Ireland must ratify Fiscal Treaty to show weÕre back in business

Ireland has recently been through a very turbulent period in its history. The economic crisis that unfolded in 2008 has meant fiscal consolidation in Ireland at a scale not seen in many other Member States of the European Union.

While this consolidation is necessary in order to restore the public finances and to help Ireland return to the markets next year, I have always been an advocate of ‘smart’ consolidation.

By ‘smart’, I mean that, while cutting public deficits and undergoing structural reforms, we must preserve and boost our future sources of growth and jobs.

Ireland has always had an important focus on research, innovation and science. Ireland has a strong record of attracting new investment by guaranteeing specific investments in infrastructure and training and by supporting research and development. These are some of the main reasons why Ireland is regaining competitiveness.

Indeed, the signs are positive for Ireland. In 2010, Ireland had the second largest goods trade surplus in the entire EU after Germany, to the value of €43 billion.

Multinational pharma, chemicals and life-sciences firms account for most of this trade surplus. However, other export sectors where domestic firms predominate, particularly food and drink, are also seeing rising exports.

Ireland, with its uniquely well-positioned globalised innovation base, can and will emerge out of the crisis with an improved economy that will compete globally.

And with Dublin as the European City of Science in July this year, there is an opportunity to showcase the open, skilled and competitive aspects of the Irish economy to the researchers, scientists and companies who will be attending this prestigious event from all parts of the world.

Medical technology is a highly significant industrial sector for Europe, most notably in terms of employment, innovation and quality of life. There are around 22,500 medical technology companies in Europe, employing approximately 500,000 people.

These companies have combined annual sales of €95 billion with, on average, six to eight per cent of this being re-invested in R&D. This strong innovative character is reflected by the fact that more than 80% of these MedTech companies are SMEs.

Ireland is a leader in the MedTech sector, employing the highest per capita of medical technology personnel in Europe. Eight of the top twenty global MedTech companies have a manufacturing base here. Over 40 years experience has resulted in a dynamic, well serviced sector and a globally recognised centre of excellence.

The Galway MedTech cluster is an example of a vibrant place for stimulating innovation and promoting entrepreneurial activities in the sector, thanks to multiple interfaces and the presence of academic and private research centres nearby.

Together with the support from the National University of Ireland, Galway, there are now approximately 40 MedTech SMEs located here.

So Galway is not only a labour pool for skilled graduates, but is also an international hub for the start-up of MedTech companies.

For more, read this week's Connacht Tribune.