Introduction
Ladies and Gentlemen,
I’m pleased to join you this evening for the Opening Ceremony of your Annual Conference 2012.
As Taoiseach, I offer you my warm and personal welcome to Dublin, for what I hope will be a very successful and enjoyable week for the International Bar Association.
Winning prestigious conferences such as yours is integral to
Ireland’s economic recovery so I would like to thank you for making Dublin your 2012 conference home.
Significance of the IBA conference to Dublin
Your conference topics reflect some of the most urgent issues facing governments and society across Europe.
Human rights, poverty, economic development, taxation, family law, corporate law - the things that preoccupy politicians and that in some cases, can make or break, a life as it is lived.
And with such high stakes, and for government to get it right, we rely on your expertise as lawyers to inform our decision-making.
I’m delighted then, that this week, Dublin becomes a place where eminent practitioners get the chance to share thinking and ideas.
For many of you, this is your first visit to Ireland.
And I hope the aspects of Ireland you discover mean it will be the first of many trips for you and your families.
I’m sure all of you know how difficult the last few years have been for Ireland.
But I’m sure, you know, too, we’re on the way back.
Ireland – Economic Recovery
The task before government is a big one – stabilising our finances, restoring our international reputation, rebuilding our economy, getting people back to work
It’s my intention to make Ireland the best small country in the world in which to do business by 2016.
Yes – it’s an ambitious plan.
But we’re an ambitious government of an ambitious people.
And, together, our progress has been steady.
On coming into office 18 months ago, the government’s strategy had its initial focus on restoring stability in the public finances and in the banking system.
We have also stabilised the unemployment level – although still too high - with 17,000 jobs created in the private sector in the last 18 months. Through our Action Plan for Jobs we will continue to implement the Plan vigorously.
As a result of this hard work, market confidence has increased as evidenced by the lower yields on government bonds and on our recent successful bond transactions.
In order to build on this stability, we must have stability and growth in Europe and in the Eurozone in particular.
It is essential therefore that the clear and unequivocal decisions made by the Heads of Government in June aimed at stabilising the Eurozone are implemented in full as soon as possible.
Ireland’s economy returned to growth last year with GDP growth of 1.4%. This comes after three successive years of declining GDP. It shows that the Irish economy can grow even during a period of budget consolidation.
This recovery is being driven by exports which are now well in excess of pre-crisis levels.
Our strong export performance means that our balance of payments with the rest of the world moved into surplus in 2010 for the first time in a decade and is expected to remain in surplus over the coming years.
This is encouraging and means that the nation as a whole is paying its way.
We continue to meet all of our commitments under the EU/IMF supported programme including reducing the underlying deficit to 9% of GDP last year.
The deficit limit for this year is 8.6% of GDP and the latest data shows we are on track to achieve this target.
The economic progress we have made has restored international confidence in Ireland and is reflected, as I already mentioned, in the sizeable improvements in our bond yields in the past year.
Insolvency legislation
Entrepreneurs – your clients among them – are also a key element to our recovery.
To better support those taking calculated risks, we’re updating our insolvency laws.
As lawyers I’m sure you can appreciate the need to have a supportive legal environment for business.
Our insolvency laws did not reflect the new economic reality in which Ireland, and most of the developed world, found itself.
They were unduly punitive, the bankruptcy process expensive.
Our new laws, which are currently before Parliament, aim to introduce a modern and flexible, personal-insolvency framework where we can introduce new, non-judicial solutions for those dealing with their personal debts.
Ireland – Open for Business
Your familiarity with global-investment patterns means you know that not alone does Ireland have a very strong track record, but is a highly-competitive proposition for companies thinking of locating in, or expanding to Europe.
To date, over 1,000 multinational corporations have chosen Ireland as their strategic, European base.
Right across this economy, you will find the biggest global names....the world’s most dynamic young companies
8 of the top 10 ICT companies,
17 of the top 25 medical device companies,
14 of the top 21 financial services companies,
3 of the world’s top 6 games publishers.
Ireland is ranked as the most globalised economy in the western world, and second globally only behind Singapore.
Last year was a record year for inward investment into Ireland. In 2012 we are on track yet again to grow again.
There are many reasons why Ireland is so attractive as a location for multinationals, but in short it’s down to a mix of tax rate, talent and technology.
One of the positives from recent years is that our competitiveness has improved significantly.
Prices and costs have fallen significantly, with further improvements expected.
Our transparent and effective corporation-tax rate remains – and will continue to remain – at the heart of our strategy to attract foreign direct investment.
The Gathering 2013
And I assume that you’ll be able to extend your conference curriculum to take in some of the sights and sounds of Dublin and Ireland.
I hope some of you might get the chance to play a little golf in the home of Clarke, Harrington, McDowell, McGinley.... and maybe..... McIlroy.
Who this weekend are flying the flag for us at the Ryder Cup.
Before I go, let me invite you to a Gathering. A year-long affair.
The Gathering 2013 when natives and emigrants and would-be gaels will meet to see and celebrate what it means to be Irish.
It will be a wonderful year and we have festivals in literature, music, theatre, food to entice you ‘home’.
Conclusion
Let me welcome your eminent guest... Dr. Stiglitz.
And let me wish you all a successful conference and a wonderful visit with us in Dublin.