Dáil Éireann Debate, Tuesday - 14 July 2020
94. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Business, Enterprise and Innovation the extent to which efforts continue to be made to invest in modern industry throughout the island of Ireland with a view to ensuring the maximum positive impact on international markets for products originating throughout the island ; and if he will make a statement on the matter. [16010/20]
Amharc ar fhreagraMy Department through its agencies, Enterprise Ireland and IDA Ireland, is working with manufacturing and internationally traded services companies across Ireland to build scale, innovate and expand reach - key attributes required to be resilient to economic shocks such as Brexit and COVID-19.
At the start of 2020 as the Enterprise Ireland entered the final year of its strategy, client companies were performing strongly and were preparing for the challenges and opportunities presented by Brexit. The agency had delivered a range of new supports to mitigate market shocks associated with Brexit and a contingency plan was in place for activation if required.
In 2019, Enterprise Ireland supported 2,000 Brexit exposed companies and administered €125 million in supports to companies over a 2-year period. These preparations will stand to Irish enterprise as they seek to stabilise their businesses during the COVID-19 pandemic period and then position their companies to recover and grow once markets re-open.
To assist businesses to address the challenges posed by the COVID-19 pandemic, my Department with Enterprise Ireland, IDA Ireland and the Local Enterprise Offices has put in place a comprehensive suite of supports addressing stabilisation of business and access to finance to implement a business sustainment plan. In addition to this Enterprise Ireland remains committed to supporting companies build scale, innovate and expand reach. For example:
- Enterprise Ireland continues to engage with clients on a one-to-one basis to establish company need and will tailor a support package utilising the full suite of supports offered by the agency to address this need.
- The agency’s global network of 40 offices continues to support this activity via providing market intelligence to inform companies’ internationalisation strategies.
- Enterprise Ireland’s client management development programmes, including the delivery of mentoring services to companies, are now being delivered online to companies to support leadership and strategy development in client companies.
- Enterprise Ireland is delivering trade events between Irish companies and overseas buyers online. This are key events for winning business overseas.
- Funding to support regions build increased enterprise capability continues to be delivered. In June, €17 million was awarded under the Border Enterprise Development Fund by the agency to 11 projects in the region.
- In July an ‘All Sectors’ and ‘Women Entrepreneurs’ Competitive Start Fund was opened. The purpose of this fund is to accelerate the growth of start-up companies that have the capacity to succeed in global markets.
- Enterprise Ireland continues to provide equity investment of up to €800,000 on a co-funded basis, to innovation-led high potential start-ups that are developing and commercialising new or substantially improved technologies, products or services.
- Enterprise Ireland is currently engaged in the second call of its Seed and Venture Capital Scheme (2019-2024), targeting funds investing into companies emerging from the third-level research organisations (Spin Outs).
The impact of COVID-19 on Enterprise Ireland clients is unprecedented. How and when the economies of domestic and international markets recover remains unclear. In addition, challenges such as Brexit and changes to the global trading outlook will challenge Irish enterprise in the months ahead.
I can assure the Deputy that my Department and its agencies will monitor the needs of sectors and companies as the situation evolves and provide new supports to meet changing company needs, as required. Indigenous Irish companies are the backbone of the economy and the agency is committed to helping these companies sustain their businesses.
