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frompage1 ComparethiswithIndia-Po- landtradefigureswhichare currentlyabout$1.2billion andisexpectedtodoubleover thenextthreeyears.NewZeal- and’srecentfreetradeagree- mentwithIndiaisexpectedto trebletradefigurestoabout e 1.7billionandisacountry thatisoftencomparedtoIre- landintermsofsizeandecon- omy. BelgiumisIndia’sthirdlar- gesttradingpartnerintheEU andfiguresareexpectedtorise by15percentin2011from about e 7.1billionin2009.In- dia-Swedenbilateraltradefig- uresstoodatUS$2.5billionin 2009. India-EUtradehasalso grownby27percentoverthe lastfiveyears.Figuresfrom theEUwebsiteindicatethat exportstoIndiain2009stood at e 27.5billionandimports duringtheperiodat e 25.4bil- lion. Servicesfiguresforthesame periodwereexportsof e 8.6bil- lionandimportsfromIndiaof e 7.4billion.FDItoIndiastood at e 3.2billionandinwardin- vestmentfromIndiaat e 0.4bil- lionin2009. ItisapparentfromIndia’s bilateraltradefigureswith countriescomparablewithIre- landsuchasSwedenandBel- giumthatthereisevidently lotsofpotentialtobetapped byIreland. OnthereasonsforIreland’s underperformance,Murphy believesthatthereisavery poorlevelofunderstanding amongtheIrishoftheIndian market. DRamamoorthy,India’s commercialcounsellortoIre- land,said:‘‘Whileothercoun- triesinEuropeenteredthe Indianmarketalotearlier,Ire- landhasonlyrecentlyaccessed it. HeaddedthatIrishbusi- nesseshadbeenfocusingfora longtimeontheUS,Britain anditsneighboursinEurope. RamamoorthyfeelsthatIre- landneedstouptheanteto staycompetitiveinthemarket. ‘‘ThemarketinIndiaisso hugethatIrelandisonlylim- itedbyitsownabilitiestobring aworld-classproductorser- vicetomarket,’’hesaid.‘‘If youhavethecapability,thereis demandforanythingfrom needlestorockets.’’ Likewise,intermsofin- ward-investmentintoIreland, Ramamoorthyfeelstheoppor- tunityisIreland’sforthetaking ifitisabletoofferandmarket aggressivelyenoughtoattract Indianbusinesses. FergusMurphyagreedthat Irelandcouldfindithardto getIndia’sattention.Onerea- sonistheproblemwithvisas, andhebelievesrecentchanges don’tgofarenough.Hecited theexampleofhundredsofaf- fluentandeducatedIndians visitingneighboursinBritain andtheSchengenareawho giveIrelandaslipbecausethey needaseparatevisatovisit. ‘‘Weneedtoworktheseout, therearejustnoexcuses,’’said. Thepromising sectors Thereispotentialandde- mandacrossalmosteverycon- ceivablesector.Inthe agriculturalsector,forexam- ple,Indiaisamongthetopfour intheproductionofmany commodities,yetthereisa hugeproblemofwastage whichcreatesopportunities forIreland. Thereisalsoplentyofpoten- tialforIrelandtoexpandinto relatedsectorssuchascoldsto- rage,agriculturaltechnology, research,wastemanagement andrenewableenergy. Anotherareaisfinancial services.MurphyconsidersIn- dianbankstobeamongthe bestintheworld,hisspecial praisereservedfortheexemp- laryregulatoryframeworkof thecountry’scentralbank,the ReserveBankofIndia(RBI). ‘‘Thereareopportunitiesin mobiletelephony,cards,secure payments,transactionbank- ing,riskmanagement,banking technology,generalcompli- ancesoftwareandmuchmore,’ hesaid. Besidestheabove,thereare hugeopportunitiesinlife sciencesandbiotechnology, withIndiaemergingasalea- derintheproductionofgener- icdrugs.Opportunitiesinthe high-endservicessectorsare alsoabundant. AccordingtoKapilSibal, theHumanResourcesDevel- opmentMinister,Indiawill needatleast1,000newuniver- sitiesandmorethan35,000 newcollegestokeeppacewith worldstandards,creatingan opportunityforIreland. Irelandhasalsoidentified educationasoneofitspriority areas,butthiscouldbealittle morechallengingthanpre- viouslythought,considering thatinthefaceofstiffcompeti- tionfromtheUS,Britain,Aus- traliaandotherEuropean countries,Ireland’sofferingis acaseoftoolittlefortoomuch