IIBA Expands Horizons: Launches Subsidiary in India to Boost Ireland-India Trade Relations
May 2023, Bangalore, India – The Ireland India Business Association (IIBA) dedicated to fostering commercial links between Indian and Irish businesses, announces the launch of its subsidiary in India. The formation of the IIBA Foundation (India) is a significant milestone that strengthens IIBA’s commitment to knowledge sharing and networking among Irish and Indian business communities as well as facilitating bilateral trade and cooperation between the two nations.
The launch in India underscores the shared commitment to strengthen and expand the trade relationship between the two countries, which is visible in the tripling of India-Ireland bilateral trade in goods and services over the past decade, reaching a significant value close to Euro 10 billion. The IIBA which was formed in Ireland in 2008 has been highly successful in promoting and bolstering bilateral business relations through close working relationships with leading Indian and Irish business associations, trade bodies, and government agencies.
Mr. Brendan Ward, Ambassador of Ireland in India, said, “India is the fastest growing large economy in the world and Ireland is the fastest growing economy in Europe. With economic and trade relations between India and Ireland growing rapidly, IIBA will play a major role in raising awareness of the opportunities offered in both countries and encouraging investment.”
Ms. Tanaz Buhariwalla, India Director, IDA Ireland said- “The registration of the Ireland India Business Association (IIBA) in India is a milestone reflecting the importance of the economic relationship between India and Ireland. Close to 100 Indian companies have chosen Ireland as their international home, capitalizing on Ireland’s unique geographic advantage as a gateway to the EU and its reputation as a top 15 innovative country. The IIBA will play a crucial role in strengthening commercial ties between our nations, fostering collaboration, and facilitating business development and knowledge exchange leading to bilateral economic growth. As Ireland’s investment promotion agency, IDA Ireland acknowledges the significant value that the IIBA brings to the table, and we remain dedicated to supporting its efforts in promoting bilateral trade and cooperation.”
Mr Saurav Sanyal, Chairman of IIBA (India) said, “The launch of Ireland India Business Association in India marks a significant step forward in strengthening the commercial bonds between our two nations. We are eager to create a platform that fosters collaboration, facilitates business expansion, and generates opportunities for growth. Together, we can unlock the immense potential that lies within the Ireland-India trade corridor. The launch in India reaffirms IIBA’s commitment to facilitating a vibrant and growing trade relationship between Ireland and India.”
The IIBA has formed sector-specific working groups, which focus on sectors such as Technology, Food & Agribusiness, Health and Pharmaceuticals, Education, Aviation, and Startups. Since its inception, the IIBA has garnered a diverse membership base, including prominent entities such as IDA Ireland, Enterprise Ireland, Tata Consultancy Services, WIPRO, HCL, Infosys, and number of small and medium-sized businesses across various sectors in India and Ireland. This broad representation reflects the IIBA’s ability to connect businesses from different industries and facilitate collaborative opportunities. The growing membership underscores the significance of the growing trade relationship and commercial opportunities between India and Ireland. This is likely to be further enhanced through the Free Trade Agreement being negotiated with the European Union.
A launch event was hosted at the Irish Consulate in Mumbai, which was graced by senior executives from Ireland and India including representatives from the Irish Embassy in India, industry leaders, prominent members of the business communities from India and Ireland, and representatives from leading Indian educational institutes. This gathering not only celebrates the establishment of IIBA in India but also lays the foundation for a fruitful collaboration between Irish and Indian businesses.