Punchestown this week is further evidence of an Irish success story at home that garners honours abroad, writes Brian Kavanagh
Ireland has entered what could only be described as a golden era for horse racing. We have won the Aintree Grand National, the world's most famous steeplechase, five times in the last eight years. Before that we had only won it twice since 1955. Last year Irish horses won three of the five classic races on the flat in Britain and Irish horses won a total of 120 races and more than €12 million in prize money overseas.
What has happened? More than a mere run of luck, this is evidence that the investment and commitment to the industry is delivering results.
Horse racing is one of the most demanding and competitive areas of sporting endeavour. In the season gone by, Ireland not only consolidated its position as a world leader, but in national hunt racing became a truly dominant force.
For the second consecutive year, Irish-trained horses won each of the five major national hunt races in Britain, displaying even greater strength in depth this year.
But horse racing is much more than just a sport. It supports a vibrant industry which represents the fastest growing element of an otherwise declining agricultural sector. Horse racing, breeding and associated industries account for approximately 16,500 direct and indirect jobs in Ireland. Many of these jobs are in rural areas relying on native indigenous skills.
Ireland has more racecourses per head of population than any other country in the world, with almost 1.5 million people attending race meetings last year.
These racecourses are spread throughout the country and are important contributors to local economies and tourism sectors.
Independent studies have estimated the annual value of the Galway and Punchestown festivals to their local economies at €60 million and €43 million respectively.
Racing accounts for approximately 70,000 tourist visits to the country each year. These tourists, mostly British, are high spenders, come all year round and spread their custom throughout the regions - all elements of which match the key objectives of the Fáilte Ireland tourism strategy.
The bloodstock breeding sector is the only significant area of Irish livestock production where an Irish national herd is growing. We are now the third-largest producer of thoroughbreds worldwide, accounting for over 42 per cent of total EU output.
The Indecon study of the industry evaluated the gross contribution of the breeding sector to the economy at €350 million per annum, with tax paid of approximately €37 million per year. The total value of Irish bloodstock sales last year was approximately €250 million, which is fully taxable in the same way as any other agricultural activity.
Success, they say, has many fathers while failure is an orphan. Paternity in this case belongs to the Horse and Greyhound Racing Fund, established by the Government in 2001 to provide continuity of funding for both sectors. This fund has allowed for long-term planning, has sustained investment and created a climate that makes it possible to breed, train, own and race horses in Ireland rather than export our best horses and people as in the past.
This golden age of Irish racing brings many benefits. It is good for our international reputation and for all of us who enjoy sporting success.
More importantly it reflects an investment programme by the State, creatively designed and sustainable which has worked and continues to work.
International interest in investing in Irish horses has grown significantly.
New Irish investment in the industry has also grown and employment and sustainability of the regions and our rural infrastructure have been enhanced.
As we reach the end of the 2005-006 national hunt season and look forward to the major races on the flat over the summer months, let us celebrate the fact that in horse racing and breeding, Ireland is truly a world centre of excellence.
Brian Kavanagh is chief executive of Horse Racing Ireland, the industry body