Seán Ó Fearghaíl (Kildare South, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

591. To ask the Minister for Agriculture, Food and the Marine the progress there has been in attracting further foreign interests to invest in the thoroughbred and bloodstock sectors here; and if he will make a statement on the matter. [9296/14]

Simon Coveney (Cork South Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Irish bloodstock is held in very high regard internationally. Approximately 14,000 people are employed in the thoroughbred industry in Ireland. The value of the industry is estimated at almost €1.1bn annually and it attracts significant inward investment to the country.

Irish Thoroughbred Marketing is proving adept at building markets overseas and driving inward investment. I believe there is great potential to grow the international market for Irish bloodstock in new and emerging markets, and to attract further inward investment .

I understand from Irish Thoroughbred Marketing that the following are some foreign investments that have been made in the thoroughbred and bloodstock sectors in Ireland in 2013 and to date in 2014:

Inward Investment:

USA

- A North American investor purchased an historic estate in Co. Meath, in 2013, with the intention of transforming it from an agricultural farm into a thoroughbred stud farm.

QATAR

- A Qatar businessman purchased a prestigious stud in Co. Limerick in 2013. This investment will maintain employment and also represents an opportunity for further investment in Irish bloodstock as breeding stock is purchased for the farm.

- At last year’s Goffs Orby Sale, Ireland’s premier yearling sale, a member of the Qatari ruling family who owns a stud farm in County Limerick invested €2m in the purchase of 15 yearlings.

- Again at last year’s Goffs Orby Sale, another Qatar national invested €2 million in 6 yearlings, purchased through the Irish-based bloodstock agents.

During the Ministerial Trade Mission to the Gulf States in 2013, I, together with, ITM and HRI representatives met with these individuals to acknowledge their significant investment in Ireland.

CHINA

- In 2013, a leading figure in Chinese racing invested in 10 yearlings at the Goffs Orby sale, for €300,000 in total. These yearlings remained in Ireland for pre-training and were then dispersed amongst four Irish trainers. This owner already had two horses in training in Ireland.

- In January 2014, a group of Chinese buyers purchased 12 horses for export to China. These horses will be the first shipment under the new Veterinary Protocol between Ireland and China, which was agreed between my Department and the Chinese Authority AQSIQ in 2013, and allows for the direct export of horses from Ireland to China. As a result of this Protocol, three further Chinese groups plan to travel to Ireland to purchase horses later this year.

SOUTH AMERICA

- Investment in Irish breeding stock from South American investors topped €1m in 2013, following their purchases at the Goffs November Sale last year. With an ITM market visit to South America planned in March 2014, the plan is to build on this figure in 2014.

- So far in 2014, there has been one International bloodstock sale in Ireland – The Goffs February Mixed Sale. This sale saw buyers from Libya, India, Russia, Eastern Europe, Scandinavia, etc. which helped to boost turnover for the sale by 46% on the previous year.

- The Aggregate for the total amount of bloodstock sold at public auction in Ireland, in 2012, was €93 million, this figure increased to €133 million in 2013 (representing a 43% increase), with exports to 37 countries.

UPCOMING TRADE MISSIONS

- In the first quarter of 2014, ITM will undertake Trade Missions to –

- UAE

- Qatar

- Dubai

- South America

- Singapore

Later in 2014, Market visits will also be made to China, Hong Kong, India, South Africa, USA, Mainland Europe, etc., with several Market Visits to the UK, maintaining and building on trade with Ireland’s largest market for bloodstock

These very encouraging developments are testament to the regard in which Irish bloodstock is held internationally and also reflect the efforts of both the Irish sales companies and Irish Thoroughbred Marketing.