A new Eurozone strategy by Enterprise Ireland will make funds available to EI clients to increase their exports to the EU.
Client companies of Enterprise Ireland (EI) had export sales of over €22bn in 2016. The UK market took €7.5bn of last year’s exports, while exports to the US/Canada were €3.7bn, up 19% year-on-year.
The food sector is the largest player regarding total exports; more than €10bn of food products were shipped last year by EI client firms.
“Companies cannot afford to wait until the Brexit negotiations conclude – they must act now.”
With this in mind, EI has launched a Eurozone strategy to help exporters in Ireland increase their sales to Eurozone countries by 50% by the end of 2020.
More funds and supports will be made available
Enterprise Ireland will raise the level of funding available to support clients to enter or scale in the Eurozone. These will include:
- Eurozone market research and feasibility grants
- Eurozone market access grants for market expansion
- Business innovation/R&D grants for product localisation
- A ‘Eurozone’ key manager grant
- Management development training and access to language supports
- An International Graduate Programme with Eurozone language skills
- More funding for trade events in Eurozone countries
“The growth of exports to the UK has slowed [and this] suggests that the impact of Brexit on Irish companies has already started,” says Julie Sinnamon, CEO of Enterprise Ireland.
“Companies cannot afford to wait until the Brexit negotiations conclude – they must act now.
“While diversifying from the UK might have been a desirable objective for Irish companies in the past, Brexit means that it is now an urgent imperative.”
READ THE FULL EUROZONE STRATEGY.