Deeper Ireland-China relations bring profit to both
Brendan Howlin says with the establishment of a consulate general in Hong Kong, Ireland is set to expand its economic ties to China, with financial services and technology leading the way
It is customary for Ireland's government ministers to travel overseas at the time of Saint Patrick's Day, which is celebrated today. Our National Day is an occasion to renew global friendships and to harness opportunities for Ireland and its partners. This year, I have the honour to visit Hong Kong as well as Beijing and Shanghai.
Ireland is emerging strongly from a difficult recession - the legacy of a global financial crisis and the bursting of a banking and property bubble. Having overcome significant challenges, we recently passed a number of milestones in our continuing recovery.
In December, Ireland became the first country of the euro zone to exit an EU-International Monetary Fund support programme by fully implementing its demands. In January, Moody's became the last of the main rating agencies to return Ireland to investment grade. Confidence is rebounding. Our bond yields are touching historic lows.
Having implemented far-reaching reforms, Ireland's public finances are now firmly under control. We will bring our public deficit below 5 per cent of gross domestic product this year and below 3 per cent next year. Most encouragingly, while we were losing 1,600 jobs a week during the crisis, the market is now creating 1,200 net new jobs each week.
Analysts believe that Ireland has the strongest long-term growth prospects in Europe. This turnaround required collective national sacrifice. Hard political decisions were taken and implemented with support from the people. There is, of course, a road yet to travel. We will continue to set ambitious targets for public finances, for innovation and job creation.
To prosper, Ireland - a small country - must be outward-looking and competitive. Over recent years, our competitiveness relative to our trading partners has markedly improved. Labour, commercial property and other business costs have decreased significantly.