SPEECH BY FERGAL NAUGHTON President, British Irish Chamber of Commerce British Irish Chamber of Commerce Annual Conference Aviva Stadium Dublin, 24 January 2013 Secretary of State, Ministers, Ambassador, Distinguished Guests, Ladies and Gentlemen, on behalf of the Board and the Executive of the British Irish Chamber of Commerce, it is my great pleasure to welcome you to this, our first conference. My name is Fergal Naughton, I am Deputy Chief Executive of Glen Dimplex and it has been my honour to serve as the President of the Chamber for the last year. It is hard to believe that the Chamber is less than two years old and we have a lot of people to thank for the progress that has been made. We have received great support from both Governments, their Embassies and the State Agencies. The Chamber could not exist without the level of engagement we have experienced. In regard to this Conference specifically, I thank our main sponsors Allied Irish Bank, ESB, The Irish Times, Invest Northern Ireland and UK Trade & Investment. Before I introduce our first speaker, I would like to take a moment to reflect on the last few years – because economically, they’ve been tough. At one point about a year ago, while I was moaning to my father about the value of my own share portfolio, he told me that the last few years have actually been a great learning experience. That didn’t really comfort me, but it is true, because this will not be the last recession I will have to face. Leadership brings the responsibility to navigate our companies through the choppy waters and there-in to find new opportunities. Our company, Glen Dimplex, was started by my father 40 years ago in 1973, in the depth of a recession. Today, we are the largest electrical heating company in the world, with very significant positions in other appliance categories. We have 26 manufacturing locations around the world and employ 10,000 people – 5,000 of which are here in Britain and Ireland. The company has endured a number of recessions, and has grown through each. We are coming through what has been a good year for the Group, and the current weather is like a second Christmas. But the point I want to make is this – In the last year we have invested more in R&D laboratories than in any year in our history. In the last year we have invested more in actual R&D than in any year in our history. In the last year we have invested more in New Products than in any year in our history. Our Chief Executive, Sean O’Driscoll, will be talking more
about what we have been doing in the Energy break out session this afternoon – so I won’t steal his thunder – given that he’s my boss! The tough times will end, growth is returning and we are ready. And now is the time that we should all be preparing for the opportunities that will come. If we prepare when they arrive we will be too late. And so when will the tough times end? I am an engineer, not an economist, and actually I’ve seen Nobel Prize winning economists debate this with very different viewpoints, so I am not going to offer any economic prognosis. What I will say is that sentiment is getting better. If we just look at the front page headlines from the Irish Times on consecutive days at the start of January: Tánaiste forecasts Economic Recovery by end of Year Global Markets rally over Fiscal Deal Boost to Economy as Finances better than Forecast The arguing Nobel Prize winners would no doubt tell me that newspaper headlines are not a proper economic indicator, but sentiment is improving - things are getting better in 2013 – and our conference is I think aptly titled - Gathering for Action – Delivering Joint Business Opportunities for Britain and Ireland in 2013. So why does it make sense to consider the British Irish business space. Let me please give you one quick example. This afternoon we will also have a breakout session on Culture, Arts, Sport and Tourism. One cultural institution that we in Ireland should be very proud of is Science Gallery at Trinity College Dublin. I have become involved with an effort to internationalize Science Gallery. Michael John Gorman, the Director who joins us today, late last year signed an agreement with Kings College London to create a Science Gallery in London. This brings the mission of Science Gallery to a much wider audience. But not only this. Kings are prepared to pay a fee to Science Gallery for the collective learning and intellectual property that has been established here in Dublin over the last five years. Further to this, one of the most significant costs for the Gallery has been in generating exhibitions. These exhibitions will now be shared, drastically reducing the cost. Science Gallery has been very successful here in Dublin and could have happily continued as such, but the vision to expand to Britain will extend the mission, increase the revenue and reduce the cost base of the Gallery. Over the next day we will hear more about the great significance of our trade relationship. We know how close our relationships are – but we can do more. Indeed the people in this room can do more.
One important function of a Chamber is to represent our members with Government. We inform government of our members’ opinion, we lobby where necessary for action and we will hold our Governments accountable for creating a favourable environment for business. But we must also hold ourselves accountable to get our economies moving again. My hope for this conference is that it inspires ideas within each of you for how to move your businesses forward within the joint British Irish space. I would like to extend our gratitude in particular to Brian Britton who has chaired the conference committee, putting together an excellent conference line up. Brian has set the context, but it is down to us now to make the most of the next 24 hours. Finally – I must notify you of an important change to our previously advertised schedule. At 5pm today, just prior to Steve Aiken’s closing comments, we will be joined by Minister for Communications, Energy and Natural Resources, Pat Rabbitte, and Secretary of State for Energy and Climate Change, Ed Davey, and they will be signing a significant Memorandum of Understanding. Now, it is my pleasure to welcome Secretary of State for Business, Innovation and Skills, The Right Honourable Vince Cable MP, to Dublin. Yesterday saw interesting developments in regard to Britain’s international positioning so we look forward to his remarks and answers to any questions that you may have.