It is a great pleasure to meet with you today as the head of this Irish Government trade mission. This very large trade mission comprises 114 leading Irish organisations. It is tangible evidence of the enthusiasm of Irish companies for increased links between Ireland and the Kingdom of Saudi Arabia.
A wide range of Irish industry is represented. International services, industrial products, food and consumer goods, educational services, as well as business associations and Chambers of Commerce.
Many of the companies on this mission are already establishing solid market positions here. They have identified significant potential for new and mutually beneficial relationships. All of these organisations are here to further develop the dynamic trade partnership between our countries.
This is an all-Ireland trade mission and includes representatives from over 20 companies from Northern Ireland. Their presence reflects a pattern of increasing co-operation among Irish companies and business organisations across the island of Ireland.
This morning’s event is an occasion to celebrate the growing trade links between our countries. The Kingdom is a valued trade partner and we have always regarded our business relationship with Saudi Arabia as being of the highest priority. Irish exports here continue to go from strength to strength, increasing by an annual 20% over the last number of years. Last year was one of the best ever for Irish sales here, with indications pointing to growth of over 40%.
We welcome the increasing openness of the Saudi economy as well as your recent accession to the World Trade Organisation. Other positives include the creation of 100% ownership options for investing companies, the de-regulation of the telecoms market and the growth of private construction projects. These developments create opportunities for further co-operation between Irish and Saudi organisations.
Our mission here at the start of 2007 is to match this openness with an increasing awareness by Irish companies that this is a progressive, stable and business-friendly environment for building long-term trade.
It is just over 20 years since Enterprise Ireland first set up its office in Saudi Arabia. Some of our guests here this morning have been part of this long relationship from the very beginning. Irish business connections go back to the setting up of the Almarai Dairy farms in conjunction with Masstock. There are still Irish people involved with this company and keeping this relationship alive.
And the relationship is growing. The Saudi Ireland Business Group, organised through Enterprise Ireland and the Embassy of Ireland, held its inaugural meeting a few weeks ago. This Group is set to become a significant force in helping to bring Irish and Saudi business people together.
This close relationship puts Irish business in prime position to contribute to, and benefit from, the Kingdom’s impressive pace of economic development. Irish companies are winning business in a number of key areas. These include: information technology and telecoms software; healthcare and pharmaceuticals; third level education services; utilities, power and construction industries; and e-Learning and e-Government applications.
And I am pleased to say that Irish contacts with Saudi Arabia are also expanding into a wide range of new areas. Some recent examples include:
· Saudi Arabian students are currently studying at University College Cork;
· GOTEVOT, the Saudi Government vocational education & training authority, has recently visited Irish Institutes of Technology to explore possible areas of co-operation;
· Irish dairy products are set for a re-launch in Saudi Arabia;
· Vilicom will be the first Irish company to set up a branch office in Riyadh. This is a trend we hope to see continued as more and more Irish companies realise the potential of the Saudi market and the need for offices here.
Ireland is developing a knowledge-based economy. That economy is substantially shaped by the emergence of strong technology-led and export-focused Irish owned companies. These companies are engaged in a continuous process of transformation centred on innovation and internationalisation. They have become successful players in the competitive global marketplace. These companies are fuelling the growth of the Irish economy and their success is indeed a national success.
Enterprise Ireland is here to work with both Irish and Saudi companies to create new trade opportunities. And I would like to congratulate them on their organisation of this trade mission. Enterprise Ireland is particularly interested in creating strategic alliances, joint ventures, sourcing relationships, product and process licensing and collaborative research & development.
This Government-led trade mission is solid evidence of our commitment to support and develop our mutual interests with Saudi Arabia. Our primary aim here is to create a greater awareness of the potential for Ireland as your business partner.
I have no doubt that the Irish companies who are with me on this visit will find it a positive experience. As well as its success in generating new trade, it represents an excellent opportunity to form lasting relationships with Saudi business. I wish you all every success.
Thank you.
ENDS