INDIAN AMBASSADOR ADDRESSES IIBA
The Ireland India Business Association was delighted to support the Embassy of India in Dublin as it held a seminar on ‘Investment Opportunities in India’. Speakers at the event – held in the Stephen's Green Hibernian Club on March 1 – included Ambassador of India, Mrs.Vijay Thakur Singh; Chairperson of the IIBA, Ms.Nilakanthi Ford; Manager Growth Markets, Enterprise Ireland, Mr.Michael Moriarty; and Head of Growth Markets & Europe, IDA, Ms.Eileen Sharpe.
Ambassador Singh reminded delegates that during his visit to Ireland in September 2015, Prime Minister Modi had said that India can be Ireland’s anchor in Asia, and that India sees Ireland as a vital gateway to Europe and a bridge across the Atlantic. India would like Ireland to be a partner in the surging India story, and is ambitious to increase flows of trade and investment between the two countries.
India is highly integrated with the global economy, contributing 12.5% to global growth last year; this is expected to rise to 16% this year. India occupies a leading and central role in Asia and its core strength revolves around 3 Ds – Democracy, Demography and Demand. With business friendly policies and open to the outside world, the country's growth rate is projected to continue on an upward trajectory, touching over 7.5% in the next few years.
Prime Minister Modi’s various initiatives such as Make in India, Skill India, Digital India, Start-up India are designed to make India a global manufacturing hub, a modern economy increasingly using digital platforms and a centre for innovation and R&D. India’s infrastructure project requirements are over US$ 1 trillion, which opens up immense opportunity for foreign investors.
India is continually improving its rank in the ease of doing business and showing positive progress in the Global Competitive, Global Innovation and Global Logistic Performance Indexes. Total FDI inflows were to the tune of US$130 billion in the last two-and-a-half years; making India a leading recipient of investment in the Asia Pacific region and is among the top 10 countries globally in terms of FDI inflows.
Ireland ranks 33rd amongst foreign investors in India. Cumulative FDI inflows from Ireland were US$353m during the period April '00 to September '16. With 70 Irish companies in India and more than 30 Indian companies in Ireland, there are clear advantages in greater engagement for both Brand India and Brand Ireland.
High-potential sectors for Irish investment in India
- IT, FINtech and Innovation
- Pharma, biotech and medical equipment