Ladies and Gentlemen,
Friends,

I am delighted to be with you this evening and pleased to join with so many friends and acquaintances associated with the German-Irish Chamber of Industry and Commerce.

At the outset, I want to express my thanks to the German-Irish Chamber for your work and commitment in fostering good relations and a healthy climate for business between our two great nations.

As someone who has had the privilege to serve as Minister for Labour, Minister for Finance and as Taoiseach, I can say without the slightest hesitation that the work this Chamber has done - in encouraging successive German Governments, industrialists, businesses and entrepreneurs to support and invest in this country's economic development - has had a proud and positive effect on our national progress.

I have immense respect for the work of the Chamber and that is why I am so delighted to receive this award. I wish to thank the Kuratorium of the German-Irish Chamber of Industry and Commerce wholeheartedly.

It is a special honour given the fact that the Kuratorium of the German-Irish Chamber comprises of leading personalities and experts from the German and Irish business world, namely

* Werner Schwanberg, WGZ BANK Ireland plc
* Jack Golden, CRH plc
* and Ralf Lissek, German-Irish Chamber, who are present tonight.
* And Frank A. Keane, Motor Import, Trading Frank Keane BMW
* Brian Sweeney, Siemens Ltd
* and Ambassador H. E. Christian Pauls who unfortunately couldn't make it tonight.

As many of you know, the relationship between Ireland and Germany has grown and deepened considerably over the past 11 years in which I was privileged to be Taoiseach. In preparing my few words for this evening, it struck me that the past decade has seen a major shift of Irish economic and trade activity away from a very strong connection to the UK towards a more diversified spectrum across Europe and the world.

Germany has been central to that process. In 1997, the year I was elected Taoiseach, total trade with Germany was valued at €7.5 billion. Last year, in 2007, that figure had grown to in excess of €12 billion. Today Germany is Ireland's most important trading partner in continental Europe and Ireland's third most lucrative trading partner globally.

Just as Germany experienced an economic miracle in the 1950s and 1960s, we in Ireland have experienced a similar phenomenon over the course of the past decade. And despite what the prophets of doom may say, the fundamentals of our economy are still strong and I believe Germany can and will continue to play a massive role in the continuance of the Irish economic success story.

As one of the most open economies in the world, the importance of our links with Germany cannot be overstated. For a small country like Ireland, our relationships and trade with Germany are crucial. Germany, after all, is the largest economy in Europe and accounts for almost one third of the eurozone. Today, more than 300 German companies are based in Ireland, employing more than 20,000 people. Moreover, 15,000 German have chosen Ireland as their home. Therefore it is only fair to say, that German companies and Germans have a great impact in our country.

On top of this, in the tourist sector, which has always been crucial to our island economy, Ireland welcomed 446,000 German visitors to our shores last year. An indication of the close relations between our two countries both socially and economically is that there are currently as many as 115 direct flights each week from Germany to the island of Ireland and that number is set to increase during the summer. This is all positive and signifies increased trade, more tourism and stronger links between our two nations.

These factors are underlined by the fact that Germany is now the second largest overseas investor in Ireland after the US. Significantly, German companies have a presence in all sectors of Irish industry but are most active in the manufacturing and international services sectors. The largest German employers in Ireland include household names such as Lufthansa; Bertelsmann, Allianz and Leopold Kostal.

In the financial services area German projects include most of the leading German banks and insurance companies including Deutsche Bank, Commerzbank and Dresdner Bank.

Our economic relations with Germany have had a positive impact on Irish living standards. German companies have brought investment and employment to our country at the heart of this process has been the German Irish Chamber of Industry and Commerce. Your work in fostering trade and investment between Ireland and Germany and your efforts on behalf of your ever-expanding membership base of 300 plus Irish and German companies, working in a broad range of sectors, has played a pivotal role in the emergence of and sustaining a dynamic Irish economy.

The Governments I was privileged to lead placed great emphasis on improving trade relations with Germany - on the governmental level as well as in close cooperation with the German-Irish Chamber of Industry and Commerce.

I want to take this opportunity to thank the German-Irish Chamber of Industry and Commerce for the active and positive role it has played since its foundation and especially during my time in office. I want to assure you that I will stay a committed promoter of the excellent German-Irish relations.

I am certain that the Chamber will continue to play a key role in German-Irish relations and extend my best wishes for the future.

In conclusion, I want to thank again everybody associated with the German-Irish Chamber of Industry and Commerce for this award. I especially want to give a special mention to Ralf Lissek, your CEO, who has done truly super work over a number of years in cultivating economic links between Germany and Ireland.