Looking to Asian markets ‘must be top priority for Irish’

Looking to emerging Asian markets for new business must be a top priority for Irish companies, two separate conferences communicated as their central message yesterday.

The Asia Trade Forum — established as a support mechanism for Irish companies looking to take their first steps into the continent — put forward India, with a population of over 1.2 billion people, as a “huge export market” for Irish businesses.

Speaking at the event, Tony Murphy, managing director of Daon, the Dermot Desmond-backed international biometrics and identity assurance software provider, urged Irish companies to embrace the Indian business culture and focus on the unique challenges and opportunities there.

“India is a new superpower. They are very capable, bright and confident in business. Their challenges are unique. They want an ‘Indian’ solution,” he said.

Meanwhile, at yesterday’s inaugural staging of the EU-Asia Top Economist Roundtable discussion in Dublin, Kevin Gardner — managing director and global investment strategist with Barclays Bank — said that Ireland’s strongest advantages lie in the provision of branded consumer goods and financial, entertainment and educational services, as well as its position as a gateway to Europe. He added that expansion opportunities are available for EU-based companies in Asia.

Martin Murray, executive director of Irish-Asian enterprise body, Asia Matters, said that with Asia expected to double it share of global GDP to 52% by 2050, “Ireland needs to foster markets where growth is occurring and the key global economic growth is now in Asia”.