Ireland is on course to break a €100 billion trade target with Asia by 2025.
At an Asia Matters business event, Dr Orlaigh Quinn, Secretary General at the Department of Enterprise, Trade and Employment, said the value of Ireland's two-way trade with Asia has soared to €76 billion over the last 10 years.
"We are seeing huge growth (in trade with Asia), it has more than doubled in the last decade," Dr Quinn said. "Trade with Japan in 2021 was worth €18 billion, and the value of Ireland’s trade with India in 2021 was €9 billion."
"Growing our trade and investment ties will further connect Ireland to the world’s most dynamic region, contribute to efforts to diversify our markets, and help build resilience in our economy."
Asia Matters’ Executive Director, Martin Murray, said Asia is the world’s wealthiest region, and that the IMF predicts its GDP to increase by 4.6% this year, after growing 3.8% in 2022.
"If they are not already doing so, companies based in Ireland wanting to expand their export base should really be looking at the opportunities that exist in Asia," he said.
He said 50% of our exports to Asia is food and the rest is tech or pharma.
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Mr Murray acknowledged that while Irish exporting businesses would like to meet the €100bn trade target, that Ireland also has climate targets to reach. "I don't think it's just about Asia, it's about all exports. Exports to the UK and the US and indeed the rest of Europe, are multiples of the exports to Asia," he said.
He said Asia Matters is holding a sustainability summit in Cork where Minister Michael McGrath will discuss the future of Ireland's policy on sustainability in exports, sustainable finance and green tech. "Ireland has around 100 climate tech companies. The world is looking for solutions, we all want to be part of the solution so it's a great opportunity for Ireland."
Asked if the Irish government's decision to ban TikTok on official devices will have an impact on doing business with China, Mr Murray said, "No, not really. Our focus is more on building partnerships with the right partners."