costtothestudent. Tomakeprogressinthis area,Irelandprobablyneeds torevisittheproblemfromthe student’sperspectiveand adoptamoreaggressiveap- proachintermsofinvestment andmarketing. Thepitfalls Mostcountriesrecognised India’spotentialratherearly anditwasnotuntil2006when EnterpriseIrelandsetupits firstofficesinIndiaandhe thentaoiseachBertieAhern visitedthecountryonatrade missionthatIrelandmadeits firstseriousmove. Evenasthingsstandtoday,it cannotbedeniedthatthe country’sinitiativesinIndia areseriouslyunder-resourced. Giventhedireneedforinvest- mentinthisarea,Ireland mightdowelltore-allocatehu- manresourcesfromthemore maturemarkets,inviewofex- istingbudgetaryconstraints. Culturally,Indiaisalittle hardtounderstandandthe lackofawarenessonlycompli- catesthingsfurtherforIreland. Thereisamomentumtoevery- thingthatIrishbusinesspeople needtobeinductedin,accord- ingtoMurphy. ‘‘Youalsoneedtohavethe rightbusinesspartners,ac- countants,consultantsand lawyerstogetontheright foot,’’hesaid However,Ramamoorthyre- futedtheperceptionthatitwas hardtodobusinessinIndia. ‘‘Perhapstherewasscopefor improvement,butthereisno countryintheworldwhere onecanstartabusinessover- night,’’hesaid.‘‘Itisnotasif wehaveachaoticsysteminIn- dia.’’Headdedthatmanyother countrieshadsucceededthere. Interestingly,USeconomist JKGalbraithdescribedIndia asa‘‘functioninganarchy’’.In- deed,itisincrediblewhenone juxtaposesIndiaagainst economiesafractionofthe size,riddledwithsystemicpro- blems.Admittedly,aswithany- thingelse,thereisalwaysroom forimprovement. Therearealsocertainkey areasthatIrelandneedsto workon.Intheareaofforegin studentrecruitment,thereis primarilyaneedtoimprove themarketingstrategy,includ- ingbrandingandfeestruc- tures,whicharenot competitiveenough,givenIre- land’sprofileinIndiacom- paredtodestinationssuchas theUSandBritain. Irelandalsoneedstorevise itsvisaregime,particularlyin termsofpost-employmentop- portunities,whicharelessat- tractivethanthoseofferedby thecompetition. Anotherratherglaring omissionisthepotentialofIn- dianimmigrantslivingand workinginIreland.Highly- skilledprofessionalsareoneof thebiggesteconomicmigrant groupsfromoutsidetheEU,ty- picallyrecruitedfromIndiato fulfilidentifiedneedsespe- ciallyinITandhealthservices. TheIndiandiasporahas playedaninvaluablerolein buildingbilateraltraderela- tionswithIndiaandIreland needstolookintothisarea strategicallyandinawaythat ismutuallyrewarding. Actionplanto engageIndia Indianeedstobeapriority forIreland,accordingtoMur- phy. ‘‘Thereshouldbeanim- mediateandradicalchangein themomentum,intheinvest- mentandintheactivitysur- roundingIndia,’’hesaid, callingfortheenergylevels withwhichIrelandhaspur- suedtheUnitedStatesand Britain. Atthisjuncture,asIreland sodesperatelycountsonitsci- tizensforaneconomicrevolu- tion,theinspiringwordsof PresidentObamacometo mind.Yes,Irelandcanmake itseconomicmarkonIndia, forasthepresidentsaid: ‘‘Neverhasanationsosmall inspiredsomuchinanother.’’ Isfe ¤ idirlinn. DRamamoorthy,India’scommercialcounsellortoIreland:‘Irelandisonlylimitedbyitsownabilitiestobringa world-classproductorservicetotheIndianmarket’ MAURAHICKEY ByPriyaRajsekar I ndia’sgrowingimpor- tancetoIrishbusinesses hasincreasedtheneed fornetworkingandinfor- mationonopportunitiesfor bothoutwardandinwardin- vestment.TheIrelandIndia BusinessAssociation(IIBA), whichwascreatedthreeyears agoasaresponsetothisneed, isthebrainchildoftheembas- siesofIrelandandIndiaand EnterpriseIreland. Sinceitsinception,theasso- ciationhas,thankstothesup- portofitsmajorsponsors, helpedseveralbusinessesboth inIndiaandIrelandaccessin- formationandcontacts. ‘‘Weareaprivatebilateral businessassociationthatfo- cusesonnetworking,informa- tionsharingandputting peopletogether,’’David Carthy,chairmanoftheIIBA andpartnerwithWilliamFry inIreland. Theassociationisadminis- teredandmanagedbyvolun- teersfromvariousspheresand organisesregularmeetingsfor itsmembers,withthesubscrip- tiondeliberatelykeptatavery nominallevel. ‘‘Theideaistoprovidea platformwherethosewithex- perienceoftheIndianmarket cansharetheirstorieswith businesspeopleaspiringtogo toIndia,’’Carthysaid.