IBEC warns: Ireland will miss economic growth opportunities

IRELAND: Ibec, the group that represents Irish business, has called on the government to immediately draw up a timetable for the ratification of Ireland's Unified Patent Court (UPC) treaty.

Appearing before a joint Oireachtas committee on business, enterprise and innovation on Wednesday, Ibec said a failure to act urgently could risk Ireland missing out on significant opportunities for economic growth.

Naoise Gaffney, chair of the Ibec Corporate Intellectual Property Group, said: “The business case for Ireland’s participation in the Unified Patent Court (UPC) has gotten stronger since it was first examined almost a decade ago. Ireland is uniquely positioned to establish itself on the international stage as a patent enforcement hotspot.

"An attractive and well-timed regional division in Dublin will help further the expansion of patent-intensive sectors across the country, creating jobs, benefiting SMEs and boosting Ireland's innovation performance.

"This is anticipated to increase GDP by at least €415 million, or 0.13 percent, annually.

"The amount might reach €1.663 billion, or 0.5% of GDP growth. Additionally, there will be a rise in employment and spending on professional, legal, and other technical advising services.

Ibec Head of Enterprise and Regulatory Affairs Policy Aidan Sweeney issued a warning that such opportunities are extremely time-sensitive.

“Ireland is already far behind other countries in preparing for the UPC, and if we stay the current course, we risk missing out on these growth opportunities completely.

“The timetable for Ireland’s ratification of the UPCA, including referendum date, must reflect greater urgency so that Ireland does not miss out on significant economic and employment benefits that timely participation offers.”