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Ireland is keen to strike knowledge partnerships with India in life sciences, pharmaceuticals, IT and high-technology.
“Ireland is known for small companies with good concepts and ideas. But what we lack is the ability to scale. Indian companies scale quickly. This is where India and Ireland can co-operate with each other,” said Mr Feilim McLaughlin, Ambassador of Ireland to India. The entrepreneurial bent of mind in both countries must be leveraged, he said.
Ireland is the second largest net exporter of pharmaceuticals globally; nine of the top 10 pharma companies have set up shop here, he said. “We are also the third largest exporter of software with top names such as Yahoo!, Facebook, LinkedIn and Intel.”
In 2010, the Indo-Irish trade was €1.3 billion. “We are targeting €2 billion in four years,” said Mr Laughlin, on the sidelines of a seminar to showcase the business opportunities in Ireland.
Ireland also wishes to establish stronger ties in education.
“Many students from India come to Ireland to study medicine. We want to strengthen links between educational institutions of both countries.”
Ireland has a taxation system that aids business growth, with tax exemption for new businesses, said Mr McLaughlin.
“The corporation tax is a flat 12.5 per cent — substantially lower than the rest of the Euro Zone.”
The Irish economy is gradually recovering from the economic crisis since 2008, said Mr McLaughlin.
“Overall wages reduced by 25 per cent across the economy. There was a sharp reduction in property value. Unemployment has also gone up.”
“Reduced costs, improved exports, technological innovation and R&D have helped in the recovery.”
On the flip side, it is now cheaper to do business in Ireland, said Mr McLaughlin. The EU bailout package of €65 billion has given Ireland an opportunity to reduce deficit and restore the banking system.
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