In addition, increasing numbers of Saudi students have chosen Ireland as their preferred location for further education while, in the other direction, Irish technical experts and other professionals have found a warm welcome for their talents in Saudi Arabia. Irish people have shown themselves proud to participate in the achievement of the ambitious development programs initiated by Custodian of the Two Holy Mosques, King Abdullah.
Furthermore, on the world stage, Ireland and Saudi Arabia have a shared commitment to peace and support for international organizations. We have similar positions on many important issues such as the need for nuclear disarmament and the right of the Palestinian people to justice and a state of their own.
Nobody can deny, however, that Ireland has been experiencing a traumatic economic situation in recent years. This has been caused largely by failings in the retail banking system which had provided excessive loans to over-ambitious property developers. Government intervention has prevented a collapse of the banking system but only by generating a significant debt burden for the national exchequer.
The core of the Irish economy is fundamentally sound, however, with exporters demonstrating a particularly strong performance in recent years. Brave austerity measures have been put in place by the Government which have helped to improve competitiveness and rectify the public finances. As a result, subject of course to the maintenance of a stable global economic environment, there is now good reason to believe that the Irish economy is recovering from its current difficulties and can achieve the official target of reducing the national budgetary deficit to 3 percent by 2015.
Despite its financial difficulties, Ireland’s economic record continues to be a proud one. Ireland is the largest exporter of infant milk formula in the world; it is also the fifth largest exporter of beef and the seventh largest exporter of pharmaceuticals. Other major products are medical equipment and computer software. Ireland is currently home to half of the world’s leading financial services companies and a total of 1.7 trillion euros (SR2.3 trillion) in funds continue to be managed in Ireland. In addition, half of the world’s aircraft on lease are actually managed from Ireland.
There is every reason to believe accordingly that Ireland will be able to recover from its present difficulties. Increased trade and cooperation with the Kingdom of Saudi Arabia will contribute in an important way in that regard. Indeed, Ireland has all the attributes and potential to be a strategic partner for the Kingdom into the future. This applies not only with respect to trade but also in the fields of education, investment, financial services and technological expertise. Last but not least, Ireland can offer a cool and green tourist destination for all those Saudi citizens seeking respite from the sweltering summer heat of their own homeland.
