A survey of Enterprise Eire shopper firms attending Worldwide Markets Week has discovered that 84% of exporters plan to enter new worldwide markets over the subsequent 12 months, regardless of ongoing market uncertainty and issues round points reminiscent of provide chain, power prices and inflation.
The survey revealed that 35% of these requested cited world market and financial uncertainty as the first problem for his or her enterprise for the subsequent six months. 32% expressed issues about provide chain, worth inflation and power prices, whereas one in 4 26%)cited expertise and expertise shortages as being the most important problem to their enterprise.
Regardless of the difficult financial atmosphere, there was a transparent buoyancy about future enterprise sentiment and robust optimism from the shopper firms that participated in our survey, as 9 out of ten (91%) mentioned they count on their exports to extend subsequent yr. Nearly two-thirds (59%) mentioned their export gross sales have elevated to this point this yr, when in comparison with final yr, and nearly one-third (32%) mentioned they’ve remained secure.
A robust majority of the exporters surveyed (84%) are planning to enter new markets in 2023, with two-thirds (62%) of these stating that growing their abroad market presence is their greatest precedence for the subsequent 12 months. Of these planning to enter new worldwide markets subsequent yr, one-third mentioned North America is the precedence marketplace for them in 2023, with 27% prioritising Europe and one-in-five (19%) citing the UK.
Nearly three quarters of the companies surveyed (74%) mentioned that having inexperienced credentials with a sustainability coverage in place is taken into account an essential issue when competing to win new enterprise abroad.
Minister of State for Enterprise, Employment and Retail, Damien English, mentioned: “I’m very inspired, regardless of the difficulties introduced by Brexit, Covid-19 and most just lately market instability and decreased client confidence, that Irish companies are persevering with to point out power, resilience and adaptableness in on the lookout for new alternatives to promote internationally. It has all the time been a precedence of this Authorities to again Irish companies and help them by way of unsure intervals. I’m happy that the variety of Enterprise Eire firms coming into new markets has elevated and that firms stay optimistic and export-focused in a fast-changing world for the yr forward. Worldwide Markets Week gives a superb alternative for Irish firms to advance their ambition to increase, innovate and diversify their operations.”
Irish companies attending this yr’s IMW may even have the chance to go to Enterprise Eire’s International Ambition Hub, the place they’ll have entry to consultants on points reminiscent of sustainability, digitalisation, strategic partnerships, expertise, progress capital and market intelligence.
Leo Clancy, CEO, Enterprise Eire mentioned: “We’re delighted that Worldwide Markets Week has returned in individual and is again, greater and extra buoyant than ever. It’s optimistic to see from our analysis that Irish exporters are optimistic for the subsequent 12 months and reported export will increase final yr in opposition to the backdrop of a difficult world financial atmosphere for companies. Thus far in 2022, we have now seen our shoppers win a complete of 882 new contracts and set up 325 abroad presences throughout difficult financial circumstances, with assist from Enterprise Eire. In keeping with Enterprise Eire’s technique ‘Main in a Altering World’, resilient and internationally centered Irish enterprises would be the core driver of the Irish economic system and we at Enterprise Eire are proud to assist them in attaining their ambitions by way of these altering occasions.
“The enterprise optimism is a credit score to the innovation and suppleness of Irish exporters who’ve overcome a spread of obstacles in current occasions together with, Brexit and Covid-19 and are actually dealing with a spread of buying and selling challenges in response to the uncertainty surrounding the warfare in Ukraine. It’s very important that the present inflationary pressures, particularly will increase in power prices, don’t derail that restoration and we proceed to assist and develop employment alternatives throughout all areas. Enterprise Eire will proceed to assist our shoppers to take care of these points. Now we have a core programme ready geared toward addressing power prices and we’ll proceed to look at methods by which our efforts may also help firms this winter and in subsequent years.”
Worldwide Markets Week continues on the RDS till 15 October.
The contents throughout the article have been provided through Newswire for Finencial.com, go to