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Ireland Launches New Trade Strategy

by Jason Gorringe, Tax-News.com, London

13 March 2017

The Irish Government is aiming to secure 900 new foreign direct investments over the period 2015-2019.

The goal forms part of the Government's new trade strategy, "Ireland Connected: Trading and Investing in a Dynamic World." According to the Government, the strategy "will deepen Ireland's economic resilience and responsiveness in the face of highly changeable global conditions by intensifying our business development activity in existing markets and diversifying into new regions."

Among the targets is an increase in indigenous exports, including food, to reach EUR26bn (USD27.4bn) by 2020. This would represent a 26 percent increase from 2015. In addition, the Government wants 80 percent of indigenous export growth over the period to 2020 to be outside of the UK market, and intends to maintain exports of at least EUR7.5bn to the UK.

The Government also hopes to boost research and development spend in Irish-owned businesses, and increase the spend in the economy from Enterprise Ireland- and IDA Ireland-supported companies.

Prime Minister Enda Kenny said: "While we are determined to preserve the gains that we have made so painstakingly over recent years, Brexit has the potential to reshape Ireland's enterprise and export strategy for decades to come. Ireland's immediate priority will be to further diversify and intensify our engagement with non-UK markets, with a particular emphasis on the Eurozone."

TAGS: investment | business | Ireland | foreign direct investment (FDI) | United Kingdom | food | trade | research and development

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