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Enterprise Ireland Annual Report for 2010 Shows Irish Companies Achieved 14bn of Exports in 2010

Strong performance by exporters but need to build on this success to create jobs – Bruton

29 June 2011

Enterprise Ireland’s Annual Report and Accounts for 2010 published today [Wednesday] shows that Irish companies achieved 14bn export sales in 2010. Within that, Irish companies achieved a record 1.95bn of new export sales. This represents a strong rebound and recovery of 70% of the exports lost in 2009.

Enterprise Ireland client companies are expected to achieve record levels of exports in 2011.

The Minister for Jobs, Enterprise and Innovation Mr. Richard Bruton T.D. welcomed the report saying that it shows a strong performance by exporters in 2010, but emphasised the need for high ambition, and to build tirelessly on this success in order to create jobs and growth.

Enterprise Ireland is the Government agency responsible for the development of Irish companies and driving Irish export sales. Enterprise Ireland client companies are responsible for almost 300,000 jobs (137,241 directly employed) and spend an estimated 19bn per annum in the Irish economy, delivering huge economic impact to communities across every county in Ireland.

In addition to the strong export performance, Enterprise Ireland’s Annual Report and Accounts 2010 shows that despite a continued challenging economic environment for Irish business, client companies started more new high potential enterprises than ever before and maintained investment in high-value research and development projects.

Exports

According to Enterprise Ireland’s Annual Report and Accounts 2010, total export sales by Enterprise Ireland client companies in 2010 were almost 14bn and included new export sales of 1.95bn. This represents a strong rebound and recovery of 70% of the exports lost in 2009. All of Ireland’s key industry sectors recorded growth in total export sales, including life sciences, cleantech, electronics, engineering, construction and timber, education services and software. Of particular note was the Food sector which is Ireland’s biggest indigenous industry growing exports by 11%.

Entrepreneurship and High Potential Start-Ups

In 2010, Enterprise Ireland made seed capital investments in 80 new innovative start-up enterprises with the potential to create over 770 new jobs and achieve total sales of over 528 million within the next three years.

Enterprise Ireland’s higher education and commercialisation activities continue to yield an important pipeline of new HPSUs and ten of this year’s HPSUs were spin-outs from the third level colleges in Ireland. Since investment in the Technology Transfer system began in 2007, 86 spin-outs have been established; 316 Licence, Option or Assignment (LOA) agreements for IP have been concluded with companies and 575 patent applications have been made.

Research and Commercialisation

1070 client companies were approved funding in 2010 with a total of 86 receiving commitments for financial support in excess of 100,000 for significant R&D projects. During the year, thirty one spin-out companies emerged from Higher Education Institutes (HEIs) and 93 technologies were transferred to companies with Enterprise Ireland support.

Employment

A total of 8,193 new jobs were created by client companies. Full-time employment in Enterprise Ireland client companies stood at 137,241 in 2010 representing a net decline of 5,355.

In overall terms, the total number of people at work (full time and part time) in Enterprise Ireland client companies was 156,577. This represents an important stabilisation in the employment of Enterprise Ireland client companies.

Welcoming the publication of the Report, the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, said:

“I have said repeatedly that government does not create jobs: businesses do, but the role of government is to create the environment in which businesses can grow and create those much-needed jobs. My ambitious plan to create this environment involves reducing business costs, improving access to finance and encouraging R&D and innovation. Crucially, we must not only support high-end multinationals but also the indigneous companies that will lead our recovery.

“Today’s results are very encouraging but it is clear that we must be highly ambitious about what our exporting companies can achieve. I am determined that government will do everything it can, through direct supports to high-potential companies and through implementing policies that create the environment in which they can thrive, to ensure that our businesses can lead recovery in jobs and the economy”.

Commenting on the Report, Hugh Cooney, Chairman of the Board of Enterprise Ireland said:

“We should be proud and greatly encouraged by what client companies achieved during 2010. The bounce-back in exports is truly remarkable and each and every one of them deserves to be recognised for this great achievement.”

“2011 will continue to challenge our clients but there is no question that they are better positioned than ever before to take on this challenge. Irish exporting companies have products and services that stand “shoulder to shoulder” with the best the world has to offer. Enterprise Ireland and its network of 31 overseas offices will continue to work with our clients to compete for business and win, in every corner of the Globe.”

“Our clients have continued to make the vital investments in research and development which enables them to continuously innovate on products and services that their customers want, this has served them well in the past and Enterprise Ireland will support these investments all the way.”

Frank Ryan, Chief Executive Officer of Enterprise Ireland said:

“Twelve months ago we spoke about focusing on building for growth and global success and our companies have not let us down. We continue to have big ambitions for our client companies and we know that in 2011 they will exceed record levels of exports.”

“We have worked tirelessly with them throughout 2010 to build on their core capabilities in key business areas – introducing lean initiatives to their companies, developing new export markets, financial support for R&D and driving the commercialisation of third level research for the benefit of industry.”

“Enterprise Ireland has also continued to innovate in response to clients demands for new flexible offers for entrepreneurs and we will continue to listen to our clients and change throughout 2011 to best meet their needs.”

ENDS

Copies of the Annual Report 2010 are available at:

www.enterprise-ireland.com/ereader/corporate/annualreport2010

For further information contact:

Ciara O’Mahony, Press Officer, Enterprise Ireland, +353 87 2043435.

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Last modified: 29/06/2011

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