Duncan Smith (Dublin Fingal East, Labour)
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249. To ask the Minister for Foreign Affairs and Trade the extent of Ireland’s bilateral economic relationship with India for each year over the past five years, with relevant updated statistics in terms of jobs, exports and imports, and including comment on Ireland’s future relationship with India; and if he will make a statement on the matter. [27480/25]

Simon Harris (Wicklow, Fine Gael)
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The Government recognises the growing economic importance of India which is on course to become the third largest economy globally by the end of the decade. That is why I secured the approval of Government in March for an Action Plan aimed at enhancing our engagement with India. The action plan covers four strategic areas: strengthening bilateral political relations; maximising economic and trade opportunities; strengthening people-to-people links; and enhancing Ireland’s physical presence and impact in India. The first cross-Departmental stakeholder meeting to develop this action plan took place on 9 May.

Our political engagement with India is also being stepped up. In March, I welcomed the Indian Minister of External Affairs, S. Jaishankar, to Dublin on the first high level visit from India in a decade. During our discussions, we agreed on establishing a Joint Economic Commission (JEC) between Ireland and India. Work is already well underway within my Department and the Department of Enterprise, Tourism and Employment on the necessary arrangements to proceed with establishment of such a JEC.

The Government of Ireland is committed to deepening our strategic relationship with India across all strands of cooperation. Our diplomatic presence in India has already been expanded with the opening of an “Ireland House” in Mumbai, India’s commercial capital, in 2019, hosting the Consulate General, Enterprise Ireland and IDA.

The economic partnership between Ireland and India is already a strong one. Two-way trade has seen substantial growth in recent years and stood at almost €16 billion in 2023, with a balance in Ireland’s favour. The EU and India are currently in negotiations to agree a Free Trade Agreement; should this be finalised, significant further opportunities for trade and investment will open.

There are 30 IDA client companies from India employing 5,200 people in Ireland including several with large regional footprints in Ireland. There are approximately 150 EI-supported companies currently trading with India with an estimated 50 of these having an actual on the ground presence in India.

In terms of our overall bilateral trade relationship with India, 2023 is the latest year for which combined goods and services trade data is available. Combined bilateral trade figures are laid out below. More detailed breakdowns are available from the Central Statistics Office.