Bangalore - Address by Minister Micheál Martin at Dublin Chamber of Commerce reception in association with AOL Ireland and AOL Bangalore

Address by Mr Micheál Martin, T.D., Minister for Enterprise, Trade and Employment, at a reception hosted by Dublin Chamber of Commerce in association with AOL Ireland and AOL Bangalore, in the Leela Palace Kempinski, Bangalore, on Monday 16 January 2006

I am delighted to be here today at this networking and information event organised by Dublin Chamber of Commerce in association with AOL Ireland and AOL Bangalore.

The list of international companies that are located in Bangalore is like a Who's Who of the top high-technology companies in the world and I am very pleased to say that the list of companies in Dublin is populated by very similar names such as AOL, Microsoft, Hewlett Packard, Google, Oracle and Amazon.

Dublin has carved out an international reputation as a centre for new economy industries. We have an abundance of highly skilled graduates available to work in top quality international and indigenous industry. We have invested significant resources into developing the Research and Development infrastructure in our industry and third level colleges. And we have a rich and vibrant social and cultural life for our citizens to enjoy.

Dublin has consistently been voted one of the best cities in the world in which to do business. This prized status comes from a number of factors - an exceptionally strong human resources talent base, a flexible and business-friendly regulatory environment and a low corporate tax rate.

Despite our success over the past decade, we are far from complacent - the competition gets tougher all the time and it is a real challenge to maintain one's attraction to international investors. On my trip here to Bangalore, I have been interested to hear how you have attracted and embedded the most highly respected technology companies in the world.

Inward investment strategy, as we all know, is not only about attracting the best companies; we must also work very hard and intelligently to develop internationally competitive, high calibre indigenous businesses.

On this Trade Mission, about 100 of Ireland's most ambitious and successful indigenous companies are exploring business opportunities here in India. You will all be aware here in India of the success of the indigenous software industry in Ireland over the last two decades. But Ireland is also home to technical leaders in cutting edge sectors such as photonics, biotechnology and telecommunications.

Our Trade Mission and networking events like this give you the opportunity to hear about these companies and the sophisticated products and solutions they can offer business here in India.

The Chamber of Commerce is playing a pivotal role in facilitating contact and exploration of opportunities between Irish and Indian companies. The development of joint ventures with Indian partners has been a very effective means of entry for some Irish exporters. There are several joint ventures between Irish and Indian companies, including Biocon India here in Bangalore, CG-PPI Adhesives, Iona Software, Tullow India, Foran Chemicals and others.

I encourage companies who are present today with Dublin Chamber of Commerce to discuss these business opportunities with their counterparts here in Bangalore. I understand the Dublin Chamber of Commerce will be working to strengthen the ties between these two high-tech hot-spots into the future and I wish them every success.

ENDS

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