On Monday 28^th February in Hong Kong

Ladies and Gentlemen.

Thank you very much for your kind invitation to speak to you this morning. I’m in Hong Kong at the invitation of the Hong Kong Administration. I arrived yesterday and I’m spending the next few days meeting local officials and generally seeing how things work in Hong Kong. It’s not my first visit here but it is the first occasion that I’ve had the opportunity for an in-depth visit and I’m really looking forward to it.

I’m very glad to be here so soon after the Taoiseach’s recent visit, with what was by far the largest Irish Trade mission ever to China and indeed the largest group of Irish companies ever to visit any international market. Many of you were no doubt involved in that mission in one way or another and I hope you share our perception of its great success. I understand that excellent contacts were made during the visit and very substantial business was done.

Hong Kong and China is now one of the most sought after trading partners in the world and we in Ireland are obviously very keen to build on and expand our trade and investment here. Our exports to Hong Kong last year were at 830 million euro and rising; interestingly, they were higher than our exports to mainland China.

This reflects the strong levels of trade between Ireland and Hong Kong. Many of our companies have seen the opportunities for sales, not only of goods, but also in particular for sales in Hong Kong’s world class services sector.

A number of our indigenous companies in the financial services sector, for instance, have been very active in developing sales in Hong Kong, to the benefit of both territories.

The focus of our trade missions has traditionally been to encourage Irish companies to sell their products and services and obviously this will always be important to us. However, in recent years, we have recognised the increasing complexity of the international needs of our companies, reflecting our position as one of the world’s most globalised economies.

For that reason, through our trade and technology board, Enterprise Ireland, we have begun to broaden our focus. We are now in a position, for instance, to assist companies with competitive sourcing – a nice way of saying we help Irish companies to import as well as export. We assist companies to find opportunities for outward investment, especially where this will strengthen their Irish core.

We also strongly welcome investment from Hong Kong. IDA Ireland and Enterprise Ireland tell me they are keen to meet Irish entrepreneurs here and Irish managers in Hong Kong companies, particularly people in young, innovative companies that are about to embark on an international strategy. Ireland has now positioned itself as the “ Knowledge Centre of Europe “ and is an ideal location for companies to service their growing international business development.

It was in 1998 following a previous visit to China that the Taoiseach identified the need for a concerted and strategic approach to Irish economic relations with Asia. Our subsequent Asia strategy has operated since then and has resulted in a big increase in economic activity between Ireland and the region, particularly with China. We’ve increased our diplomatic and economic representation and have made very serious efforts to increase mutual awareness and contacts.

The results have been very encouraging in terms of increased trade and investment. Trade exports have increased to over 6 billion Euro, and by 2003, some 93 Irish companies had established in Asia, that’s double the number in 1999.

We’ll be continuing our efforts in the region over the coming years to the end of the decade.

The primary goal will be to intensify the level of political, business and other forms of interaction with Asia so that Ireland can realise the trade and other benefits that the region can confer. We’ll be paying great attention to ensuring that indigenous Irish companies can avail of business opportunities available in Asia and we will be providing supports to help that happen.

I’m very much looking forward to being back here in Hong Kong again in December of this year, leading the Irish delegation to the 6^th Ministerial meeting of the World Trade Organisation. This will be a very important meeting of trade ministers from around the world and will be crucial in terms of making real progress in the Doha Development Agenda negotiations.

Without doubt, the biggest challenge in the sphere of international trade currently is to bring the DDA to a successful conclusion. We need to do that to reinforce the international trading system. We need to work hard during 2005 to get balanced progress across the full range of negotiating topics, on Agriculture, on Industrial goods, on Services and on trade rules.

And, of course, we need to respond positively to the important objectives of the developing world. Development is a vital ingredient in this Round and if it is to succeed, we have to produce benefits for rich and poor. We have to harness international trade policy to promote development and eliminate poverty.

It’s very appropriate that the 6^th Ministerial is taking place here in Hong Kong – not only because, being in Hong Kong, we can expect superb facilities and organisation – but also because Hong Kong is a living embodiment of the spectacular development that can, and does, flow from successful trade liberalisation.

We can all learn from that example. Hong Kong has been, and is, a valued and influential member of the World Trade Organisation. In December, it will have a very important, pivotal role to play as host of the Ministerial.

It’s reassuring that we will have experienced and skilful hands directing the work and I feel confident that this will contribute significantly to a good result. I look forward to being back here then.

Again, I’d like to thank you again for hosting this breakfast. We’re at the beginning of the year of the Rooster. I’m told the Rooster symbolises good luck and prosperity, so I’d like to wish you a prosperous and lucky New Year.

ENDS

TC134A