First Irish Trade Mission to the Islamic Republic of Pakistan

Mr. Michael Ahern TD, Ireland’s Minister for International Trade created a milestone in trade relations between Ireland and Pakistan by leading the first trade mission to the Islamic republic.

The Trade mission was organised by Enterprise Ireland with the objective of promoting Ireland as a competitive source of world-class expertise, products and business partnerships, and to build on the positive economic success that is now evident in Pakistan.

Minister Michael Ahern TD, leading the Trade Mission to Pakistan, last night witnessed the signing of a memorandum of understanding between the Ireland Pakistan Business Council (hosted in Ireland by the Irish Exporters Association) and the Federation of Pakistan Chambers of Commerce.

Speaking at the event, which was organised by Enterprise Ireland, Minister Ahern, stated: “Irish companies are increasingly keen to develop business relationships throughout Asia and the Irish Governments Asia Strategy is aimed at supporting this development”

He went on to say: “In this era of globalisation, it is vital that new opportunities should be explored to achieve growth in trade which benefits all involved. Two-way trade between Pakistan and Ireland was worth 67.8 million euro in 2006, with exports to Pakistan up 10% on the prior year, and imports up by 16%. Sales by Irish companies in Pakistan more than doubled in the last three years. This is, undoubtedly small in terms of the total trade of out two countries”.

He said: “but the impressive levels of growth provide a very promising indication of future potential” He further stated that: “I am particularly pleased to note that Irish – owned SME’s, typified by the companies taking part in this trade mission, are also developing strong links with Pakistan. There are now 44 Irish companies supplying products to Pakistan – and there numbers continue to grow”

He concluded by saying: “Pakistan’s economic development, growing at over 7% p.a. and a population of 160 million, with a rapidly growing middle class will create increasing opportunities where Ireland can offer products and services in sectors such as telecommunications, IT, the life Sciences, construction, financial services, education and e-learning services. In these sectors, there appears to be a very good match between Irish supply capability and Pakistani business , commercial and societal needs.”

Jim Mongey, Enterprise Ireland Manager for the Middle East and Pakistan, speaking at the event stated that Irish Exporters had again shown a tremendous willingness to move early into markets which show potential even if distant and difficult.

He went on to say: ‘The growth over the last four years in Pakistan is underpinned by dynamism in Industry, agriculture and Services and an emergence of a new investment cycle. Irish companies such as those on this Trade mission are early movers to take advantage of this new wave of economic development.’

John Whelan, CEO of the Irish Exporters Association, accompanying the Trade Mission was impressed with the growth in the Pakistan economy and the opportunities for trade that it had opened up and stated: “Pakistan has undergone a remarkable economic transformation in the past five years. Sluggish and ignored at the start of the decade, it now boasts annual growth of more than 7 % in GDP, foreign investment flows that have increased by 10 fold , in 6 years , and one of the most successful privatisation programmes in the South Asian region”.

He went on to say: ‘It is a success story quite at odds with Pakistan’s unloved image overseas , and it demonstrates that digging beneath the political headlines can be more than worthwhile , as has been demonstrated by companies on the trade mission such as Crowley Engineering, EMF Semiconductor Systems Ltd and Audit Diagnostics , all companies from Cork. There are major horticulture joint venture opportunities in Pakistan , which Keelings are actively pursuing on the mission. Keelings from north county Dublin employ 1,350 people throughout their business units and have an annual turnover of 300 Million euro.’

Other companies on the trade mission were Botany Weaving Mill an aircraft interiors supplier, Ezetop Ltd a mobile phone service company L-3 Communications/Essco Collins Ltd an aviation radome design company, and Valentia Technologies Ltd a wireless informatics company.

Enterprise Ireland also see extensive potential for educational services in Pakistan and organised participation by Irish educational institutes during the week at the International Education Fairs in Karachi, Lahore and Rawalpindi where an estimated 25,000 Pakistani students met a wide range of Irish education colleges, including the Dublin Institute of Technology, and Griffith College whose chairman Diarmuid Hegarty was active on the mission.

ENDS