resilience of FDI in regional locations. In the first half of 2016, this positive trend continued. IDA won 10% more projects than in the first half of 2015.

Brexit uncertainty may slow investment to Europe in the second half of 2016. However, Ireland’s business environment and certain access to the EU market means Ireland is extremely well placed to win new FDI investments in Europe. The Government is confident that our economy is resilient and that appropriate fiscal policies are in place. This will help us to adjust to the economic effects of Brexit. Our Trade and Investment missions are all part of the efforts to open doors for Irish companies and win more investment for Ireland.

In the past number of years there have been many successful Ministerial-led Trade Missions to India. They also help to deepen bilateral relations and to highlight Ireland’s strength as a trading partner. I am delighted that a further Trade Mission, led by my colleague Minister Pat Breen, will take place in November. I am confident it will bring concrete results in the form of new business for Irish companies.The Trade Mission will include visits to the cities of Mumbai, Bangalore and Delhi. It will help companies to get a real grasp on how to do business in India.

As you know, Ireland and India have deep roots in education. There is a strong tradition of collaboration between the education sector and companies in Ireland and establishments in other countries. We have a long tradition as a world class provider of quality education. This is backed by the high standards of our education services and training. Ireland is attractive to Indian students in terms of openness, cost and career advancement opportunities.

Ireland’s economic recovery is now firmly established, with key economic indicators pointing to continued solid economic growth. Export growth in recent years has been exceptionally strong with record levels last year. These exports continue to contribute positively to growth.

In conclusion, I am delighted to be here today in what is a significant time of opportunity for Irish-Indian trade and investment.

I believe that there is substantial potential for an expansion of our economic linkages in the coming years.

Thank You