Address by Mr John McGuinness, TD, Ireland’s Minister for Trade and Commerce, at a business reception hosted by Enterprise Ireland, with the support of the Ireland-Canada Chamber of Commerce

At Toronto Board of Trade, Canadian Place, Toronto Tuesday 23 October 2007

Ambassador, ladies and gentlemen: I would like to thank you personally and on behalf of the Irish companies taking part in this trade mission for your warm welcome. Ireland’s profile in Canada has been raised significantly through the visit of President McAleese in June and the Ireland Canada relationship continues to grow. Trade is one manifestation of this relationship.

I’ve just recently taken on the job as Ireland’s Minister for Trade and Commerce and one of the first things that impressed me was the quite spectacular growth in trade between Ireland and Canada, which was worth a record CN$1.1 billion last year. Irish-owned companies, such as those taking part in this trade mission, have been chalking up average annual sales growth of over 30% in the Canadian market. I’ve been looking forward to getting a feel for this vibrant relationship at first hand and I find it an exhilarating experience.

Yesterday, I had the pleasure of officially opening the new offices in Toronto of Enterprise Ireland, the trade and technology board of the Irish government. They’re having a busy time. Over 230 Irish-owned companies are now exporting goods and services to Canada, and the number continues to grow. These companies are pursuing trade opportunities right across the business spectrum. Among the key sectors of opportunity are financial services, the life sciences and medical sectors, software and telecommunications, digital media and marine sciences.

Canada receives almost one quarter of Ireland’s growing direct investment abroad and Irish investment in Canada has increased from CN$57 million in 1989 to the present level of CN$1 billion. Irish companies in Canada employ over 5,000 Canadians in over 50 locations countrywide.

Reciprocally, there is a high level of Canadian investment in Ireland, which is the fifth largest recipient of Canadian direct investment worldwide. There are 43 Canadian companies operating in Ireland, plus 36 in Dublin's International Financial Services Centre.

Doing business together is helped by the fact that Ireland and Canada have common bonds of friendship that go back a long time. The Toronto Irish Famine Park, which I visited yesterday, is but one testimony to these historic links. But today there is a new dimension to our business relationship. Both Ireland and Canada are building knowledge-based economies through innovation and technology. We both have innovative business climates that are driven by cutting-edge information technology. In our two countries, economic growth is driven by a combination of entrepreneurs and ideas, traditions in research, close cooperation between business and academia and good access to venture capital.

Innovation and technology are key drivers in today’s Irish economy and are right at the top of the national agenda. There has been an unprecedented level of investment by the Irish Government in science and technology in order to create a vibrant and well-supported research community, giving a substantial resource for technology solutions and the basis for a stream of technology-based start-ups.

Ireland, because of its comparatively small size, has bred strong export-focused companies who have a wealth of experience, a technologically competitive supply base and a drive and a determination to develop new markets. Irish-owned companies, such as are with us here today, have become very successful players in the highly competitive global marketplace and are continuously fuelling the growth of the Irish economy.

The companies who are taking part in this trade mission are among these leaders and I’d like to introduce them briefly. The software sector is represented by:

• Candidate Manager, a global software provider, has just announced a partnership with Eluta, one of the largest online recruitment web sites in Canada
• Pigsback is an online Internet site and has linked up with Bell New Ventures to launch their Pigsback site in Canada
• ClaimVantage software supports claims departments in the life and health market
• Quest software manages awards and grant management processes
• Curam is a leading provider of Social Enterprise Management software

From the Healthcare and pharmaceuticals sectors are:

• Allergy Standards, a physician led global certification company
• Bimeda-MTC, which offers a range of veterinary products
• Biotrin, specialises in tests for infectious diseases and tissue damage; and
• EirGen Pharma, which offers pharmaceutical development services

Also taking part in the mission are:

• Glen Dimplex which is the world's largest electrical heating business and has major operations in Ontario and Quebec
• Taxback, which provides tax refund and visa services for people who work abroad and for corporate enterprises
• Tile Films is a documentary producer that is currently working with the Canadian History Channel; and
• Feelystone, which, among other contracts, supplied the limestone for the wall in the Famine Park.

These companies are representative of the diversity, experience and capabilities of Irish companies who are investing and doing business in Canada.

Many of these companies are building their market here through partnership with Canadian businesses. International partnership is a key element in modern trade, and Irish companies are increasingly involved in sourcing relationships, strategic alliances, joint ventures, product/process licensing and collaborative R&D with international partners. Enterprise Ireland’s office in Toronto has been tasked to help forge those links and strategic partnerships and to accelerate the current trade momentum between our countries. I am confident that there are many new opportunities for greater partnership between Ireland and Canada.

I would like to conclude by congratulating the Ireland-Canada Chamber on the success of this event, and I look forward as you continue to contribute to building even stronger business networking links for the benefit of Ireland and Canada.

ENDS/TC300