New Business Opportunities for Irish businesses through membership of the Asian Development Bank

Minister for Trade and Commerce, Mr. Michael Ahern, T.D. today (Thursday, 15^th June, 2006), officially opened a seminar designed to raise awareness of the business opportunities presented by Ireland’s entry into membership of the Asian Development Bank. Organised jointly by Enterprise Ireland and IBEC, some 100 representatives of Irish businesses were in attendance at the Asian Development Bank seminar held in the Davenport Hotel, Dublin.

Speaking at the event, Minister Ahern said, “Over the years, the Asian Development Bank has played a significant role in economic and social transformation in Asia and the Pacific, by boosting economic growth, fostering social development, and helping improve the quality of life for millions of people. From a business perspective, such funding also generates opportunities for the business communities of the Bank member countries. As Ireland becomes a member of the Asian Development Bank, this opens up opportunities to Irish companies who may now bid for Bank contracts”.

Michael Garvey, Enterprise Ireland’s Manager of the Asia region said “Across the Asian region, many opportunities for Ireland are evident as the Asian countries maintain very high growth rates. Through the Asian Development Bank, Irish businesses can now develop further business links. Through our office network in the region, Enterprise Ireland will be available to assist Irish companies to exploit these opportunities”.

Pat Ivory, IBEC's Director of Trade and International Relations said that average Irish exports of goods and services to Asia in recent years were valued at around €8.5 billion and was showing signs of recovery from the drop in trade experienced following September 2001. Computers and related products accounted for over 50% of the export of goods to Asia, with Pharmaceutical products accounting for 17% and food and drink products for 4% of export trade. The Computer sector also accounted for around 27% of the €2 billion export of services to Asia, while the Financial services sector account for over 10%. He added that he hoped that Ireland's entry to the Asia Development Bank would contribute significantly to the growth of Irish exports to the rapidly growing Asian region”.