Brexit: Ireland invites Indian companies to increase investment footprint

Ireland is wooing United Kingdom (UK) -based Indian companies increasingly worried over the impending economic challenges in serving the European markets after the UK's proposed exit from the European Union, or Bexit, following a national referendum in this regard.

While Irish Premier Leo Varadkar has said that the UK can enter a customs union with the EU or even a deep-rooted Free Trade Agreement (FTA), Indian companies are apprehensive about the changes in cross-border trade, corporate taxation and logistics after Brexit.

Amid all this, Martin D Shanahan, CEO of IDA Ireland — the nations investment promotion body — was in India last month to meet companies in Mumbai, New Delhi and Bengaluru.

Ireland is uniquely positioned as one of the few feasible alternatives to Britain for doing business, Shanahan told Business Standard. Saying that the nation has a large English-speaking populace, a skilled workforce and commercial ties with the EU, Shanahan also laid stress on the fact that the country is much cheaper than destinations like Germany and Italy.

The country is also building on existing Indian companies which has a presence in Ireland. Among these, while companies in the IT segment such as TCS, HCL, Wipro and Mindtree dominate the landscape, pharma firms are also increasingly making their presence felt, Shanahan said.
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Indian-origin minister Leo Varadkar set to become first gay PM of Ireland

Leo Varadkar, an Indian-origin doctor and Ireland's first openly gay minister, today won the leadership race for the ruling party to become the country's youngest-ever and first homosexual Prime Minister-in-waiting.

Varadkar, 38, will officially take over as Taoiseach, as the Irish prime ministerial title is known in Ireland, in Parliament later this month after he was declared the winner in the leadership race for the Fine Gael party.

He took a majority of the votes to be declared as the 11th leader of the party as counting concluded at Mansion House in Dublin.

The final count, including all three electoral colleges, saw Varadkar win with 60 per cent to Housing Minister Simon Coveney's 40 per cent votes.

Polling had closed earlier today with a 100 per cent turnout in the parliamentary party recorded.

The Dublin-born son of Mumbai-born Ashok Varadkar and Irish mother Miriam, served as Ireland's welfare minister and had emerged as the most popular choice since he announced his candidacy after current leader Enda Kenny stepped down as prime minister earlier this year.

Varadkar went up against housing minister Coveney in the leadership race, who bagged two-thirds of the party membership votes but lost out to the more popular candidate in the end.

The voting for the Fine Gael leadership is decided in an electoral college system that gives the Fine Gael parliamentary party 65 per cent of the vote. The 21,000 rank- and-file members of the party have 25 per cent and 235 local representatives 10 per cent.

The parliamentary party voted for Varadkar, overwhelmingly, as was widely expected.

Ireland's new Taoiseach is expected to be formally confirmed by June 13, when the country's Dail Parliament resumes following a week-long break.

Varadkar came out as a gay man in 2015, when Ireland became the first country in the world to legalise same-sex marriage through popular vote.

In a coming-out speech he gave in a radio interview, he had said, "It's not something that defines me. I'm not a half-Indian politician, or a doctor politician or a gay politician for that matter. It's just part of who I am, it doesn't define me, it is part of my character I suppose."
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