Irish economic forum - Opportunity must not be squandered

ON the face of it, the first Global Irish Economic Forum has proved to be a resounding success.

From China, America, the Middle East, Australia and Europe, leading figures of the great Irish diaspora have combined to generate the kind of energy and ideas that are desperately needed to stimulate Ireland’s economic recovery, boost the country’s image abroad and foster a new sense of confidence at home.

The Government will be well pleased if the event succeeds in creating an upbeat impression of a recovering Ireland in the eyes of investors and developers abroad. Against a backdrop of the Lisbon referendum, the NAMA financial salvage deal, and a harsh budget on the horizon, the forum has given the country something of a shot in the arm at home and abroad.

From the public viewpoint, however, it is a pity it was all done behind closed doors. Obviously, the aim was to encourage a “frank exchange of views”. But considering public scepticism about the motives of politicians and businessmen, the domestic impact would be even more positive had it been held in the public gaze.

Unfortunately, the tangible benefits that may yet emerge from these deliberations are in danger of being undermined by the outrageous spectacle of bankers still being paid obscene bonuses, or that of Irish builders spotted recently in a Spanish restaurant loudly toasting Finance Minister Brian Lenihan for what they saw as his NAMA rescue formula. Such scenarios reflect the kind of raw greed that brought this country to the brink.

On a more positive note, the Farmleigh House gathering of prominent, influential and talented people will help put Ireland in the right place to take advantage of the upturn when the global economy gains momentum. While all the signs are that the Irish economy will recover at a much slower pace, anything that helps that process has to be welcomed. It is worth recalling the message to delegates from Ireland’s Nobel laureate Seamus Heaney, who quoted a line from his Keeping Going poem, aptly reminding them that “You keep old roads open by driving on the new ones”.

Ultimately, the big question is whether anything tangible will emerge in the aftermath of the Global Economic Irish Forum. It would be an unmitigated disaster if the remarkable wealth of talent gathered together at Farmleigh House were to be squandered.

The first economic and cultural think-in on such a grand scale must be seen to transcend mere political window-dressing. The brainchild of David McWilliams, an economist regularly criticised by members of the coalition for warning of the imminent implosion of the building bubble, this event should go a long way to strengthen relationships between prominent Irish businessmen around the world and the Government.

It is absolutely vital, however, that the ideas and investment opportunities propounded by leaders of the great Irish diaspora are not allowed to evaporate. They must be harnessed and translated into positive action to stimulate jobs and the return to a healthy economy for the benefit, not of a few, but of society at large.