Coveney looks to Gulf states for cash
IRELAND hopes to tap sovereign wealth funds in the Middle East to invest in infrastructure projects as the Government keeps pace with the growing population.
Minister for Enterprise, Trade and Employment Simon Coveney is meeting with potential investors in the Gulf this week during visits to the United Arab Emirates, Saudi Arabia and Kuwait.
‘We are always looking for partners to be part of strategic investments in Ireland,’ he said at a World Trade Organisation meeting of trade ministers in Abu Dhabi.
The minister’s comments highlight the gravitational pull of the Gulf states whose government-controlled funds have become go-to-investors in everything from infrastructure to technology.
‘There are exciting investment opportunities in Ireland that I think can provide a consistent return in the medium term,’ Mr Coveney said, describing the economy as unprecedentedly resilient.
‘Ireland has very strong economic growth at the moment. We’re running trade surpluses consistently, year after year, which is historically unusual for Ireland,’ he said on Monday.
Mr Coveney, who is a former foreign minister, said that Ireland also has funding options available at home.
The Government laid out its plans last year for a €100billion sovereign wealth fund and a smaller €14billion infrastructure and climate fund.
The United Arab Emirates, a small nation but a major re-exporting hub, has traditionally been one of Ireland’s top trading partners in the Middle East.
Trade with the UAE and Saudi Arabia has increased significantly, Mr Coveneny said, which could bring Gulf fund investments to Ireland over the coming years.
Ireland is seeking funding for offshore wind, electricity grids, public transport, road infrastructure and housing projects after decades of under-investment compounded by the 2008 global financial crisis and a growing population.
‘Ireland has the youngest population and the fastest growing population in Europe right now, so there are capacity challenges for us to keep pace with that growth,’ the minister said.