Asia Briefing: Asia high on agenda for Irish exporters
India, Vietnam, Malaysia and Indonesia following closely behind China
Ireland Hong Kong Business Forum: Linda Lai, special representative for Hong Kong Economic Trade Affairs to the European Union, and Minister of State for Trade and Development Joe Costello
Irish exports to China are expected to rise by 11 per cent per annum until 2030, the Irish Exporters Association said last week as the lobby group announced details of its 2014 Asia Trade Forum in Iveagh House.
The Asia Trade Forum is a group of Irish exporters, who want to share their experience and expertise in order to play their part in helping Irish companies and Ireland to increase trade between Ireland and Asia. Chairman Hugh Kelly said Irish exports to China would be followed closely by growth in exports to India, Vietnam, Malaysia and Indonesia.
“By 2017, China is projected to overtake the US as the largest economy in purchasing power parity [PPP] terms and, by 2050, India is set to become the third largest economy in the world after China and the US,” he said.
As these and other Asian markets grow, the demand for ever-more sophisticated products in these markets will also grow.
The group’s programme for the current year includes a series of nationwide seminars on doing business with Asia, business visits to India and Malaysia and mentoring programmes in conjunction with UCD and the University of Limerick, where marketing plans are prepared for Irish companies with potential to expand to Asia.
“We are delighted to be working closely with Government and the Department of Foreign Affairs and Trade, and with Enterprise Ireland, and we particularly welcome the recent announcement of new diplomatic missions that will expand representation in Asia to Bangkok, Jakarta and Hong Kong, a very welcome initiative for all of us who are engaged in promoting Ireland abroad,” Mr Kelly said.
Minister of State for Trade and Development Joe Costello said the Irish Exporters Association was helping to develop trade between Ireland and Asia, and the Government’s commitment to building relations with Asia was clear from the recent decision to open three new diplomatic missions in the region, in Indonesia, Thailand and Hong Kong. “These important new missions will substantially increase our footprint in Asia, and will serve to boost trade, tourism, investment and other links with Ireland,” Mr Costello added.