India may be famous for its tiger population but the British Isles have their own tiger in the form of Ireland, known as the Celtic Tiger for its rapid economic growth over the last ten years.

Never known to miss an opportunity, it is now bidding to host the International Indian Film Academy (IIFA) event for 2010. The event is not just about the movies of course. Watched by hundreds of millions, it attracts attention to the host and brings thousands of business people and investors flocking in the hope of mingling with the Bollywood stars and gathering some stardust along the way. It is estimated that the event can inject as much as £15m into the economy through tourism and potential investment.

This has attracted the attention of Tourism Ireland and Croke Park is seen as a potential venue. Ireland has already played host to delegations from the IIFA and last week the Ireland India Business Association was launched in Dublin by Dr Kiran Mazundar who also runs one of India’s leading biotech companies.

A spokesperson for Tourism Ireland said, “India and China are two new important markets and if we are to continue to grow business, the tourism industry must expand its focus beyond traditional core markets and look to realise the opportunities presented by these new and developing markets.”