The Taoiseach Enda Kenny has said a "new age lies ahead" for Ireland at the opening of the Global Ireland Economic Forum at Dublin Castle this morning.
Also at the forum the Tánaiste Eamon Gilmore has said he will shortly bring proposals to Cabinet for a formal recognition system, but it will not be honours-based like in the UK.
Members of the Irish diaspora from politics, to business to showbiz are attending this forum.
The first one held two years ago saw the development of a new social networking site which will be launched today.
A major tourism initiative is also to be announced this afternoon.
Opening the forum this morning, Mr Kenny promised the gathering that ideas they put forward will be implemented, adding "this is the beginning of a new Ireland".
Mr Gilmore also announced he will shortly bring to Cabinet proposals for a formal system of recognition for those who give distinguished service to Ireland abroad.
Among the high-profile delegates due here are former US President Bill Clinton who will address the gathering tomorrow evening.