Sheikh Faisal and Sinnamon sign the co-operation pact as Kenny, HE Sheikh Ahmed and Bruton look on in Doha yesterday.
By Santhosh V Perumal/Business Reporter
Ireland, which yesterday launched its first 10-year multibillion dollar bond since its bailout in 2010, has sought Qatar’s investments, including those from sovereign wealth funds as optimism rise in Dublin over its economy.
As part of enhancing co-operation between the corporate sectors in both the countries, Qatari Businessmen Association (QBA) chairman Sheikh Faisal bin Qassim al-Thani and Enterprise Ireland (EI) CEO Julie Sinnamon inked a pact. EI is the government organisation responsible for the development and growth of Irish enterprises in world markets.
“We wish to strengthen our economic, political and cultural ties with the key priority markets for Ireland,” Irish Premier Enda Kenny, who is now heading a strong business delegation to three Gulf countries, told a QBA meeting.
Highlighting that Ireland’s economy is expected to grow 2% this year, Kenny said as the economy becomes more competitive, it will continue to attract more foreign investments from Qatar.
By the end of March, a delegation from a Qatari investment entity would visit Ireland to explore opportunities, he said.
However, it could not be ascertained whether it is the Qatar Investment Authority or its unit Qatar Holding.
Kenny’s visit to Gulf countries, which started with Saudi Arabia to conclude in the UAE, comes amidst its bond launch ever since Ireland exited the joint European Union and International Monetary Fund support programme last month. The visit (to the Gulf) would provide an opportunity to explore new commercial opportunities and build on the strong educational links that exist between Ireland and the Gulf region, he said in the presence of Richard Bruton, Ireland’s Minister of Jobs, Enterprise and Innovation and HE Sheikh Ahmed bin Jassim bin Mohamed al-Thani, Qatar’s Minister of Economy and Trade.
The trade mission is expected to improve opportunities for Irish firms and explore opportunities for greater investment in Ireland from the region. Key areas of interest include financial services and software, aviation, education, telecommunications, agrifood and construction.
“Doors are wide open for enterprises in both countries to do business”, Kenny said.
According to a report from Qatar News Agency, trade exchange between Qatar and Ireland stood at QR334.75mn in 2013 against QR291.5mn in 2010.
“The (Ireland) PM’s visit is an indication of the importance Dublin attaches to Qatar,” according to Patrick Hennessy, Ireland’s non-resident ambassador.
Highlighting that Qatar’s preparations for 2022 World Cup has turned Doha into a huge and open workshop with the launch of several infrastructure projects; QBA vice chairman Sheikh Hamad bin Faisal bin Thani al-Thani said “we are pleased to invite the Irish companies to participate in those projects.”
The EI-QBA pact, he said, was aimed at expanding economic, trade, investment, technical and scientific co-operation and promoting direct contacts between entrepreneurs in both countries.
“The capabilities that Qatar and Ireland enjoy can constitute a good basis for economic co-operation and partnership and the agreement will provide a common platform for businessmen of both countries to interact and discuss bilateral business opportunities,” he added.
Ireland is working to conclude a free trade agreement between Gulf Co-operation Council countries and the European Union, QNA quoted Kenny as saying yesterday.
