Horse Racing Ireland was established on 18 December 2001 under the provisions of the Horse and Greyhound Racing Act 2001 to be the national authority for horse racing in Ireland and took over the functions of the Irish Horseracing Authority and certain administrative functions from the Turf Club.
I had the opportunity to launch Horse Racing Ireland's first strategic plan 2003-07 on 6 March 2003. I welcome the publication of the plan, which has as its principal focus the racecourse sector and the creation of a new business model on improved income streams, development funding, training and general management and marketing support. I expect the strategy will play a key role in the continuing development and promotion of Ireland as a world centre of excellence for horse racing and breeding.
In addition to the outstanding entertainment and enjoyment it provides for a large section of the Irish population, horse racing has a major impact on Ireland's economy and I will mention a few statistics which are not always properly recognised. Some 25,000 people, both full and part-time, are employed in the industry. The value of assets employed in the industry is €2.5 billion. Some 50,000 overseas visitors attend race meetings in Ireland every year. Total betting, off and on course, in 2002 was over €1.8 billion. In the context of managing such a large and complex sector, high-quality strategic planning is essential. In its strategy document, HRI has set out its vision on how Ireland's pre-eminent position in world racing can be maintained, employment sustained and a top-quality product available to the race-going public.
HRI is open to receiving comments and views on the strategy document from all areas of the horse racing sector and beyond. I look forward to such a debate, to responding to the areas of the strategy which will require Government approval, for example, regarding the capital development plan, and to working with Horse Racing Ireland in the further development of this important sector in the economic and social life of our country.