Enterprise Ireland Announces International and Domestic Trade Events for 2018
Enterprise Ireland has announced that it is set to undertake over 200 international and domestic trade events in 2018. This figure represents a 50 per cent increase on 2017, reflecting the serious challenge that Brexit poses for Irish businesses. 70 of these export-focused trade events will be led by Government ministers.
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. 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 internationally traded services, fintech, high-tech construction, engineering, ICT and lifesciences. 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.
The Enterprise Ireland/IDA Ireland trade and investment mission to the USA supports Irish companies to develop in-market expertise and networks, influence decision-makers, while re-enforcing Ireland’s reputation internationally and stimulating demand for Irish products and services.
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. 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 over $85 billion, ranking Ireland the 9th 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.
Launching the trade event programme at SXSW, 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. Through over 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.”