Focus on export trade events to offset Brexit threat up 50%
20 March 2018
Minister Heather Humphreys with Enterprise Ireland's Julie Sinnamon and Combilift's Dave Burke in Austin, Texas, for St Patrick's week events
Enterprise Ireland has announced that it is set to undertake more than 200 international and domestic trade events this year to accelerate the number of firms diversifying into new markets, beyond the UK and into the eurozone and global markets. Sectors being focused on include high-tech construction, engineering, ICT and lifesciences.
The number of trade events being undertaken represents a 50 per cent increase on 2017, reflecting the serious challenge that Brexit poses for Irish businesses. A total of 70 of these export-focused trade events will be led by ministers.
Strongest export growth opportunities for Irish companies
The majority of international trade missions will take place in the eurozone, North America and Asia Pacific regions, which present the strongest export growth opportunities for Irish companies. A total of 55 trade events will be hosted in Ireland.
Across international and domestic markets, the trade events will be focused on promoting the innovative capabilities and competitive offers of Irish companies to international buyers, in sectors including high-tech construction, engineering, ICT, lifesciences, fintech and internationally traded services. This will be critical to helping largely UK focused and Brexit exposed companies find buyers in new markets.
Details of Enterprise Ireland’s 2018 international trade event programme were announced at SXSW where 10 Irish start-ups are being supported by Enterprise Ireland to exhibit at one of the most influential global tech conferences, including: AR/VR pioneer, WarDucks; vulnerability management firm Edgescan; female social network, GirlCrew and content marketplace, VideoElephant.
North America represents the fastest export market growth for Irish companies with Irish companies seeing a 19 per cent year-on-year gain in their market share and exports growing to €3.74 billion in 2016.
In 2017, value of Ireland’s FDI was calculated at more than $85bn
Over the past five years, 180 Enterprise Ireland backed companies have established new presences in the US, with 59 new offices opened in 2017, an 18 per cent increase on 2016. According to the United States Bureau of Economic Analysis, in 2017 the value of Ireland’s foreign direct investment (FDI) was calculated at more than $85 billion, ranking Ireland the ninth largest source of FDI.
In support of the international trade event programme, Enterprise Ireland has introduced the new Market Discovery Fund to support Enterprise Ireland backed companies when researching new markets for products and services.
The new fund is designed to help companies of all sizes to meet the key challenges of market research. There are three levels of funding available to companies: up to €35,000, up to €75,000 and up to €150,000.
“In the context of Brexit it has never been more important to support Irish companies to achieve their global ambition,” said Minister for Business Enterprise and Innovation, Heather Humphreys TD. “Enterprise Ireland has a clear mandate to achieve this and support Irish companies to reduce their Brexit exposure and expand into new international markets.
“This Enterprise Ireland/IDA Ireland trade and investment mission which I am leading to the USA, covering SXSW in Austin, Texas and San Francisco, supports early entrants and established Irish companies to expand key business relationships with their US counterparts.
“In San Francisco alone, 89 Enterprise Ireland client companies have a presence. Throughout this mission I will be engaging with key decision makers in government and industry to promote the innovative capabilities and competitive offers of Irish companies.”
Julie Sinnamon, Enterprise Ireland CEO said: “Promoting the capabilities of our clients to potential business partners and customers in international markets is a priority for Enterprise Ireland in 2018.
“We are currently selling into more diversified markets than ever before, but the ongoing uncertainty over Brexit negotiations and the continued decline in the value of sterling has highlighted the need for Irish companies to look to alternative markets beyond the UK.
“While consolidating exports to the UK, we have set ambitious targets to increase exports to the eurozone by 50 per cent by 2020 and for exports to markets outside of the UK to account for two-thirds of total exports.
More than 200 international and domestic trade events planned for 2018
“Through more than 200 international and domestic trade events planned for 2018, Enterprise Ireland will promote the innovative capabilities of our clients in sectors that have been identified as areas of opportunity in global markets.
“This extensive programme of trade events and our network of 33 international offices are essential supports to prepare clients to enter and grow in new markets internationally. Additionally, the new Market Discovery Fund will support clients to research and validate opportunities for products and services in new markets.”
Link to 2018 trade event programme: https://www.enterprise-ireland.com/trademissionhttp://www.engineersjournal.ie/2018/03/20/focus-on-export-trade-events-to-offset-brexit-threat-up-50/http://www.engineersjournal.ie/wp-content/uploads/2018/03/a-heat1a-759x1024.jpghttp://www.engineersjournal.ie/wp-content/uploads/2018/03/a-heat1a-300x300.jpgNewsEnterprise Ireland,ICT,United States