McGuinness Visits Brazil To Discuss FDI

by Mike Godfrey, for LawAndTax-News.com, Washington

28 May 2008

John McGuinness, Ireland's Minister for Trade and Commerce, has this week been in Brazil, in an effort to strengthen business relations between the two countries.

Speaking on Monday at a dinner in Sao Paulo with a number of senior Brazilian industrialists and representatives of Irish companies, the Irish Trade Minister announced that:

"The level of foreign direct investment in Ireland, relative to the size of its economy, is one of the highest in the world. To date, over 1,000 multinational companies have set up in Ireland and they include many of the top leaders in information technology and software, telecommunications, pharmaceuticals and medical devices, life sciences and international financial services."

Going on to stress the advantages of Ireland as a base for Brazilian investment and businesses, McGuinness stated that:

"This has positioned Ireland as a significant participant in the global business environment, at a level well beyond that which might be expected of a country of its size and natural resource base. Inward foreign investment has also provided the stimulus for the creation of a thriving base of world-class Irish-owned companies, many of which have become global market players – such as the companies taking part in this trade mission."

He continued:

"There have been significant changes in the Irish science environment. Science and innovation are at the top of the national agenda. An unprecedented level of investment by the Irish Government in science and technology has created a vibrant and well-supported research community, giving a substantial resource for technology solutions and the basis for a stream of technology-based start-ups."

"A substantial part of State innovation funding has been committed to the ambitious aim of establishing world class Irish research programmes in niche areas of two of the most important growth sciences, information and communications technologies and biotechnology, that will position Ireland on the international map as a centre of research excellence."

And concluded:

"Irish-owned companies have become successful in the global marketplace and are engaged in a continuous process of transformation centred on innovation and internationalisation. I believe that these companies have much to offer Brazilian customers and business partners."

During his visit to Brazil, it also emerged that Minister McGuinness had signed contracts on behalf of two Irish companies: a EUR5mn contract for Galway natural health, beauty and lifestyle product manufacturer, Lifes2Good, and a new one-year subsea frame agreement for global subsea engineering firm, MCS.

Minister McGuinness announced on the occasion of the contract signatures that:

“I would like to warmly congratulate Lifes2Good and MCS on their significant success in Brazil. Both firms are strong examples of how Irish companies, strongly positioned in key niches, can develop durable business relationships here in Brazil and indeed Latin America as a whole."

“Seeing first hand, the social and economic developments here in Brazil, it is clear that significant opportunities will continue to arise for Irish companies particularly if Brazil continues to grow to its predicted position of 5th largest in the world by 2050."

Recommended