Ambassador Kelleher, Robert, Harry, distinguished guests, ladies & gentlemen, I am delighted to attend this important meeting this morning.
This is my third visit to Hong Kong in the last three years. Each of my visits here has been focussed on strengthening business links with Hong Kong. I was delighted to accompany President McAleese in 2003 and the Taoiseach in January last year when they visited Hong Kong. The Government is committed to building on these important links with our partners in Asia.
In my current role as Minister with responsibility for communications, I was delighted to speak yesterday at the ITU World Telecom Council.
This event provided a major networking opportunity for all participants and for me personally to interact with my peers and representatives from companies interested in investing in Ireland.
Over the past 30 years ever improving communications technology has allowed all of us to conduct our business more efficiently and effectively.
It has provided us with great opportunities to improve the quality of our goods and services and to open up markets throughout the world.
We are all aware that ICT and in particular the convergence of infomatics, telecommunications and mass media technologies continue to dramatically reshape and transform the ways we organise our lives. The Irish Government is committed to policies, programmes and investments that will cultivate an inclusive, sustainable knowledge society.
But one thing technology will never replace is a unique and essential element of building relationships, and that is personally meeting your potential and current customers.
I firmly believe that if you take the time to meet the people you are going to do business with, you have a much better chance of building strong links with them. We have excellent links through trade, education and medical care and the community of Irish people living and working here continues to grow.
The work of Enterprise Ireland and the Irish Business Forum here, have made an outstanding contribution to forging these relationships and links between Ireland and Hong Kong.
Hong Kong and Ireland both rely heavily on exports and foreign direct investments.
Both economies have experienced significant growth and we are now in the business of managing this change to strategic advantage and ensuring that we stay ahead of the curve. Thus while this growth undoubtedly presents significant challenges in terms of prudent economic management, infrastructure provision and so on, I view it as a positive challenge, as we are managing prosperity.
Like Hong Kong, trade is Ireland’s business and almost all of the diverse activities of the Irish economy – investment in manufacture and infrastructure, education and training, research and innovation - are ultimately validated in the international market place.
Ireland currently exports 99% of GDP and of this high technology software products now account for a massive 41% of our exports.
Information technology products from Irish owned companies have been deployed on every continent by many of the world’s leading businesses, financial service firms, governments and corporate organisations.
The Government’s Asia Strategy has set its sights on strengthening and accelerating Ireland’s business, investment and trade links with many countries across this continent.
Our host today, Enterprise Ireland, actively works with our Embassies and other State agencies to ensure that business partners, customers and associates of Irish companies are fully informed of the benefits of trading with Ireland.
Working together we encourage Irish owned companies to establish their own market presence in Asia. And today 171 such companies are operating in the region with 17 having a presence in Hong Kong.
I would also like to pay special tribute to the Irish Business Forum here in Hong Kong for its role in promoting and raising awareness of Ireland as a place to do business.
At home, we have provided the structures and regulations to allow Irish businesses to develop and prosper. We ensure that, through our employment and trading laws, Irish companies provide quality products and services. In my own area, I will be introducing the Communications (Misc. Provisions) Bill to the Houses of the Oireachtas, which further strengthens the role of the independent regulator in the communications sector in Ireland, to ensure a transparent and predictable set of rules of engagement for private sector players.
As you may know, the details of the Budget will be announced on Wednesday….in terms of the economy, the Government will be putting forward a prudent budget which carefully balances building on the successes of the past, while providing for future needs. The economic outlook for Ireland is very positive with GDP and GNP both forecasted to grow by approximately 5% next year, and unemployment currently stands at 4.3%.
As I have already said, I regard personally meeting you as very important and I stand here before you to ask that you continue to help and support the Irish companies who are trying to break into this market.
On behalf of the Irish Government I want to reiterate our commitment to strengthening these mutually rewarding business partnerships.
I thank you for your hospitality and assure you that there is always a ‘Cead Mile Failte’ a thousand welcomes, for you when you visit Ireland.
Happy Christmas and a prosperous New Year.
Ends