Ireland's exports to India increased by 15 per cent last year and now are worth €100 million to the economy, with further growth predicted over the next five years if strategic links are forged with industry leaders in that country, Minister for Enterprise Micheál Martin said yesterday prior to his departure on a major trade mission.
The trade mission to India, from today to January 22nd, will be led by Taoiseach Bertie Ahern, Mr Martin and a delegation of Irish firms.
Indian cities to be visited include Bangalore, Delhi and Mumbai (Bombay). The Indian economy has been developing rapidly in recent years.
Mr Martin said the aim of the trip was to increase exports from Ireland to India, adding there was huge potential for growth in the market between the two countries.
"This trade mission is evidence of the Government's commitment to the Asia strategy and will provide even greater impetus to the development of our relations with India," the Minister said.
"The Indian economy is growing rapidly and is forecast to achieve a growth in GDP terms of about 7 per cent over the coming years. The growth of a young, well-educated consumer population will help provide great opportunities for Irish businesses to become involved in the expanding Indian market."
Enterprise Ireland will have a business delegation of over 80 Irish companies on the mission. For many of these Irish companies, this trade mission will be largely exploratory.
The main industries being targeted in the mission are international consultancy services, IT and telecommunications, education services, university partnerships and the engineering industry.
The trip is also hoped to highlight Ireland's university system and the links between Indian and Irish third-level institutions.