‘‘Pio- neershaveshownaremarkable willingnesstosharetheirtime andexperiencewithothersso thesamemistakesarenotre- peated.’’ TheIIBAhasabout150 memberswhichhavebenefited fromtheassociation’sregular events,whichofteninvolve high-rankingguestsfromboth IrelandandIndia,including ministers,ambassadorsand keybusinesspeople. ‘‘Itisclearthatrunninga businessinIndiacanbechal- lenginganditisnoeasymar- ket,’’Carthysaid. Hesaidthatamodelthat workedfortheUSorEurope wouldn’tnecessarilyworkfor India.However,hesaidthat IrelandandIndia’shistoric linksandculturalsimilarities makethingsaloteasier. ‘‘Foronething,youcan communicateintheEnglish language,withoutinterpreters, andmakejudgmentsforyour- self,’’Carthysaid. Also,inIndia,businessis veryrelationship-driven, whichissomethingthattheIr- ishunderstand. IntermsofsettingupinIn- dia,Carthybelievesthatade- quatepreparationisnecessary beforemakingthetrip.Byin- teractingwithpeoplethathave venturedintotheIndianmar- ket,itiseasiertolearnfrom theirexperiencesandbebetter preparedtofacechallenges. Whileitispossibletosetup independentlyinIndia,given thecomplexitiesinunder- standingthemarketandcom- plyingwithregulations,he believesthatajointventure withanIndianpartnerwill makethingseasier.However, heemphasisestheneedfor duediligenceinthechoiceof partner. Evenoutsideitsnetworking events,theIIBAishappytoan- swerqueriesanddirectpeople toappropriateagenciesinIre- landandinIndiaforfurther informationorassistance.The websiteoftheIIBAalsohas usefulresourcesandamonthly newsletterkeepsmembersin- formedofkeyeventsandrele- vantnewsstories. Asaprivatenetworkingor- ganisation,theIIBAhaslost notimeinexpandingitsopera- tionstoIndia.Abranchisnow functioninginMumbaiand handlesanincreasingnumber ofqueriesfromIndiancompa- niesinterestedinexpanding intoIreland. Inkeepingwithitsphiloso- phyofworkingcloselywith majorbusinessorganisations suchasEnterpriseIrelandand theIDA,theassociationalso maintainstieswithorganisa- tionsinIndiasuchastheCon- federationofIndianIndustry (CII)andtheFederationofIn- dianChambersofCommerce andIndustry(FICCI). Indiancompaniesnormally prefertoenterIrelandbyway ofmergersandacquisitions (M&A).Carthybelievesthere ishugepotentialforIrelandto tapintothismarketandactas agatewayforbusinessintothe USorEurope.Heobserves thatthestrikingfeatureofIn- dianbusinessesisthattheyare veryconfidentintheirap- proach. ‘‘Thefeelingisthatifthey canthriveinachallenging marketlikeIndia,theycando itanywhereintheworld,’’he said. ExamplesofrecentM&As includetheacquisitionofLish- eenMinesbyVedantaandof PinewoodLaboratoriesby Wockhardt.Onthegreenfield side,thereisTataConsultancy ServicesandtheIDAisex- pectedtomakeafewmorean- nouncementsthisyear. WheredoestheIIBAaspire togo?‘‘Basically,wewouldlike toremainfocusedonnetwork- ing,’’Carthysaid. TheIIBAdifferentiatesitself fromsomeoftheotherIre- land-Indiacommunitiesoper- atinginIrelandwithitssingle- mindedfocusonbusinessde- velopment.Itsimpressive growthinaveryshortspanof timeisevidenceofthefactthat thereisanincreasingappetite forIreland-Indiatrade. Withrapidexpansionthat endeavourstokeeppacewith India’sgrowth,theIIBAisan importantportofcallforbusi- nessesplanningtoenterthe realmofIreland-Indiatrade. Networkingthewaytogrowthandsuccess Opportunity India EngagingIndia Usefullinksandcontacts IIBAwebsite:www.iiba.ie Email:LindaMcNulty,DublinChamber, linda@dublinchamber.ie