Address by Minister Michael Ahern at an EI networking Dinner in Bratislava

Radisson SAS Carlton Hotel, Bratislava, on Thursday, 23 November 2006.

I am delighted to be in Bratislava again to renew and strengthen the ties between our two countries. It is very pleasant to see so many of you here this evening, representing both Irish companies and their Slovak partners and guests, as well as friends of Ireland who are active in building commercial links between our two countries. I would like to express my thanks and appreciation to our Ambassador, His Excellency Declan Connolly who, along with Enterprise Ireland, is co-hosting this occasion.

The purpose of this trade dinner is to enhance relationships between Ireland and the Slovak Republic and to highlight Ireland as a competitive source of world-class products, services, expertise and business partnerships.

It is an informal event that is intended to facilitate Irish companies and their Slovak counterparts in consolidating existing relationships, and opening new ones, and providing a networking framework for exchanging experience, contacts and mutually beneficial business opportunities.

The focus of my remarks this evening is on opportunity. By this, I mean opportunity for both Irish and Slovak business interests to work together to accelerate their profitable business growth. There are trade opportunities right across the business spectrum. Opportunities in the Slovak market itself and, through partnership, across the European Union - and in the wider Central European region - where Slovakia is a leading player.

Trade between our two countries is still comparatively small in relation to our overall trade, but it is expanding steadily and there is significant potential for future growth. Irish companies have been winning business in a number of important sectors of the Slovak economy, and particularly in banking and enterprise software, telecommunications software, consultancy and training services, and electronics and automotive sub-supply.

In addition to selling into the Slovak Republic, Irish companies are also exploring competitiveness opportunities with local partners here through, for example, cost-effective outsourcing, and marketing new Slovak products for re-sale alongside Irish-produced product ranges. An increasing number of Irish companies are also considering Slovakia as a location for production operations, in order to be closer to potential customers. So, we’re very much looking at a two-way benefit to our trade relationships.

To put my remarks in context, I would like to give you a very brief overview of Ireland’s current economic performance. Ireland continues to be one of the leading economic growth performers in the industrialised world. In recent years, Ireland’s average annual growth was more than three times that of EU and OECD countries, and one of the highest anywhere in the world. Ireland’s projected growth over the next few years will still be well ahead of other OECD countries, and this will maintain our position as one of the world’s growth leaders.

Over the past decade, Ireland’s surging economy, together with its unprecedented growth, has resulted in a dramatic transformation of the country that has attracted considerable international media coverage. Just over a generation ago, Ireland was a comparatively poor agrarian country with little industry, low growth, and high unemployment and emigration. Now, it is a high- technology, export-led industrial economy.

Ireland is a trading nation with an increasingly global perspective. The most recent Globalisation Index study, compiled by international consultants A.T. Kearney, names Ireland, for the second successive year, as the most globalised country in the world, and comments that Ireland has the highest degree of economic integration among the developed economies.

Irish companies are engaged in a continuous dynamic process of transformation centred on innovation and internationalisation. Irish owned companies have become successful players in the competitive global marketplace and are continuously fuelling the growth of the Irish economy. Ireland is rapidly moving toward a knowledge based economy, built on innovation and technology, and substantially shaped by the emergence of strong technology-led and export-focused Irish owned companies, which have become world leaders in their respective industries.

Over the last ten years, dramatic changes have taken place in the composition of Irish exports. High-technology software products now account for a massive 41% of exports. Ireland’s future success increasingly lies in the research, commercialisation, production and sale of higher value added products and services to worldwide markets. Ireland is the single biggest exporter of software solutions in Europe and one of the top three software exporters in the world. IT products from Irish-owned companies have been deployed to every continent by many of the world’s leading businesses, financial services firms, governments and corporate organisations.

The ability of Irish industry to achieve high levels of export growth pivots on a strategy, at both company and national levels, of accelerating investment in R&D in order to help create Irish companies that are successful globally. This has involved significant investment in supporting a vibrant Irish research community, focusing on the commercialisation of research and business investment in R&D, which is now averaging above the OECD level.

Enterprise Ireland is the trade and technology board of the Irish government. It actively supports Irish companies through a range of initiatives to build market awareness and accelerate sales growth throughout Europe. Enterprise Ireland works closely with the growing number of Irish companies who are doing business in Slovakia, and its role is to ensure that the business partners, customers and associates of Irish companies are fully informed of the benefits of trading with Ireland.

You, our guests, are key influencers and decision makers who help to shape future business relationships and opportunities, between your own organisations and many of Ireland’s leading companies. Occasions, such as this, provide a timely reminder that Ireland is a leading source of knowledge-based innovation, and that Irish companies can deliver the products and business solutions that are needed to help their customers stay ahead of the competition.

Given Ireland's industrial and technical strengths and competitiveness in world markets, and the active interest of Irish companies in doing business in the Slovak Republic, I believe that there is very substantial potential for an accelerated expansion of trade between our two countries.

I look forward to seeing this trade relationship develop tour mutual benefit over the coming years.

ENDS/TC259