Trade between Ireland and India will accelerate over the next few years, Taoiseach Bertie Ahern told Indian and Irish businesspeople this morning.
Speaking at an Enterprise Ireland lunch in Bangalore, Mr Ahern said the economic growth of both countries over the past ten years, particularly in information technologies, has positioned them as trading nations and global players.
He said the software and IT sector had driven India's economic growth and that both Ireland and India were now leading the world in "new technologies".
"Many Irish-owned companies co-operate as global players serving global customers in niche roles, especially in the knowledge intensive sectors of information, communications and technology," he said.
"There are, for example, companies on this mission whose software and professional services play crucial roles in the operations of global financial services, telecommunication companies, power generation and distribution."
He also singled out the food and drink industry for special mention and said the sector represented a major opportunity for co-operation between Irish and Indian companies.
The Asian Trade Forum of the Irish Exporters' Association and the Federation of Indian Export Organisations last night signed an agreement designed to facilitate bilateral trade relations for their members.
Last year, bilateral trade between the Republic and India amounted to €262 million, a small percentage of India's total exports of about €65 billion. That figure marked a 105 per cent increase on the previous three years, with exporters forecasting further growth of 40 per cent in 2006.
Some 130 organisations are involved in the Government-led mission, and many have already reached agreement with Indian counterparts.
Mr Ahern is due to visit two Indian IT multinationals later today.