IndiaBusinessLinksandresources MinistryofExternalAffairs:http://meaindia.nic.in/ ConfederationofIndianIndustry:www.ciionline.org IndianBrandEquityFoundation:www.ibef.org FederationofIndianChambersofCommerceand Industry:www.ficci.com TheAssociatedChambersofCommerceandIndustryof India:www.assocham.org NationalAssociationofSoftwareandService companies:www.nasscom.in IndianEmbassyinIreland:www.indianembassy.ie IrishEmbassyinIndia:www.irelandinindia.com WilliamFrySolicitors:www.williamfry.ie FergusMurphy,chiefexecutive,EBS FEARGALWARD IndianMinisterofCorporateAffairsSalmanKhurshidat anIIBAevent ByPriyaRajsekar S inceopeningitsfirst branchinNewDelhi in2006,Enterprise Irelandhasseen about100Irishclientcompa- niesexporttoIndiawithmore than30havingbranchessetup there. Inrecenttimes,therehas beenanincreasedinterestin expandingintothecountry. AccordingtoGabrielMcCar- rick,managerofEnterprise Ireland,India,thereissignifi- cantpotentialforIrelandin theareasoffinancialservices, educationservices,construc- tion,pharma,medicaldevices, aviation,ITandengineering,to nameafew. Thegradualopening-upof theIndianeconomyhascre- atedmanyavenuesforforeign businesses,giventhebooming economyofIndiaandthefa- vourabledemographicprofile. ‘‘Younoticereallythatmore opportunitiesexistinderegu- latedindustries,’’McCarrick said. Inthetelecomindustry,for example,thereareahandfulof activeplayersinthevalue- added-servicessegment.The aviationindustryalsohasIrish playersinareaslikeaircraft leasingandpersonnelservices, whiletherearealsoplayersin theITandmedicaldevicesseg- ment. Constructionisanother high-potentialareawithin- creasedbuildingactivityand attractsconsiderableinterest fromforeignplayers. ‘‘Indiahasnoshortagefor engineersorarchitects,soIrish companieshavetobeina spacewherethereisnoexper- tiseinIndia,’’hesaid.Hebe- lievesthatauniqueselling propositionisveryimportant. Ireland’sindigenousexports toIndiahavedoubledsince 2007toabout e 50millionlast year,whichisaveryencoura- gingsign. AlsoIreland’sserviceex- portstoIndiaarefarhigher thantradeexport,whichonly accountforaboutathirdofex- ports.Thistrendislikelyto continueoverthecoming years. Educationisoneofthekey exportsforIrelandandanarea thatIrelandiskeentotapinto. Atpresent,onlyabout500to 600studentsofthe200,000or sothatstudyabroadcometo Ireland. ‘‘Theproblemiswithvisibi- lity,’saidMcCarrick,pointing outthatIrelandhadsomeof thebestuniversitiesinthe world,yetIndianstudentsare happytopaymoreandsettle forlesserqualityinothermore populardestinations. Accordingtohim,Ireland needstoharvestthegoodwill ofitsstudentalumniwhocan beverypowerfulambassadors forIreland. Onthemainbarrierstoen- teringtheIndianmarket, McCarrickbelievesthatpro- blemswithscaleareahurdle. ‘‘Largecompaniesgenerally prefertodealwithlargecom- panies,’hesaid,reasoningthat itmaynotbeinthelargercom- pany’sinteresttotradewitha smallSMEifthereareno guaranteesofthelatter’slong- evityorifemergingpayment termssuchasrevenue-sharing arenotfeasiblearrangements. Hedoesnotsubscribetothe viewthattheIrisharereluctant togotoIndiabecauseofcul- turaldifferencesanddistance. Irelandhasalwaysexported mostofwhatitproducesand theIrishhaveahistoryoftrad- inginfarofflocations. Withstrategicmarketing andpositioningandtheadded impetusoftrademissionssuch astheonethatrecentlywentto IndiaunderMinisterRichard Bruton’sleadership,McCar- rickbelievesIrelandwillbe abletoraiseitsprofileandben- efitfromtheemergingoppor- tunitiesinIndia. EnterprisingapproachispayingoffforIrishcompanies TheOpportunityIndia supplementwasdevel- opedbyWayneLeitchof NonStopMedia www.nonstopmedia.ie wayne@nonstopmedia.ie 2 T HE S UNDAY B USINESS P OST JUNE262011
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