Cabinet to review 37 proposals

UP to 37 specific initiatives have emerged from the Global Irish Economic Forum that could be placed before today’s meeting of the cabinet.

A further 22 medium- term objectives have also emerged from the 180 business and cultural overseas participants at the think-in held at Farmleigh, Dublin last month – the brainchild of journalist and economist David Mc Williams.

The appointment of an IFSC tsar to rebrand the IFSC is among the key initiatives to emerge from the two-day event. The new “tsar” and the governor of the Central Bank would travel to the main financial markets to restore confidence to the economy.

Setting up of an Irish innovation centre in California to bring us closer to the nerve centre of software development and hi-tech research has also been listed as a key plank in getting Ireland to the fore in this key areas of research and development.

Creating a comprehensive database of influential Irish individuals and businesses across the world is also a priority and well as the setting up of a new bond system aimed in part at the global Irish and modelled on the Israeli bond system. Revenues generated would be invested in specific landmark infrastructure projects.

It is understood Foreign Affairs Minister Micheál Martin is finalising the proposals, full details of which will be published on www.dfa.ie and www.globalirishforum.ie within days. It is understood Mr Martin decided to establish a new global Irish Network made up of those invited to Farmleigh and other leading business figures in the global community. An advisory board to assist with the work of this network will also be set up. Other key initiatives include:

* The creation of a “gateway Ireland” website to project Irish business, culture, sport to the world using advanced technology and design.

* Establishing a world class centre or university for the performing arts and Irish culture housed in a landmark building in Ireland.

* The creation of a database of influential Irish individuals and businesses across the world.

* Setting up a specific programme – Farmleigh Forum Overseas Graduate Programme – to support 500 young Irish graduates annually in securing jobs in foreign countries.

The forum cited the importance of Asia as an emerging global player that the economy had to address. The Government has been advised to develop and implement a revised Asia strategy and establish similar strategies for other emerging markets. That should also include a strategy to promote the teaching of Asian languages in Ireland.

Another key issue is the need to increase Ireland’s representational footprint abroad and to ensure embassies and consulates have a strong business focus.

More long-term goals include an increase in the amount spent on R&D to 3% of GDP.