The Irish companies involving themselves in the Saudi market cover key sectors of the Irish economy such as software and financial services, telecoms, education and training, engineering, construction services, business processing and consultancy, and premium foodstuffs. These are all areas where Ireland has considerable expertise and a proven international track record. Furthermore, real value can be added by linking Irish and Saudi companies and such collaboration can often make an excellent contribution to the execution of the development plans of the Kingdom. Education, in particular, continues to be an important source of linkage between Ireland and Saudi Arabia. A synergy exists there which is hugely beneficial to both sides. Ireland has a reputation as a world education center and has developed an international standing for quality at all stages of the academic cycle. The international activities of Irish institutions and organizations cover a wide range of areas such as medicine, accountancy, engineering, management and professional, business studies and language. Ireland’s long tradition as a provider of quality education is backed by the high standards of its education services, internationally recognized qualifications and the worldwide reputation of its training.

At the present time, there are approximately 1,000 Saudi students studying in different universities and educational institutions in Ireland. The Saudi Ministry of Higher Education has formally approved Ireland’s national universities for the King Abdullah Scholarship Program and increasing numbers of students are expected to study in Ireland under the program in the coming year. I am also pleased to note that the Saudi Technical and Vocational Training Corporation has in the past year signed major training contracts with six of Ireland’s Institutes of Technology. All of which reflects a vibrant educational linkage that continues to develop.

It has to be acknowledged of course that Ireland has been hard hit by the global financial crisis and the world-wide recessionary effects which have resulted from it. With the help of the European Central Bank and the International Monetary Fund, however, it has been possible for solutions to be found which will in due course enable the Irish economy to recover from the difficulties of the past few years. A leaner, more competitive Ireland can be expected to emerge from the current economic turmoil. Competitiveness will be the key in this regard. Indeed, even throughout the international recession, Irish exports held up remarkably well and our global market share has in fact increased as a result.

The latest trade statistics show a significant recovery in our merchandise exports, as well as solid growth in services exports and a healthy trade surplus.

Enterprise Ireland is the agency designated by the Irish government to work with Irish exporting companies in order to increase trade and to develop partnership opportunities with local business interests in other parts of the world. Ireland has indeed much to offer other countries across many sectors, where innovative Irish companies with leading edge products and services are winning new business. This is also where trans-continental strategic partnerships between small, medium and large companies, is recognized as the most effective way to ensure competitive advantage.

Given Ireland's industrial and technical strengths and competitiveness in world markets, and given the active interest of Irish companies in doing business in Saudi Arabia, I believe that there is now a very substantial potential for an accelerated expansion of our trade partnership.

Ireland and Saudi Arabia are two ambitious, forward-looking nations that are continually seeking to further underwrite growth and prosperity through trade. Our successful business relationships are formed through a level of trust and familiarity on which partnerships and joint initiatives both depend and thrive.

Ireland has been a full member of the European Union since 1973 and, in that time, we have become extremely successful in developing substantial new business throughout Europe. Two-thirds of all Ireland exports are currently sold within the EU. We have acquired the market access, the knowledge, the network of contacts and the language skills. In this regard, I believe that there is substantial scope for companies in Saudi Arabia to open new markets or expand their sales in Europe by making use of Ireland's experience in the European market – which includes our ability to offer a total solution to their European requirements.

These are, to say the least, extraordinary times for the world and for Ireland. Despite the financial and economic difficulties across the global economy, there is a vibrant enterprise sector in Ireland that is world-class in its capacity and performance. Now more than ever, our companies are keenly aware of the importance of dedicating time in the market talking, sharing information, developing deeper mutual understanding and building relationships to their buyers and partners.

Ireland is, above all, a trading nation. Our commitment to open trade, membership of the European Union and the Eurozone, and the flair of Irish companies in winning business abroad have forged the modern, vibrant, high technology Irish economy. Irish-owned companies have become successful players in the highly competitive global marketplace and are continuously fueling the growth of the Irish economy. Irish companies are engaged in a continuous dynamic process of transformation centered on innovation and internationalization. That is why we believe that a comparatively small country like Ireland is able to win solid business in Saudi Arabia, one of the most sought-after trade partners in the world.

Saudi Arabia is a modern, dynamic and consumer-driven economy with a wealth of opportunities for both Irish and Saudi interests to work together and to generate income and value. A key element in making this happen is increased contact and closer collaboration as well as a stronger relationship between the respective business organizations in the Kingdom and in Ireland. We expect this to be brought further forward in the near future with the establishment of a joint Saudi-Irish Business Council under the aegis of the Council of Saudi Chambers of Commerce. This will be yet another manifestation of Ireland’s continuing commitment to creating ever stronger ties with the dynamic Saudi economy.

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