These are of course difficult economic times for Ireland. The heady days of rapid economic development when Ireland was often referred to as the ‘Celtic Tiger’ are now past and a period of financial consolidation and fiscal rectitude is clearly required. What occurred over the last few years was not a failure of the Irish economy – on the contrary our economic fundamentals remain basically very sound and healthy – but a collapse of the retail banking system which had provided excessive and easy credit to the property development market. The private sector debts arising from this speculative bonanza have since been subsumed by the Irish exchequer, resulting in the fiscal and budgetary deficits which the Irish Government must now tackle.

I am happy to say that measures have been put in place over the past month aimed at doing just that. In accordance with the best international advice, a stringent budget was adopted directly prior to the dissolution of Dáil Éireann (the Irish parliament). With the help of our friends in the IMF and the European Central Bank, adequate funds have now been made available to ensure that our present difficulties can be overcome and that sustainable economic growth can be resumed before long. Indeed, following the general election held on Feb. 25, a new government has been put in place which is firmly committed to restoring the nation’s economic prosperity. The export of high quality Irish products will be an important element in achieving this aim.

Ireland has always been an exporting nation. The recent economic difficulties have, if anything, accentuated this trend by increasing our competitiveness and providing an even greater incentive to search for new markets. Traditionally, our fine Irish foods have been the mainstay of our export trade. In recent years, however, the establishment of many high technology companies in Ireland has resulted in a huge expansion in demand for Irish-made computer equipment (both hardware and software), medical devices, pharmaceuticals and fine chemicals. Many of these innovative products are now to be found in Saudi Arabia which is undoubtedly one of the most vibrant markets in the world – and certainly one of the most discerning.

In addition to providing a market for our high quality products, Saudi Arabia is also attracting expertise from Ireland in the form of well-trained professionals operating in a wide range of fields. These include engineers, architects, medical personnel and teachers at all levels. Many of these new arrivals are making homes for themselves and their families here and greatly enjoying the hospitality and friendship which the Kingdom has to offer.

In return, increasing numbers of Saudi students are finding that Ireland is the ideal place for them to learn the skills and knowledge required to meet the ambitious development plans of a Kingdom which has recently become one of the top twenty economies in the world. These Saudi students have all been warmly welcomed at Universities and Institutes of Technology throughout the island of Ireland.

Furthermore, more and more Saudis are discovering that Ireland is an attractive place to take a holiday in a cool and temperate environment. Those who come will find a friendly welcome from all Irish people. They may no doubt be surprised to discover that Irish and Saudi people share much in common, not least the art of vivacious conversation and the ability to enjoy all the good things that life has to offer.