Irish trade with India could hit €1bn

IRISH trade with India can increase by almost 400% to €1 billion a year, exporter organisations in both countries believe.

Yesterday, the Irish Exporters Association signed a Charter of Best Practice with the Federation of Indian Export Organisations (FIEO) in Bangalore, India.

The deal was formalised during the first-ever Irish Trade Mission to India led by Taoiseach Bertie Ahern.

Chairman of the IEA’s Asia Trade Forum Liam Shanahan stated at the reception to sign the charter, attended by Enterprise Minister Micheál Martin, that Irish exporters sell €127 million per annum of goods to India and import €155m.

“The IEA and the FIEO believe trade levels of €1bn per annum between Ireland and India is achievable within the next decade.

“It will be essential that best practice in international trade procedures, such as those enshrined in the charter signed today, are followed, if this significant trade growth is to be achieved.”

And third-level institutions will earn close to €360m a year in fees from overseas students studying Ireland who will spend a further €240m off campus.

Education Minister Mary Hanafin, who is also on the trade mission, said the opening of a full-time visa office staffed by Department of Justice personnel at the Irish embassy in New Delhi will enable the number of Indian students in Ireland to grow to several thousand in the years ahead.

She said overseas students are a vital source of revenue for Irish third-level colleges and that money earmarked by Finance Minister Brian Cowen in his Budget speech will enable universities and institutes of education provide extra facilities to cater for more Irish and non-national students.

At present close to 24,000 overseas students spend approximately €300m a year on fees, accommodation and entertainment in Ireland each academic year. Enterprise Ireland wants to see this expand to €600m over the next four years.

Today, Trinity College Provost Dr John Hegarty will sign an agreement with the director of the National Centre for Biological Science in India to enable the development and exchange of research activities in biological sciences.

The week-long trade mission aims to raise Ireland’s profile as a world-class supplier of goods and tradeable services and to increase awareness of Ireland in India generally.

Accompanying Mr Ahern, Mr Martin and Ms Hanafin is Tourism Minister John O’Donoghue.

The business sectors being promoted include information technology, telecoms and financial software, the education sector and manufacturing services and machinery.

India has a population of one billion people and has a GDP of €542.6bn compared to Ireland’s €158bn.