Mr. Joe Keeling:

I grew up on a fruit farm in the 1940s and 1950s. I went to Belvedere College. Mr. Dempsey just reminded me that in 1954 I went on a school trip to the National Stud where the excitement of seeing Tulyar was fantastic - everyone was so proud. I had not thought of it for years until Mr. Dempsey mentioned it. After Belvedere College, I went to the College of Commerce, Rathmines, for two years and then I joined the family company in 1963.

Keelings is a multinational company focused on growing, sourcing, shipping, marketing and distributing fresh produce from sources around the world for Irish, United Kingdom and European consumers. Keelings started producing fruits and salads in the 1930s, supplying its produce to the local Dublin markets. The 1970s saw the growth of supermarket retailing and importation of fresh produce from around the world. The company, as it operates today, was founded in 1973 to meet this change in demand.

Keelings is proud of its growing expertise and to this day is still an accomplished commercial grower. Our products include fresh fruit, salads, vegetables, flowers and logistical services. We are experts in our business with over 60 years experience in the fresh produce sector.

I have led the development of Keelings, from a fresh produce grower in the 1970s through to today's business which employs 1,600 people in Ireland, England and Holland. On 1 March, I will stand down as CEO of Keelings.

I started attending the races at the Fairyhouse Easter meeting 60 years ago. I was a director at Fairyhouse in the 1990s and also a committee member for the past three years. Keelings has sponsored the Keelings Strawberry Hurdle on Easter Monday for the past five years.

My first racehorse was Irish Firs, which was bred by my father-in-law and owned by my wife, and was trained by Mr. Willie Byrne who trained at the Phoenix Park. He won his first race in October 1982 and went on to win at a Cheltenham April meeting. Mr. Mick O'Toole trained Irish Firs and 20 winners in total for me. Fourth of July was the best of these. Other successful horses include Alone He Stands on the flat and Blueberry Boy over jumps. They both won six races and were trained by Mr. John Hayden and Mr. Paul Stafford, respectively. Blueberry Boy won a grade 2 at Punchestown. Mr. Dermot Weld trained Teach Nua to win two races for me at Galway and Elusive in Paris, trained by Mr. Michael Grassick, won three races on the flat in 2011-2012. I am a small breeder and have bred ten winners between Ireland and England.

I refer to the economic importance of the racing and breeding sector to the country. The horse racing and breeding sectors are of significant importance to the rural economy in Ireland. Irish horses, trainers and their riders have consistently won races at the highest international level and act as positive ambassadors for the country as the following points will illustrate. The sector employs approximately 16,000, almost all in rural areas. On average, three horses equals one job. Studies have shown the value of the sector to the economy at approximately €1 billion per annum. Ireland is the fourth largest producer of thoroughbreds in the world. Ireland produces over 40% of thoroughbreds born in the EU. Irish horses are exported to race and breed to over 35 countries worldwide. Our major racing festivals are significant contributors to their local economies. Both Galway and Punchestown have done studies to show that the value of their festivals is approximately €60 million and €80 million, respectively, to their local economies. The industry is a significant source of foreign investment into Ireland by international owners and breeders - high net-worth individuals. Horse racing accounts for approximately 80,000 tourist visits to the country each year.

Horse racing and breeding is exactly the sort of industry to help Ireland recover. It is labour intensive, based in rural areas throughout the country, environmentally friendly and export driven, and creates a positive international image for the country.

During my time as chairman, I would see the following areas as key priorities to develop and secure the thoroughbred and breeding sector in Ireland. We must achieve a long-term secure funding base arising from changes in the betting tax. We need to increase prize money to ensure that owners have an incentive to keep horses in training in Ireland.

We must reduce the costs of the sector, in particular from streamlining the activities of HRI and the Turf Club. We must focus on racecourse development. Many of Ireland's racecourse facilities are old and not on a par with facilities available at other major sporting venues in Ireland or other racecourses in the UK.

I am very grateful for the opportunity to meet the committee today and I pay tribute to the outgoing chairman, Denis Brosnan, who retires after a remarkable 22 years as chairman of HRI and its predecessor organisations. I pay tribute to HRI's chief executive, Brian Kavanagh. It is a very well-run business and I was very happy when the opportunity arose for me to consider the position. The passion of all the people in HRI has made a great impression on me and I look forward to being chairman for the next few years.