Business networking is vital for both Britain and Ireland as we attempt to recover economically, build on the peace process and develop relations between the islands, according to Irish Ambassador Bobby McDonagh.

The latest region to receive a boost in that arena will be Northern Ireland – where the Irish International Business Network launches their fourth chapter next spring.

Ambassador McDonagh hosted the IIBN and its members at a breakfast reception at the Irish Embassy in London to welcome the news of their latest branch – due to be officially opened in Belfast in early 2012.

“This is not about politics it’s about practical help for friends,” he explained.

“We are delighted to host this reception to help develop the IIBN into Northern Ireland, as anything good for the North is good for the island of Ireland as a whole.”

He added: “Business can and must play an enormous and central part in consolidating the peace process, in Ireland’s economic recovery and in developing relations between these islands.

“We Irish are very good at networking, networking is what it is all about and nobody is better at networking than the IIBN.”

A bustling group arrived for a spot of early morning networking at the breakfast event on Wednesday, October 26.

There IIBN Chairman Conor Foley explained why Northern Ireland was the chosen region for the establishment of their fourth chapter – following successful launches in London, New York and Dublin over the years.

“In spite of demands from our members for the establishment of new chapters in places like Boston Toronto and Sydney, who have large pockets of Irish entrepreneurs and business professionals, we have decided to launch our next chapter in Northern Ireland because we think the time is right,” he explained.

“The relationships we have forged with Northern Ireland businesspeople and entrepreneurs over the last four years here in London justify this decision,” he added.

“Last year alone €1.3billion worth of goods and services went from the North to the Republic.

“On top of that the Republic is home to about 10 per cent of Northern Ireland’s total sales.

“But the key figure is that 75 per cent of the exports from small and medium sized firms in Northern Ireland end up in the Republic today - which is a phenomenal figure that clearly indicates the relationship is very good and there are opportunities to exploit it.”

The four-year-old IIBN organisation provides a networking platform for its members – which consist of entrepreneurs and business professionals – which has proven an exceptionally successful model now mirrored by many new Irish networking groups setting up across the country.

Mr Foley explained: “Ours is a platform for successful entrepreneurs and business professionals with the objective of facilitating better communication between first, second and third generation Irish people with a view to identifying and exploiting new business opportunities.”

He added: “We have been quite successful at that over the last four years, since our launch in London.”

Their success continues with the launch of their inaugural Global Annual Conference, at the Aviva Stadium in Dublin this month.

The theme ‘Doing Business Together’ will be covered by a range of keynote speakers taking part in the two-day event, including Joe Hogan, Founder and CEO of Opennet and recent winner of the Ernst & Young Entrepreneur of the Year award in Ireland.

Elsewhere Irish Minister for Agriculture Simon Coveney TD and Niall Gibbons, CEO of Tourism Ireland, will address IIBN members, who are expected to attend from across the globe.

With no advertising and little PR work undertaken, the IIBN prides itself on a vast membership based on member introductions.

“We know all of our members personally at this stage,” Mr Foley explained.

“This is one of our unique characteristics and puts us in a very good position to identify and leverage off new business opportunities, both locally and internationally.

“So it’s that form of introduction that means you meet people you are looking to meet as opposed to just the great unwashed.”

He added: “As the old Chinese proverb goes, a single conversation with a wise person is worth months studying books. That’s a mantra to which our organisation adheres.”