Dáil Éireann Debate, Thursday - 4 October 2018
108. Deputy Bernard J. Durkan asked the Minister for Business, Enterprise and Innovation the jurisdictions with which the greatest improvement of trade is likely to be achieved in the aftermath of Brexit; and if she will make a statement on the matter. [40549/18]
View answerBrexit has brought ever-sharper focus upon the importance for Irish companies of pursuing diversified export markets as well as new market opportunities. This includes markets that are growing as well as markets where there is already a well established presence but with potential for further growth. Supporting such actions are key priorities for Government and my Department.
Ministerial-led Trade Missions support the Government's major drive towards market diversification. The majority of trade missions are taking place to the Eurozone, North America and Asia Pacific, which represent the strongest growth opportunities for Irish companies. These Trade Missions focus 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.
The Government’s Enterprise 2025 Renewed strategy published in March 2018 sets out targets for export growth and diversification within the indigenous exporting base, with ambitions to increase exports as a percentage of total sales of Irish owned companies from 52% to between 55% and 60% by 2020 and increase Enterprise Ireland client exports beyond UK markets from €14.1 billion to €17.4 billion by 2020. The strategy also targets a 50% increase in the number of FDI investments from non-US markets by 2020.
In 2017, Enterprise Ireland launched its Eurozone Strategy as a key element of its supports to help companies diversify their export markets. In particular, it aims to increase exports to the Eurozone by €2bn per annum by 2020, equivalent to a 50% increase. This would represent one of the most significant shifts in Enterprise Ireland supported client exports into the Eurozone and is particularly important in the context of Brexit.
Furthermore, in June 2018, the Government formally launched the ‘Global Ireland – Ireland’s Global Footprint to 2025’ initiative. Global Ireland will support efforts to grow and diversify export markets, inward investment and tourism, as Brexit becomes a reality. It will ensure that Ireland is better positioned to build the alliances necessary to advance its interests and defend its positions in a post-Brexit EU, while also helping to secure our deep and positive relationship with the UK and its constituent parts into the future. Under the Global Ireland initiative Enterprise Ireland will further increase the diversification of client exports into new markets, with the ambition that 70% of exports will go to markets beyond the UK by 2025.
As well as the global efforts supported by our agencies, key to our success has been our commitment to trade liberalisation in order to open new markets for our indigenous sectors. The EU has successfully concluded a number of important trade agreements with trading partners and is in the process of negotiating or upgrading its agreements with many more. These existing suite of EU Free Trade Agreements (FTAs) and new trade deals will continue to be very important for Ireland. With a small domestic market, further expansion in other markets is essential to our continued economic growth and in this regard Ireland will continue to support the EU’s ambitious programme of negotiating new Free Trade Agreements, opening new markets for Irish companies and increasing export and investment opportunities.
