Mr. Chris Collenette:

I wish everybody a good afternoon from Ottawa. I hope everybody can hear me. For more than 30 years, the IDA has worked to create the Ireland Inc. brand with enormous success. It opened an office in Toronto in 2018, and since then we have seen a steady stream of inward investment from Canada. This investment continues to grow in size and significance making Canadian foreign direct investment a major economic driver in Ireland. Simply put, the numbers depict the strength of the Ireland-Canada relationship. Canadian direct investment in Ireland now stands at more than €7 billion. There are upwards of 75 Canadian companies operational in Ireland, which directly employ approximately 15,000 people. It is estimated that of those 15,000 employees, 7,000 come from what are termed IDA companies. This means that the IDA has worked diligently to attract these companies to Ireland. As many as eight jobs are created in the wider economy for every ten created by IDA client companies. Therefore, those 7,000 jobs potentially support another 5,600 jobs. This brings the total to more 20,000 jobs in Ireland resulting from Canadian direct inward investment. Especially important and noteworthy for many of the members of this committee is that Canadian investment not only benefits Dublin. Regional investment by these companies is significant, and includes SOTI and Celestica in County Galway, Greenfield Global in County Laois, Optel Group in County Limerick, Vermilion in County Mayo, Sun Life in County Waterford, and eSentire, Open Text and Irving Oil in County Cork. It is unlikely there is any area of Ireland that does not benefit from the Ireland-Canada relationship, including those areas represented by many members of this committee.

With regard to imports and exports, trade is increasing in both directions. Canada-Ireland merchandise trade has averaged €2.7 billion annually since CETA provisionally came into effect. This is up 59.2% compared to 2016. That has resulted in exports from Canada to Ireland growing from €390 million in 2017 to €522 million in 2021. However, and very important, the big story is the growth of exports from Ireland to Canada during the same period. Since 2016, exports to Canada have grown by more than €600 million per year. For example, in 2021, total exports from Ireland to Canada were €2.1 billion, resulting in a trade surplus of €1.7 billion. Chemicals, pharmaceutical and medical products, electronic components, machinery and beverages dominate Irish exports to Canada. In 2019, Canada was ranked fourth largest global market for Enterprise Ireland's ICT and international services clients. It is now ranked sixth for the largest non-food segment. According to Enterprise Ireland, more than 600 Irish companies are exporting to Canada, which in turn supports 25,000 jobs here. Irish companies in Canada employ 6,000 people across the country in sectors such as fintech, life sciences, software, digital media and animation, education, food and construction. Irish companies with significant operations in Canada include Fenergo, CRH, Glanbia, Kerry Group, Kingspan and Morgan McKinley. The members are aware that Ireland has always relied on exporting its goods and services in order to survive and be successful. Irish exports to Canada tell us that this particular relationship is helping Ireland thrive right now. I will now hand back to Dr. Giblin to conclude.