Ireland unveils plan to combat global uncertainty

"Brexit has the potential to reshape Ireland’s enterprise and export strategy for decades to come"

Ireland unveils plan to combat global uncertainty

Rolling News

The Government has launched a new plan to boost our export and tourism sectors today.

'Ireland Connected' aims strengthen our economic resilience in the face of global uncertainty.

It follows up on a similar plan for 2010 to 2015 and has been unveiled by the Taoiseach at an event in Dublin this morning.

The plan is designed to "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."

Its key focuses include:

  • Consistent communications 
  • Developing Ireland’s profile 
  • Working with our diaspora 
  • Building relationships at all levels 
  • Harnessing and disseminating market intelligence 
  • Trade and investment missions and events

Launching the strategy, Taoiseach Enda Kenny said:

"Ireland is one of the world’s most open, export-based economies and our new trade strategy 'Ireland Connected' sets out our strategic plan for the years ahead. 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.

"By working together we are confident that with the right policies and cross-Government commitment we will continue to attract FDI, overseas visitors and international students, and to help Irish businesses reach into new markets," he continued.

Its key targets include:

  • Increase our indigenous exports, including food, to reach €26bn by 2020 – up by 26% from 2015 
  • Generate 30,000 more jobs in tourism by 2020 and €5bn in overseas tourism revenues by 2025 
  • Secure 900 new foreign direct investments in the period 2015-2019 
  • Increase our international student numbers by 27% to reach 176,500 by the academic year 2019/2020 
  • Intensify and diversify 80% of indigenous export growth to 2020 to be outside of the UK market and maintain exports of at least €7.5bn to the UK 
  • Deepen resilience Increase investment in developing innovative products, services and solutions by 50% in Irish-owned enterprises to reach annual RD&I spend of €1.25bn 
  • Increase the number of our Irish owned companies of scale by 30% seeing a greater number exceed turnover thresholds of €3m, €20m and €100m 
  • Increase value to the economy with an uplift of 25% spend in the economy from Enterprise Ireland supported companies, and a 20% uplift from IDA Ireland supported entities.

Under the previous strategy, the value of total exports from Ireland increased by a third from €175bn in 2011 to €234bn in 2015. Total exports are estimated to reach €240bn in 2016.