HSBC says chemicals to push Irish growth

Tue, Feb 21, 2012, 00:00

TRADE IN Ireland is set to grow 76 per cent in the period to 2026, according to forecasts by international banking group HSBC.

A new trade report commissioned by HSBC says Ireland’s growth spurt will be driven by the chemicals and pharmaceuticals sector.

It also suggests that new trade corridors will continue developing with markets outside Europe.

This prediction came yesterday after trade links were strengthened with China during the Irish visit of the country’s vice-president Xi Jinping. The HSBC report said China would become a pivotal partner for Europe.

From an Irish perspective, our fastest growing export destinations include Bangladesh, where trade is expected to jump 14 per cent over the next five years.

Trade with Germany and the US will remain very important to Irish business, with exports of products such as blood, vaccines and cultures expected to increase more than 16 per cent to both of these markets by 2017.

The report noted that Irish companies will have to increase their international activities by an annualised rate of 3.16 per cent over the next 15 years if they are to keep pace with the country’s overall trade growth rate.

Alan Duffy, the Ireland head of HSBC corporate banking, said Irish companies continued to be known for their innovation and export competitiveness.

“The concerted efforts of the Irish Government together with trade associations to increase trade with emerging markets is a step in the right direction.”