4.2 Enterprise Ireland

4.2 Enterprise Ireland

The longer term response to Brexit is for companies across all sectors to become more competitive, more innovative and to diversify their exports to more international markets.

Enterprise Ireland (EI) supports the development and growth of Irish exports in world markets, working in partnership with entrepreneurs and enterprises located in Ireland to help them start, grow, innovate and win export sales in global markets. The Agency has a team of business and specialist advisers based in Ireland, who work with colleagues located in our international office network, to help Irish companies compete for and win international sales.

In this regard, Enterprise Ireland has ambitious targets to:

• Double the value of EI client exports outside the UK from the 2015 baseline by 2025;

• Double Eurozone exports by 2025; and,

• Increase diversification of client exports into new markets with at least 70% of exports going beyond the UK by 2025.

EI’s success relies on a deep understanding of the products, services, management teams, R&D and financial capacity of their client companies and matching this with its intelligence of global and regional market demands and trends, and its knowledge of international buyers, i.e. key firms and personnel in the market.

Significant progress is being made in achieving these objectives. EI client companies achieved record levels of exports in 2019 of €25.6 billion, despite the double challenge brought about by COVID-19 and the uncertainty of Brexit. In 2019, the Eurozone region, which is a key focus of EI’s diversification strategy, saw growth of 15% to €5.65 billion. Exports to North America increased to €4.72 billion in 2019, an increase of 16%. In 2019, exports to the UK were €7.92 billion. While the dependency on the UK as a destination for EI client company exports reduced from 33% in 2018 to 31% in 2019 of total exports, thereby demonstrating EI’s diversification strategy it is recognised that the UK is still an important market for many Irish companies.

EI’s comprehensive supports are designed to further market research, new product development and market-entry leading to increased internationalisation. EI also has a full range of supports to assist companies with the funding challenges that arise during their growth development phases and product lifecycles.

Through its network of 40 overseas offices and its extended Pathfinder (Trade Consultant) network, EI provides client companies with key supports in target markets. EI’s client companies can access market knowledge on a regional and industry-specific sectoral basis, gain introductions to buyers/suppliers/partners, secure in-market and market intelligence, and access incubation and Hot Desk facilities. In 2020, Enterprise Ireland adapted its business to remote working to ensure the well-being of its staff while also providing a range of financial supports to Irish businesses, including the Sustaining Enterprise Fund and COVID-19 Business Financial Planning Grant. These new financial supports provided by DETE helped Irish companies to stabilise, enabling them to focus on resetting and recovering from the impact of COVID-19.

Enterprise Ireland plays a key role in organising the annual programme of Ministerial-led trade missions. The programme for 2020 included virtual market visits to key locations across the Eurozone, North America and Asia-Pacific regions, which represent the strongest growth opportunities for Irish companies. Trade Missions focus on promoting the innovative capabilities and competitive offerings of Irish companies to international buyers in key sectors, including, Life Sciences, engineering, high-tech construction, ICT, fintech and internationally traded services.

The worldwide travel restrictions imposed early in 2020 due to the COVID-19 pandemic brought an abrupt stop to the trade mission schedule. Enterprise Ireland and the Department quickly adapted to bring trade activities to Irish companies in a virtual format. Irish exporters were eager to learn about the challenges of their buyers and suppliers, and how these businesses were operating in their target markets. Enterprise Ireland’s network of 40 international offices rapidly deployed new supports to Irish enterprise to help them maintain and grow their businesses internationally; securing virtual buyer meetings, developing sector specific webinars and virtual in-market events that resulted in international sales and exports similar to the traditional trade mission format.

Enterprise Ireland has been supporting businesses to deal with the challenge that Brexit presents since 2016. Its dedicated Brexit Unit and Brexit supports have helped many Irish firms to prepare for the UK’s departure from the European Union. Supports include the Brexit Readiness Checker which helps companies to examine their preparedness for trading with the UK, highlight any gaps in their preparations, identify priority areas for attention and provides details for further help and support. The Brexit Customs Briefing webinar series was developed in response to increased demand from companies for information on the preparations they needed to make for Jan 2021.

Enterprise Ireland Client Exports 2019 by territory

+19%

Northern Europe €1.13bn 4% of exports

-5% North America €4.72bn 18% of exports

UK€7.92bn 31% of exports

+16%

+2%

Eurozone €5.65bn 22% of exports

Middle East/Africa/India €1.4bn 5% of exports

€2.14bn 8% of exports

Latin America €0.23bn 1% of exports

+23%

(Formerly the Irish Dairy Board) €1.75bn €25.6bn 7% of exports

+8%

Source: Enterprise Ireland (April 2020)