Boomerang boom for the Mid West?

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THE Mid West could be in line for some of the ‘Boomerang Boom’ from Australian firms looking to increase their European trade links in the aftermath of Brexit.

That’s according to IDA chiefs who say that firms who traditionally used Britain to access Europe are now seeking new options and the Mid-West could be a very attractive alternative for them.

IDA boss Martin Shanahan, who is accompanied President Higgins on his visit to Australia, said that the IDA has received significant interest from companies who are considering Ireland as an entry point into Europe.

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Australian financial services provider Pepper, based in Shannon, already has well established links with the region as it is already employing upwards of 400 across all its sites.

IDA boss in the Asia Pacific region, John Conlon said that Ireland has been successful in attracting well established Australian Stock Exchange Top 100 firms as well as emerging tech companies.

Over the last eight years, the development agency has targeted Asia and Australia in its missions to draw firms to Ireland.

“IDA Ireland now has a team of approximately 30 people (10 in Ireland and 20 overseas) working on those ‘Growth Markets’,” according to Mr Conlon.

To date, 45 Australian companies have already invested in Ireland with around 3,000 jobs being sustained so the Irish Australian Chamber believe that he basis for growth is already established.

Irish Australian relations have been boosted over the last number of years through what was coined as the Boomerang Boom where members of the Irish diaspora returned home from Australia to assist firms set up in Ireland.