Kenny optimistic on deficit

Taoiseach Enda Kenny said today the Government will beat its deficit target for this year.

Under the terms of the EU-International Monetary Fund bailout, the Government is obliged to introduce a budget adjustment in 2012 of a minimum of €3.6 billion.

Mr Kenny also said Ireland aims to be the first of three bailed-out euro zone countries to exit their rescue programme, ahead of Greece and Portugal. "Of all the countries in difficulty, Ireland leads by example," he said.

In an interview with Bloomberg Television in Dublin, Mr Kenny said the Government wants to test sell debt in 2012 and re-enter bond markets "as soon as possible." He also predicted that Ireland will be upgraded by the rating agencies “in time”.

Earlier, Mr Kenny told the two-day Global Irish Economic Forum in Dublin Castle the Government was working to restore Ireland’s place as a respected and influential member of the international community.

Job creation was at the heart of the Government's economic plan, he said at the opening of the forum this morning, The Taoiseach said he intended to make Ireland "the best small country in the world in which to do business by 2016".

The forum brings together some 270 influential business and cultural leaders from the Irish diaspora around the world in an initiative to help Ireland’s economic recovery. The Government wants delegates to use their influence to help the country build on its fragile recovery following the EU-IMF bailout.

Mr Kenny told attendees the Government had worked day and night to help rebuild the economy since it came into office.

"The mandate of this new Government – a partnership between the Fine Gael and Labour parties – is the strongest in the history of our State. It is a mandate to face up to and tackle the country’s problems and to get Ireland working again. A mandate to deal with reality and not illusion," Mr Kenny added.

Tánaiste and Minister for Foreign Affairs Eamon Gilmore said the forum was designed to mobilised people with Irish connections who are of Irish heritage and who are leaders in the corporate world to help the Government bring about economic recovery and to get investments and jobs into the country "The kind of people who will open doors for us and the kind of people who will help us tilt investment decisions in Ireland's direction to ensure that jobs are created here," he said.

Mr Gilmore today announced a new awards scheme to recognise outstanding contributions made to Ireland and to Irish people by members of the Irish diaspora. He said it is now time for the State to reflect the contributions that they have made. He said the Government will shortly introduce a new system of recognition for sustained and distinguished service to Ireland or Irish communities abroad. It will not be an “honours system” but will nonetheless give formal recognition.

“Irish people have rightly taken pride in the achievements of our people abroad and of their contribution to this nation’s development,” he said. “I believe that it is now time for the State to reflect this pride by establishing a formal way in which the outstanding contribution made to this country and our people abroad by individual members of the Irish diaspora can be acknowledged, and celebrated.”

Mr Gilmore also outlined a set of new priorities for the forum, including an ongoing structured engagements between Government and the Irish diaspora; a concerted effort to rebuild Ireland’s international reputation; and a register of international advocates who will have responsibility for six sectors: foreign direct investment; the financial services sector; the promotion of culture abroad; tourism; assisting export company; and building the country’s reputation.

Minister for Tourism Leo Varadkar this afternoon announced a large tourism project at the forum. “The Gathering” will attempt to attract thousands of people of Irish extraction back to Ireland for a year of celebrations. It is modelled on the successful “Homecoming Scotland” festival in 2009 which attracted an extra 100,000 visitors to the country.

Former US president Bill Clinton will speak at the forum tomorrow evening on the theme of Ireland and the global Irish.

Other attendees include Peter Sutherland of Goldman Sachs and businessman Dermot Desmond. Irial Finan of the Coca-Cola Company; PJ Hough, corporate vice president of Microsoft; and Philip Cronin, managing director of Intel Australia and New Zealand are also present.

Other names include John Fitzpatrick, president and chief executive of Fitzpatrick Hotel Group; Denis O'Brien chairman of Digicel;

Limerick-born entrepreneur John Collison; Etihad Airlines chief executive James Hogan and Willie Walsh, the chief executive of International Airlines. A former advisor to Mr Clinton and current director of the American Ireland Fund, Declan Kelly is attending..

Figures from various cultural and sporting backgrounds are also among the guest list for the two-day event including writer and film maker Neil Jordan, U2 manager Paul McGuinness and president of the GAA, Christy Cooney.

"I'm here to listen and learn," Mr McGuinness told reporters as he headed into the forum. "My own clients aside, we travel the world and know how many smart Irish people there are scattered around, I'm sure they can be motivated to help with what needs to be done here in many different ways."