Minister Flanagan urges Canadian businesses to invest in Ireland02 September 2015
Minister Flanagan urges Canadian businesses to invest in Ireland - “Canada’s nearest neighbour in the EU”
The Minister for Foreign Affairs and Trade Charlie Flanagan, TD, today urged Canadian businesses to invest in Ireland, highlighting the potential for greater trade between the two countries, which is currently valued at €2.75 billion. He was speaking at the AGM of the Ireland Canada Business Association in Iveagh House, Dublin.
Minister Flanagan said:
“The strong trade relationship between Ireland and Canada is reflected in the impressive €2.75 billion of annual trade between our countries. This includes fast-growing exports by innovative Irish companies to Canada and major Canadian investments in Ireland.
“The completion of the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada late last year further bolstered the potential for trade between Ireland and Canada. As Canada’s nearest neighbour to the EU, Ireland is well placed to take advantage of this new liberalisation in cross Atlantic trade, and offer enhanced opportunities for Canadian investment in key sectors.
“While indigenous Irish company exports to Canada have grown by over 250% in the last five years and currently stand at €185 million, it has been predicted that the Comprehensive Economic and Trade Agreement (CETA) will result in a €250m increase in Irish exports per annum.
Minister Flanagan referred to the multifaceted and ever-strengthening relationship between Ireland and Canada and his own visit to Toronto in March. Also present at the event in Iveagh House was the Canadian Ambassador to Ireland, H.E. Kevin Vickers, who is of Irish heritage. Minister Flanagan added:
“Five airlines now offer direct links between four Canadian cities and Ireland, and Tourism Ireland is predicting that 2015 will be the most successful year for Canadian tourist traffic to Ireland.
“The strong cultural and economic links between Ireland and Canada are a result of many factors, not least Irish community in Canada and the 4.5 million Irish-Canadians who claim Irish heritage.
“I was honoured to announce the Jim Flaherty Memorial Scholarship Scheme earlier this year in recognition of the substantial contribution made by Canada’s late Minister for Finance to Ireland’s economic recovery. This scholarship was launched in collaboration with my Canadian counterpart Foreign Minister Nicholson and will provide funding for young Irish and Canadians wishing to study for a period in each other’s country.”
2 September 2015