Ireland has become the 66th member of the Asian Development Bank (ADB). Ireland's membership became effective on 24 July 2006. The move forms part of the country's Overseas Development Assistance Strategy, which includes the policy of attaining the UN target for assistance of 0.7% of GNP by 2012.
The route to the Irish Government's membership of the ADB began with the Development Banks Bill, published in November 2005. Membership of the Asian Development Bank was identified as an objective in the Asia Strategy, and Ireland had long wished to participate in the work of the Bank in that region.
Irish exports of goods and services to Asia in recent years were valued at around 8.5 billion EURO and were showing signs of recovery from the drop in trade experienced following September 2001. Computers and related products account for over fifty percent of goods exported to Asia, pharmaceutical products formed seventeen percent, and food and drink products, four percent of export trade. The computer sector also accounted for around twenty-seven percent of the 2 billion EURO export of services to Asia, while the financial services sector account for over ten percent. The Irish government decided that joining the ADB would contribute significantly to the expansion of Irish exports to the rapidly growing Asian region. Ireland has subscribed to 12,040 shares of the capital stock. ADB's authorized capital stock is over 3.5 million shares, equivalent to US$ 52.24 billion.
Enterprise Ireland and IBEC organized a seminar in the Davenport Hotel, Dublin in June this year to raise awareness of the business opportunities presented by Ireland's entry into membership of the ADB; around a hundred representatives of Irish businesses were in attendance. The Irish Minister for Trade and Commerce, Michael Ahern said, "Over the years, the Asian Development Bank has played a significant role in economic and social transformation in Asia and the Pacific, by boosting economic growth, fostering social development, and helping improve the quality of life for millions of people. From a business perspective, such funding also generates opportunities for the business communities of the Bank member countries. As Ireland becomes a member of the Asian Development Bank, this opens up opportunities to Irish companies who may now bid for Bank contracts".
The ADB website is at:
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