Latest news with #ÓCatháin
Irish Examiner
01-07-2025
- Business
- Irish Examiner
Japanese consumers have huge appetite for Irish beef and whiskey as Government seeks to increase trade
The Government is seeking to double down on market diversification in its diplomatic blitz in Japan, aiming to put Irish beef and Irish whiskey on the shelf for Japanese consumers. The Taoiseach is currently in Tokyo as part of his visit to Japan, with Micheál Martin taking part in meetings with Bord Bia and IDA businesses based there. He follows a number of other Government ministers visiting the country in recent weeks, with agriculture minister Martin Heydon and enterprise minister Peter Burke both visiting Tokyo and Osaka ahead of him. One of the key items on the agenda on Tuesday was Mr Martin's meeting with Bord Bia businesses operating in Japan. As future trade with the United States becomes more uncertain with tariffs, the Government is seeking to increase its trade with other nations as part of its major diversification programme. Tánaiste Simon Harris established a new trade forum and an action plan to grow new markets for Irish exporters. This sprint towards diversification includes countries like Japan, with Government sources highlighting the importance of the Japanese markets due to it being one of the world's largest economies. In 2024, Ireland sent about €21.5bn worth of exports to Japan, making it our second-largest trading partner in the Asia-Pacific region. Of that, the most significant chunk is through our exports of pharmaceutical products and med-tech, but one growth area the Government is seriously looking at is food and drink. According to the Central Statistics Office, Irish food exports in 2024 reached €178m, which is up by 38% since the introduction of the EU-Japan Economic Partnership agreement in 2019. This agreement gave Irish food producers better market access and slashed tariffs, particularly for key agrifood areas like meat and dairy. Government sources have highlighted the high level of demand for Irish agricultural products in Japan, including beef. In particular, one source highlighted the large amount of beef tongue exported into the country, with 90,000 tonnes being sent in a single year. The market for Irish whiskey is also growing in Japan, with hundreds of thousands of barrels sent there in recent years. Irish Whiskey Association director Eoin Ó Catháin said Japan had been identified as one of Ireland's 'more interesting markets' amid the complexities within the US market. 'Japan has been identified as one of the major markets of growth. We went from 55,000 cases [of whiskey] sold in 2020 to well over 200,000 last year,' Mr Ó Catháin said. He said the market itself was massive, with more than 125 million people in the country, adding there were 'positive signs' for continued growth in the region. Mr Ó Catháin said it was important the wider food and drink export industry continued to focus on market diversification. 'We have to have a two-pronged approach now. Trying to sort out the US, trying to reduce the tariffs that our companies face there is absolutely a priority,' Mr Ó Cathain said. 'What a number of companies are realising is that they need to expand and develop a bit more in other markets, so we don't end up in this situation again." Read More Taoiseach to meet prime minister and lay wreath at Hiroshima on four-day visit to Japan
Irish Times
01-05-2025
- Business
- Irish Times
Gardaí urge potential ‘whiskey fraud' victims to come forward over investment scams
An Garda Síochána have urged potential victims of so-called 'whiskey fraud' to come forward and warn that the practice can help fund organised crime. In recent years, there has been a significant increase in investment scams overseas involving the spirit, including Irish whiskey. The scams can involved customers being sold casks of rare whiskey which they are told will significantly increase in value over the years. In some cases, investors are sold casks at vastly inflated prices. In others, the casks do not exist at all. Another tactic is to sell the same cask to multiple investors. The scams are carried out by companies which appear to be legitimate. The casks are often stored in warehouses in remote locations with customers only finding out they have been defrauded when the companies close down. READ MORE The trend has been the subject of recent investigations by the New York Times and the BBC, with the former reporting investors in Britain and Ireland have been sold casks 'that turn out to be untraceable or non-existent'. London police are investigating three companies for suspected whiskey fraud based in the capital. While some of the scams involve Irish whiskey, gardaí said, to date, 'no significant instances of whiskey fraud have been identified in this jurisdiction'. It said, however, officers from the Garda National Economic Crime Bureau are aware of cases in other jurisdictions. It urged anyone with information about whiskey fraud, including anyone who has fallen victim to a scam, to contact their local Garda station. [ Northern Irish whiskey sector faces confusion over Trump tariffs Opens in new window ] 'Whiskey fraud and associated crimes not only erode consumer trust but also present serious health risks and can contribute to the activities of organised crime,' a spokeswoman said. 'Reporting such offences to An Garda Síochána is essential to ensuring thorough investigations, protecting the integrity of the industry and ensuring public safety.' Investment schemes involving newly distilled or maturing whiskey 'are a legitimate revenue scheme for whiskey distilleries,' said Eoin Ó Catháin, director of the Irish Whiskey Association trade group. 'Some Irish whiskey distilleries avail of this opportunity – this can be rewarding to the purchaser as it enables them to be able to create a unique Irish whiskey of their own, or invest in a brand of their choice.' He warned, however, it is vital for investors to 'carry out due diligence and take appropriate advice before investing. 'Investors should recognise there are risks involved in these schemes as there are with any investment, both as regards the potential value of this investment and opportunities to sell on.' Mr Ó Catháin said the association is currently developing guidelines for the industry, which will 'allow for potential investors to be able to make informed decisions on cask investment proposals.'
