Cowen looks to diaspora for ideas on economy

THE Taoiseach has written to some of the world’s top entrepreneurs and business leaders with Irish roots in an appeal to inject capital and initiative into the ailing economy.

Ahead of a global forum in the Phoenix Park next month, Brian Cowen has asked bosses of some of the world’s biggest companies to come home for what is being dubbed the mother of all think-ins.

The brainchild of economist and presenter David McWilliams, the conference is being funded by the Department of Foreign Affairs.

Foreign Affairs Minister Micheál Martin began discussions with Mr McWilliams about the event last year.

Speaking to the Irish Examiner, the minister said: “Given that you have a range of people with a very high level of experience of different sectors of the economy and industry (attending), they can contribute to an emerging blueprint on how Ireland can move forward in economic policy terms.”

The conference’s second goal is to formalise the global Irish network, he said.

Sectors being targeted include the life sciences, the finance sector, computer technology and promotion of Ireland abroad.

The Government had contributed €60 million to the Irish diaspora in the last six years, said Mr Martin.

Mr McWilliams hopes the event at Farmleigh on September 18-20 will mirror the successful global economic Davos Forum which is held annually in Switzerland.

“We don’t actually use the diaspora... people want emotionally to be part of our story in some shape or form,” Mr McWilliams said yesterday.

“I always felt commercially this could be of some value to use, particularly in a downturn where we need new ideas; we need new people.”

Details of the forum obtained by the Irish Examiner reveal the Taoiseach sent out his personal message to Irish business leaders worldwide through embassies in April.

Over 160 have accepted, while a further 20 have still to confirm their intentions.

The overall attendance will be in the region of 170 and include representatives from the US, Britain, Australia, New Zealand, China, Argentina, Europe and the Middle East.

Among those who have confirmed their attendance are Craig Barrett (retired chief executive and chairman of Intel); Willie Walsh (British Airways chief executive); Alan Joyce (Qantas chief executive), Loretta Brennan Glucksman (chairman American Ireland Fund); Kip Condron (president and chief executive of AXA Financial); Bob Geldof; Moya Doherty; Catherine Day; Ambassador Dan Rooney; Brendan McDonagh (HSBC chief executive) and Dennis Swanson (president, Fox Television Stations).

Following controversy over massive expenses run up by John O’Donoghue during his tenure as Arts, Sport and Tourism Minister while travelling abroad, the business leaders have also agreed to pay their own way over here, although the Government will pay for their hotels.

The event is being seen as a key morale-boosting occasion for the Government. President Mary McAleese will host a reception in Áras an Uachtaráin on the Friday night for the top business guests and the Tánaiste will host a dinner at Dublin Castle on the Saturday. Following lunch on Sunday, guests will be brought to Croke Park for the All-Ireland football final.

Business leaders will be joined by members of the Government during panel discussions, where teams will brainstorm solutions for the economy.