Speech by John McGuinness, T.D., Minister for Trade and Commerce at a dinner with a number of senior Brazilian Industrialists and Irish Companies

Monday 26 May 2008

I would like, at the outset, to express our appreciation and thanks to Stefanini IT Solutions for your active interest in developing business relations with Ireland. I know that your company visited Ireland last year and met with a number of leading Irish companies. Since then, you have been working with Enterprise Ireland to further introduce some of these to the Brazilian market. This trade mission provides us with an excellent opportunity to deepen this relationship.

The level of foreign direct investment in Ireland, relative to the size of its economy, is one of the highest in the world. To date, over 1,000 multinational companies have set up in Ireland and they include many of the top leaders in information technology and software, telecommunications, pharmaceuticals and medical devices, life sciences and international financial services.

This has positioned Ireland as a significant participant in the global business environment, at a level well beyond that which might be expected of a country of its size and natural resource base. Inward foreign investment has also provided the stimulus for the creation of a thriving base of world-class Irish-owned companies, many of which have become global market players – such as the companies taking part in this trade mission.

Ideas and knowledge have helped transform Irish business and have been crucial in the development of the modern Irish economy. In recent years, Ireland has been investing more and more resources towards the production of knowledge.

There have been significant changes in the Irish science environment. Science and innovation are at the top of the national agenda. An unprecedented level of investment by the Irish Government in science and technology has created 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.

A substantial part of State innovation funding has been committed to the ambitious aim of establishing world class Irish research programmes in niche areas of two of the most important growth sciences, information and communications technologies and biotechnology, that will position Ireland on the international map as a centre of research excellence.

Irish-owned companies have become successful in the global marketplace and are engaged in a continuous process of transformation centred on innovation and internationalisation. I believe that these companies have much to offer Brazilian customers and business partners.