Ireland keen on tie-up with Punjab firms

Ambassador of Ireland Brian McElduff said, “Indian companies are turning to Ireland to benefit from the well-developed sectoral clusters there and to gain access to valuable European markets.”

punjab Updated: Sep 18, 2017 19:07 IST
Press Trust of India, Chandigarh
Ireland,Punjab firms,Industries in Punjab
Ambassador of Ireland Brian McElduff (Twitter)

Ireland on Monday invited Punjab and Chandigarh based companies to set up ventures and also tie up with Irish companies in the field of agro industry, food processing, IT and life sciences sectors while offering pro- business environment and low-tax regime.

“There is a lot of interest in Punjab-based companies in doing business with Ireland. It could be setting up ventures in Ireland and equally it is also tying up with Irish companies in various fields whether it is in agro industry, food processing or it is IT and life sciences,” said Tanaz Buhariwalla, country director - India at IDA (Investment and Development Agency) Ireland, in Chandigarh today.

She said a lot of Indian companies are looking to set up base in Ireland to have an access to European Union.

“We are closely engaged with about 20 companies in this region. We are engaged in talks with three companies which are in advanced stage. The two companies are in life science sector and one is in IT sector and they are looking to set up base in Ireland,” she said.

She further said with setting up of base in Ireland, companies will have an access to the European Union.

“Lot of companies will use Ireland to springboard into Europe. There are many reasons for that like right from the cost of doing business in Ireland which is cheaper than any Western Europe jurisdiction,” she said.

“There is a pro business environment in Ireland and the government recognises that business is very important to the economy. For Ireland, exports and MNCs are pillar for the economy. Ireland is the fastest growing economy in the EU.”

Ireland is one of the fastest growing economies in Europe having a distinct advantage as it is now the only English part of the EU offering a favourable business environment coupled with immigration policies that welcome skilled labour and entrepreneurs to be part of the pro-business environment, she said.

“The corporate tax is just 12.5 per cent. Moreover, there are grants for research and development,” she said.

Ambassador of Ireland Brian McElduff said, “Indian and Irish companies are increasingly looking for opportunities to collaborate in key knowledge sectors and it is very encouraging to note the increase in conversations between companies of the two countries.”

Indian companies are turning to Ireland to benefit from the well-developed sectoral clusters there and to gain access to valuable European markets, he said.

“They are tapping into the highly successful R&D clusters in Ireland to build products suitable for a global audience. Irish companies are also collaborating with their Indian counterparts to access the Indian and Southeast Asian markets. We look forward to ever increased engagement between companies of both countries,” said McElduff.

First Published: Sep 18, 2017 19:06 IST