The Republic is on the verge of joining the Asian Development Bank (ADB) in a move that will open up a market worth an estimated $18 billion (€14 billion) a year to Irish companies.
The Irish Times learned yesterday that the Government is in the final stages of applying for membership of the bank. A senior source at the bank revealed that the Republic only has a "few formalities" to complete before it becomes a member.
The Department of Finance is managing the application, which will involve the State taking some equity in the ADB. While the source would not reveal the amount the Republic has to invest, he said it would be a comparatively small amount.
The ADB finances infrastructure and social policy projects in the Far East. Last year, it invested $6 billion in such developments.
The bank provides roughly one-third of the cost of all projects in which it invests. This means the total value of the developments in which it was involved last year came to $18 billion. It has a balance sheet of $500 billion.
The Republic will become its 65th member. Almost all other Organisation for Economic Co-operation and Development (OECD) countries have already joined the ADB.
Membership of the organisation will allow Irish companies to bid for projects that the bank finances. Without membership, businesses cannot tender for ADB-backed ventures.
It is understood that companies involved in the civil engineering and building businesses stand to benefit most. However, the benefits will not be limited to these companies.
Membership of the ADB will also mean that Irish people can work for the bank.
The Government has already organised seminars designed to inform businesses how they can bid for ADB-supported projects and outlining the benefits of membership.
Enterprise minister Micheál Martin and State agency Enterprise Ireland are leading a trade mission to Japan and China this week, accompanied by representatives of 30 Irish companies.
Mr Martin yesterday announced details of initiatives taken by a number of Irish companies in Japan.
Tech group Alatto announced a joint venture with Japanese counterpart Ubit that will produce software to make it easier for mobile phone users to surf the internet from their handsets. Ubit's systems serve more than 300 mobile sites worldwide for operators such as Orange and Nikkei Business Press.
Other companies announcing initiatives included Bio Medical Research (BMR) Slendertone, which has begun selling a range of exercise shorts in Japan and textile group Botany Weaving that launched a new silk weave for airline seats. Mobile payments group Valista announced details of a new product.
Cork-based agri-food co-op Dairygold and agriculture training body Teagasc are embarking on a joint venture with a Japanese company, Meiji Dairies, aimed at developing a protein for use in baby foods that destroys harmful bacteria and protects against dangers such as food poisoning.
Gaming company Havok announced that it was opening a Japanese office. Havok already has partnerships with Japan-based multinationals such as Sony. The company develops software for gaming platforms such as Sony's Playstation.
Parc Aviation, which provides pilots and other personnel for airlines, is opening a new office in Japan.
Firecomms, which specialises in developing technology for transmitting and receiving high-speed optical data on mobile phones and laptops, announced that it was opening an office in Tokyo.
