ADDRESS BY THE PRESIDENT OF IRELAND AT THE RECEPTION HOSTED BY THE IRISH INDUSTRIAL DEVELOPMENT AUTH
HOSTED BY THE IRISH INDUSTRIAL DEVELOPMENT AUTHORITY AND THE IRISH TRADE BOARD IN SYDNEY ON FRIDAY, 23 OCTOBER, 1992
Tá áthas an domhain orm bheith anseo i gcathair álainn Sydney, cathair mhaorga an chuain, chun labhairt libh um thráthnóna.
I am delighted to be here in the beautiful "harbour city" of Sydney to speak to you this evening. This is where the Irish relationship with Australia began over two centuries ago when so many Irish received the "offer they couldn't refuse". I would like to thank all of you for coming here this evening and I am very glad to have the opportunity of meeting you and of speaking to you about the strong links between Ireland and Australia.
The fact that this is the first function which I have undertaken since arriving in Sydney underlines the importance that I attach to strengthening economic links between Ireland and Australia. Many of you will be aware of the dramatic changes in economic conditions in Ireland in recent years. The past few decades have seen a broad-based transformation, which history will probably regard as the period when we succeeded in changing a traditional rural economy into a fully modern one. An indication of this is that of the A$ 240 million of Irish exports to Australia in 1991 one third consisted of computer equipment and the next highest category was organic chemicals.
Despite many very substantial improvements achieved in the context of a difficult international economic climate, Irish unemployment levels remain high and their reduction is the cornerstone of our economic policy. One of the principal means of tackling unemployment lies in the attraction of further overseas investment and Ireland offers a particularly attractive incentive package to investors. These incentives have combined to make Ireland the most profitable location in Europe. Statistics have shown that Ireland consistently yields the highest return on foreign investment and it is for this reason that there are now over 1,000 overseas companies in Ireland, from the US, Britain, Germany, Japan and, of course, Australia.
Further advantages are conferred by our young, well-educated, computer-literate workforce; excellent telecommunications; and access to a European market of 345 million consumers. With the entry into force of the Single Market on 1 January 1993, Ireland will provide the ideal base to exploit the opportunities offered by the world's largest market.
Many Australian investors have already availed of these advantages. There are now 13 Australian companies in Ireland, employing over 850 people. These include Beamish and Crawfords brewery, owned by Elders and National Irish Bank, whose parent is National Australia Bank. I can assure all Australian enterprises who intend to invest in Ireland that it is a most profitable overseas investment location and that they will be warmly welcomed.
Investment is of course a two-way process and I am pleased to note that many of the larger Irish companies have already availed of the privileged access Australia provides to the important Asia-Pacific region; companies such as Fitzwilton, Allied Irish Banks, Waterford/Wedgwood Ltd., Masstock, Coolmore Stud and several mining companies, for instance. I am glad to note that Telecom Australia have equipped each of their linesmen with the Portasol portable soldering iron from the Irish firm of Ogilsby and Butler, and that the market share of Jameson Irish whiskey has grown by 300% in the past year and I hope all of you will have the opportunity of personally sampling that particular product here this evening.
Over 130 companies are already trading in Dublin's International Financial Services Centre. These include many major banks and financial institutions from Japan, Germany and the United States. To date three Australian companies have decided to locate at the Centre: National Irish Bank (National Australia Bank), QBE Insurance and Pacific Dunlop. I am confident that many more Australian enterprises will come to realise the advantages of operating in Dublin, where I can assure you of a hearty céad míle fáilte.