Speech by Taoiseach Micheál Martin, on the occasion of the Launch of the New Canada–Ireland Economic Study Embassy of Ireland, Ottawa, 25th September 2025

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A dhaoine uaisle, tá áthas orm a bheith libh inniu inár nAmbasáid nua in Ottawa, le haghaidh seoladh na Tuarascála Eacnamaíche nua thábhachtaí seo ar an gcaidreamh idir Ceanada agus Éirinn.

Distinguished guests, Ladies and gentlemen, I am delighted to be with you today in Ireland’s new Embassy in Ottawa, for the launch of this important and timely Report on the Canada–Ireland Economic relationship.

Earlier today I was delighted to have had a very positive and constructive meeting with Prime Minister Carney, a proud Irish Canadian. We discussed our close historical, cultural, and economic ties and in particular, we discussed the findings of this study.

I invited Prime Minister Carney to Ireland where he can visit his ancestral home and receive a warm welcome from the Irish people. I am delighted to say that he has accepted.

Before I turn to the findings, I would like to recall another moment in history when Ireland and Canada changed the world together. The story of the Valentia Cable Station — the first successful transatlantic cable, laid in 1866 between Valentia Island in Kerry and Heart’s Content in Newfoundland — is not just Irish history or Canadian history. It is our shared history.

That cable transformed human connection. It turned a three-week ocean crossing into a journey of minutes. It changed diplomacy, journalism, business, and everyday life. And while the copper and iron have long corroded, the connection it symbolised has endured.

Today, in a different way, we are doing something similar. We are reaffirming the deep economic and human connections between Ireland and Canada — and setting out how we can strengthen them even further.

This comprehensive new Economic Study, undertaken by the Conference Board of Canada, and commissioned by Team Ireland in Canada, tells a remarkable story:

• Ireland is now the 10th largest investor in Canada, with inward investment flows of over $14 billion.
• Our two-way trade has nearly doubled since the provisional implementation of CETA, which we intend to fully ratify in the months ahead.
• Crucially, the study shows that Ireland is an ideal gateway for Canada into the European market.
• We are now the seventh largest destination for Canadian services worldwide.
• Eight of the top ten Canadian companies, four of the top six Canadian banks, and four of the five leading Canadian software firms now have bases in Ireland.

These are the building blocks of a thriving transatlantic economic corridor.

Before I turn to the opportunities ahead, let me take a moment to thank those who have helped make this launch possible.

I want to acknowledge the leadership of Team Ireland, IDA, Enterprise Ireland, Bord Bia, Tourism Ireland, IBEC, The Canada Ireland Business Association, and our Embassy and Consulates in Toronto and Vancouver for collaborating on this important project.

I would like to acknowledge leaders from across the Canadian business world and the dedication of people who have been pivotal to our enduring relationship including the support of our Honorary Consuls in Calgary, Edmonton, Halifax, Newfoundland, and Quebec, and all our partners who are with us today. Your commitment, expertise, and vision are what make this relationship thrive, and I am deeply grateful for your presence and partnership. Thank You.

But just like that first transatlantic signal, this report is not the end of a journey — it is the beginning of one. It challenges us to imagine what more is possible.

The study highlights the potential to increase traded goods between our two countries by US $1.4 billion annually — a 34% rise — and to expand trade in services by over half a billion US dollars. That means new contracts for businesses, new jobs for workers, and new prosperity for communities on both sides of the Atlantic.

To build on this momentum, I told Prime Minister Carney today that I hope to lead a high-level trade mission to Canada next year.

We also plan to host a Canada–Ireland Business Leaders’ Summit in Ireland in 2026.

These initiatives will bring companies together, create new partnerships, and ensure that today’s potential becomes tomorrow’s reality.

There are also major opportunities in research and innovation. By partnering with Irish institutions, Canadian universities, research institutes, and companies can now join our Horizon Europe consortia — the EU’s €95 billion flagship programme for research and innovation - and gain direct access to funding and world-class collaborations.

Ireland and Canada are natural partners — outward-looking, innovative, and ambitious. Together we can lead in areas like clean technology, medical devices, financial services, agriculture and agri-tech, digital innovation, and higher education. The opportunities are vast.

The Valentia cable was more than a technological achievement. It was a declaration that distance can be overcome, and that progress comes from connection.

Today, this new Economic Study sends a similar message. It tells us that the Canada–Ireland economic relationship is already strong — but it also shows that we have only scratched the surface of what is possible.

Our challenge — and our opportunity — is to double down on that growth. To drive two-way trade to new heights. To build the partnerships that will create the next generation of jobs and innovation. And to make Ireland a key partner and gateway for Canada into Europe.

So let this be our signal across the Atlantic: that Ireland and Canada are open for business, committed to growth, and determined to succeed together.

Because just as we learned in Valentia all those years ago — we are stronger when we are connected.

Thank you. Merci Beaucoup

Go raibh mile mile maith agaibh go leir.