IRELAND-INDIA LINKS TO FORGE AHEAD - The purpose of a newly formed group is to promote trade and business links between Ireland and India. The Ireland India Business Association is being launched in Dublin today. Links are already quite well established, but as India's economy strengthens Ireland could benefit from greater ties.
The deputy chairman of the new Ireland India Business Association, Enwright DeSales from KPMG, says that trade between Ireland and India was worth €450m in 2007, up 17% on the 2006 figure. He points out that Irish exports to China are eight times the size of its exports to India and says there is a huge potential for Irish exports to increase to India, as well as Indian investment into Ireland.
He says the new association is seeking to create a deeper awareness and understanding of India and its economy and increasing interaction between the two business communities through a series of events here. It will also take delegations to and from India.
Dr Kiran Mazumdar Shaw, founder and chair of Biocon and a former board member of Science Foundation Ireland, says already a lot of co-operation exists between the two countries in the IT and biotech pharma sectors. She says that India's retail business is opening up very rapidly and Ireland can really benefit from that.
As the rest of the world slows down, the economies of India and China are beginning to rev up, she states. The world's attention is on these two economies, she adds.
Dr Kiran Mazumdar Shaw says one of the things that unites India and Ireland is the historical commonalities in 'having the English as our lord and masters'. This allowed both countries to adopt English as our spoken language. 'That augurs very well for linkages,' she states.
She says that India sees China as a very, very strong competitor. China is growing much faster than India and is making investments more faster. But in the long term - by 2050 - she says she believes India will have the edge over China largely because of its young population. India today has half a billion people under the age of 25 - 50% of its population - and China is going to find itself in an ageing population scenario because of its one child policy.
***
MORNING BRIEFS - Irish Life and Permanent has warned this morning that its new business volumes in its life and pensions division will be lower than expected in 2008.
*** Readymix says that because of the sharp slowdown in the building sector, demand for its products has reduced and it will report a €3.9m loss for the first three months of its financial year.
