Address by Mr. John McGuinness, TD, Ireland’s Minister for International Trade, at a Financial Services Sector Workshop in conjunction with Shanghai Pudong Development Bank, Shanghai

Tuesday 21st October 2008

I would like to thank SPD Bank for inviting me to address this important financial services workshop. As you know, a major Irish trade mission to China is visiting Shanghai this week and financial services companies represent an important component of this mission. Over the past ten years, Irish companies have been very successful in developing new business and partnerships in China. The size of the Irish mission demonstrates the keen interest of Irish companies in contributing to the dynamic progress of China. Already, during my visit, I have been able to see at first hand the vigour and excitement of China’s economic development that has attracted so much attention throughout the world. Let me say that the Irish Government is fully and enthusiastically committed to creating the strongest possible trade relationship between our two countries.

Financial services are a key component of Ireland’s export performance.  Over the last ten years, dramatic changes have taken place in the composition of Irish exports. Ireland’s future success increasingly lies in the research, commercialisation, production and sale of higher value added products and services to worldwide markets.

Software is one of Ireland’s most important and fast-expanding industries, comprising over 800 multinational and Irish-owned software companies. 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.

Within the Irish-owned software sector, financial services are Ireland’s most mature and successful cluster. Irish companies offer a wide range of products, including component-based banking applications, multichannel banking systems, next-generation customer relationship management systems, automated foreign exchange trading platforms and line-of-business applications for the insurance industry. The Irish financial services companies who are with me today exemplify the strength and diversity of the sector.

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.

Ireland’s financial services companies have become successful players in the competitive global marketplace and are engaged in a continuous dynamic process of transformation centered on innovation and internationalisation. They have been successful internationally because they offer high quality products and business solutions that are tailored to specific customer requirements. They invest heavily in product development. They understand what is needed to deliver competitive advantage to their customers, so that they can get a fast return on their technology investment, and justify such investment in a difficult business climate. Irish companies have excellent product and service capabilities as well as a very real flair for building strong relations with their customers, the kind of relationships that create mutually beneficial long-term partnerships.

The Irish-owned enterprise sector is recognised as a hotspot of new products and processes, intensely market-focused and innovative businesses, and teams carrying out ground breaking market relevant research. Irish companies are strongly positioned in key niches both in the emerging technology-driven sectors and in knowledge-intensive segments of longer established sectors where significant opportunities for growth exist.

Enterprise Ireland, which has organised this trade mission, is actively supporting Irish companies through a range of initiatives to build market awareness and accelerate sales growth in China.  Enterprise Ireland works with Irish companies and business interests around the world to develop partnership opportunities for both. In the financial services sector, in particular, Ireland has much to offer, particularly in these turbulent times. These are sectors where innovative companies with leading edge products and services can thrive. It is also where strategic partnerships between small, medium and large companies, are recognised as the most effective way to maintain stability and soundly based growth.

Given Ireland's strengths and competitiveness in world markets, and given the active interest of Irish companies in doing more business in China, I believe that there is very substantial potential for an accelerated expansion of our trade partnership. ‘Innovative Thinking and Thoughtful Service’ is the motto and promise of SPD Bank. I am confident that you will find that Irish companies are fully in tune with this philosophy of business.

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