Victor Boyhan (Independent) | Oireachtas source

I thank the Cathaoirleach for selecting this Commencement matter. I welcome the Minister of State, Deputy Higgins, to the Seanad. I think this may be her first Commencement matter in the House so she is very welcome. We collaborated and worked well together on the Joint Committee on Housing, Local Government and Heritage. I wish the Minister of State well. It is an exciting and challenging time for any Minister. I know she will do it well and I hope she enjoys the fruitful time she will have in that Department.

I wish to raise the issue of Horse Racing Ireland's strategic plan from 2024 to 2028. This amazing and positive document is entitled Nurturing Success and Inspiring Participation. I thank the Minister of State, Deputy Heydon, who is a Kildare man. He was at the launch of this strategy in Punchestown with Horse Racing Ireland and its management board. I know he is particularly committed to the horse racing sector as he would be as a Kildare man and as someone who lives and is a politician in the heartland of the equestrian world in Ireland.

The horse racing and breeding industry is one of our biggest success stories. We need to celebrate, embrace and constantly evaluate it. One of the things I particularly like about this strategy is that it sets out and analyses the strategic strengths, weaknesses, opportunities and threats faced by the industry. It takes on board the weaknesses, opportunities and, most importantly, threats to the industry. It is set out in a very strategic and analytical way for which I commend the board and management of Horse Racing Ireland.

The real underlying figure is the more than €2.5 billion that comes from this industry regarding the expansion of the economy by this industry. Sometimes we forget that. The horse racing strategy aims to protect, strengthen and sustain Ireland's global leading horse racing and breeding industry. The strategy plans and focuses strongly on two clear objectives to nurture successes and inspire participation.I will not go into the issue of Deloitte which did a review of the finances back in 2023. It is there, it is current and valid, and it very much endorses the strategy itself. The goal of HRI is to increase the industry up to €3 billion, which is an amazing ambition. Within the lifetime of the plan, HRI also aims to deliver the big capital projects and, importantly, provide a pipeline for the future human talent, which is really important in this industry. Under the new strategic plan, HRI wants the annual welfare budgets to increase by 70%, which is very important. It also wants investment in the governance and integrity and wants to advance welfare. I acknowledge that that is an important focus. It also has plans to develop a new campus at the old racing apprenticeship centre in Kildare. Overall, it is good news.

The strategic plan for 2024 to 2028 captures the ambition of HRI for the future progression of the industry which generates Ireland's fifth biggest agricultural export and sustains a very significant economic activity across this country and beyond. I commend the strategy, work and ambition of the HRI under the stewardship of its board of management and its chief executive, Suzanne Eade. It is a really good news story and it is important we get the message out. It also embraces the issue of regional and rural development and the rural economy - of course, it is also urban - and its significance for our economy but, most importantly, for our international reputation. As a country, Ireland is the envy of the equestrian world.