Creativity - IDA Ireland

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INDIA
is now
Grainne Rothery talks to
DAVID CARTHY, a
corporate partner in
William Fry and
chairman of the Ireland
India Business Association,
about the developing links
between our two very
different countries
W
ITH A POPULATION OF MORE THAN A BIL-
LION PEOPLE, ONE-FIFTH OF WHOM ARE
NOW MIDDLE CLASS, AND ENVIABLE
GROWTH RATES, INCLUDING A 9.6PC IN-
CREASE IN GDP AT MARKET PRICES IN 2010,
INDIA IS FAST BECOMING ONE OF THE
WORLD’S ECONOMIC SUPER POWERS. Indeed,
PwC has forecast that it will be the second largest
economy by 2050, just behind China.
But far from being a prospect for tomorrow, the
sub-continent represents a very real opportunity for
forward-thinking Irish businesses today, says David
Carthy, a corporate partner in William Fry and chairman
of the Ireland India Business Association (IIBA).
“There was a view that China was a ‘now’ opportunity
and India was for five years’ time,” he says.
“That’s essentially wrong. The time is now for both.”
Carthy has been chair of the IIBA since it was
founded in May 2008 as a member-driven, non-profit
organisation to facilitate knowledge sharing and networking
and to ultimately increase commercial links
– in both directions – between Irish and Indian businesses.
“There was a need for a private sector group to act
as a chamber of commerce for the Ireland/India business
relationship, which people can see a lot of potential
for, but the figures and the amount of trade weren’t
where we would have liked them to be,” he explains.
There’s a strong focus on growing the relationship
both ways. “It’s about growing the amount of Irish
business done in India and within India, and growing
the amount of Indian business done with Ireland and
in Ireland.”
Knowledge sharing is a fundamental part of the
IIBA’s activities. “Previously, when you had Irish businesspeople
going to India or vice versa, everything
was new and they were all pioneers,” says Carthy.
“Those who had gone before would have made certain
mistakes, reaped certain benefits and formed certain
contacts that could be very useful.”
72 INNOVATION IRELAND REVIEW Issue 2 Spring/Summer 2011