Tánaiste Launches Enterprise Ireland Strategy for Irish Services Sector and new ‘Going Global Fund’
Irish Internationally-Traded Service Exports to Double by 2015
The Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan T.D. today (Wed 19th November 2008) launched Enterprise Ireland’s strategy for the internationalisation of Ireland’s services sector, which the agency estimates could yield up to ¤1.14bn in new export sales for Ireland by 2010, reaching exports of ¤5.25bn by 2015.
Tánaiste Coughlan also announced Enterprise Ireland’s new “Going Global Fund” – a ¤3m government fund specifically aimed at locally traded companies that have successfully established businesses in Ireland and wish to explore opportunities to sell abroad.
Launching the strategy, The Tánaiste said: “Over the next ten years, services will be the key driver of Ireland’s economic success and job creation. We already have a strong base from which to drive this internationalisation of Irish services – the Irish services sector accounts for two-thirds of the workforce in Ireland and 60pc of the value added. Ireland is also now the 10th highest exporter of services in the world.”
“In September, I launched the report of the Services Strategy Group Catching the Wave: A Services Strategy for Ireland and I am delighted to see Enterprise Ireland respond with this practical strategy and new fund. These plans and supports will give ambitious services firms, particularly those that have not looked beyond the Irish market yet, the confidence to offer their quality services in global markets, generating wealth and prosperity for the economy back home.”
Enterprise Ireland’s Head of Internationally Traded Services Kevin Sherry added: “Enterprise Ireland’s strategy recognises that Irish economic success in the coming years will depend heavily on services. Many Irish companies are already successfully targeting the opportunities presented and Irish exports are growing rapidly. Between 2005 and 2007 exports of Enterprise Ireland’s internationally traded services clients grew by ¤847m to their current level of ¤2.61 billion, and now account for over 20% of EI’s total client exports.
“Global demand for services continues to grow and we believe that Irish services exports have the potential to double to ¤5.25bn by 2015 from their current base of ¤2.6bn.
“The strategy and plans are challenging, both for the agency and for the companies involved but Enterprise Ireland is determined to provide ambitious service companies with the resources and assistance they need to scale up, develop the necessary competences, and approach export markets with confidence.”
Notes to Editors:
A full copy of Enterprise Ireland’s Internationally Traded Services Strategy is available at http://www.enterprise-ireland.com/Publications/Corporate/ITS+Strategy+2008.htm
However, here follows a list of the main actions and supports being established under the new strategy:
Recognising the critical importance of services, Enterprise Ireland has:
- Established a specialised unit dealing with Internationally Traded Services
- Allocated additional resources to the services sector and to service activities
- Conducted intensive research into the exporting opportunities for Irish services companies
- Developed comprehensive action plans to realise the potential of the sector
Enterprise Ireland’s financial support mechanisms have been adjusted and expanded to respond effectively and appropriately to the needs of services companies.
- The new ‘Going Global’ Fund is available to help locally trading companies explore internationalising opportunities
- The eligibility criteria for Feasibility Study funding have been expanded to cover the development of new business models, which is of particular relevance to services companies
- The positioning and focus of the R&D Fund, the Growth Fund and the Innovative High Potential Start Up’s offer have been revised, with the aim of stimulating more research, development and innovation in services activities (in both service companies and manufacturing companies)
About the new Going Global Fund
The Going Global fund is focused on locally trading companies that have successfully established businesses in Ireland and wish to explore opportunities to sell their services/products abroad as a route to growth.
The aims of the fund are to assist successful applicants to:
- evaluate and assess overseas market opportunities
- develop plans to localise their current service/product offer for overseas markets
- identify suitable channels to international markets
- examine possibilities for web-enabling its service offer for export markets
- undertaking overseas market research
Clients and potential clients of Enterprise Ireland seeking to internationalise their business can apply once they meet the following conditions:
- Have 10 employees and/or annual turnover > ¤1m
- Carry out an eligible service or manufacturing activity
Maximum funding
- The maximum support is ¤50,000 grant.
- The maximum support rate is 50% of all eligible costs.
- Eligible costs include wages/salaries; consultancy costs; travel and subsistence in addition to overhead costs.
A call for proposals is held quarterly, with the first call closing date on the 9th January 2009.
Strategic Supports
Enterprise Ireland is also working with its clients through the provision of a wide range of strategic support mechanisms, to help them realise their export potential. Enterprise Ireland will:
- Establish a panel of mentors with specific experience and skills in services to work with client companies as they develop their business models and their expertise
- Add a services module to the International Selling Programme, so that the exporting sales team is trained to ‘best in class’ standards
- Introduce a new “First Flight” support programme targeted at assisting locally trading companies planning to internationalise their business
- Commit its network of overseas offices to work with client companies to help them identify and work effectively with the best partners in their target markets
- Introduce a number of short programmes to assist companies in specific identified areas critical to success in internationally traded services sectors
ENDS/ETE1970
Last modified: 19/11/2008
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