New Enterprise Ireland strategy sets out ambitious targets to increase jobs in companies supported by Enterprise Ireland to 275,000 and to increase exports to €50bn by 2029.
State export and business growth agency Enterprise Ireland has revealed a new five-year strategy that will aim to increase exports to €50bn within four years.
Key to this will be strengthening skills and talent in the Irish economy and setting businesses properly up for success.
“With companies supported by Enterprise Ireland now employing 234,454 people and over €34bn in exports, this gives Enterprise Ireland a strong platform to launch our strategy, with ambitious targets for the Irish enterprise base”
As part of this vision, the aim is to see 1,700 new Irish-owned exporters trading globally and the creation of 1,000 new start-ups by 2029.
The drive aims to see jobs in businesses supported by Enterprise Ireland increase to 275,000 in this period.
The new strategy comes just weeks on the heels of sister agency IDA Ireland revealing its five-year strategy which is targeting 1,000 new investments that will deliver €250bn to the Irish economy and create 75,000 additional jobs.
Start, compete, scale and connect
Enterprise Ireland works with over 4,000 Irish-owned businesses to support them to start, compete, innovate and scale, and create jobs in towns and communities across Ireland.
The strategy also targets a 35% reduction in CO2 emissions by 2030, a 3% average increase in productivity and a €2.2bn spend on research, development and innovation (RD&I).
Key targets also include a €55bn spend within the domestic Irish economy, and the delivery of 10,000 enterprise engagements with Irish businesses through our research infrastructure and programmes
“Enterprise Ireland is committed to working with Irish businesses to help them grow and succeed in international markets,” said interim CEO of Enterprise Ireland Kevin Sherry. “Our objective in our new five-year strategy ‘Delivering for Ireland, Leading Globally’, is to Accelerate Sustainable Irish Business, now and into the future.
“With companies supported by Enterprise Ireland now employing 234,454 people and over €34bn in exports, this gives Enterprise Ireland a strong platform to launch our strategy, with ambitious targets for the Irish enterprise base which aims to support more Irish companies to achieve greater scale through international growth. It is our long-term ambition that exporting Irish companies will become the primary driver of the Irish economy.”
This new strategy, which is aligned with the Programme for Government and the White Paper on Enterprise, sets out our four strategic objectives for the Irish enterprise base; Start, Compete, Scale and Connect.
- Start – Enhance the pipeline of innovative and scalable start-ups by supporting them with their long-term, sustainable growth ambitions. The target is to support 1,000 new start-ups over the five-year period, from 2025 to 2029
- Compete – Support companies to be more productive, founded on sustainability, innovation, digitalisation, operational efficiency, and strong leadership and capabilities. Key targets include a 35% reduction of CO2 emissions by 2030, a 3% annual average increase in productivity, 1,700 additional Irish-owned exporters and €2.2 billion spend on RD&I
- Scale – Increase the number of world-leading Irish companies, with targets of 275,000 employed in Enterprise Ireland supported companies by the end of 2029, €50 billion in export sales and 150 large Irish exporting companies of more than 250 employees supported by Enterprise Ireland by 2029
- Connect – To see an enhanced, internationally competitive, and interconnected enterprise and innovation ecosystem that fosters start-ups, drives enterprise growth and investment. Key targets include €55 billion spend within the domestic Irish economy, and the delivery of 10,000 enterprise engagements with Irish businesses through our research infrastructure and programmes
“I welcome the publication of Enterprise Ireland’s new strategy today and recognise the importance of working together to ensure that Ireland provides a supportive environment for Irish businesses to scale and grow,” said the Minister for Enterprise, Tourism and Employment Peter Burke, TD.
“I am confident that the initiatives and actions outlined in this strategy will support this ambition and position Ireland ahead of emerging economic trends. Irish exporters are a critical component of the Irish economy, and the Government is committed to supporting this sector to scale to further heights in the years ahead. I’m pleased to see Enterprise Ireland’s ambitions under this strategy include increasing the number of internationally successfully Irish owned companies of scale, diversifying our exports and increasing the productivity of our SME sector. These efforts will all add to the resilience of Irish businesses, allowing them to continue to succeed in an increasingly competitive global market.”
To advance these areas of focus, Enterprise Ireland will utilise six separate levers to achieve its goals; Funding Ambition, Igniting Innovation, Embracing Sustainability, Strengthening Skills and Talent, Maximising Global Opportunity and Driving Performance.
“Enterprise Ireland’s ambitious and exciting new strategy aims to increase client company export sales to €50bn by the end of 2029, with a target to grow jobs numbers to 275,000,” said Michael Carey, chair of Enterprise Ireland.
“Despite the global economic challenges that lie ahead, we have every confidence in the resilience and agility of the Irish enterprise base who, with our support, have proven their ability to adapt, diversify and succeed, and we look forward to continuing to work closely with our client base to deliver for the benefit of the Irish economy over the next five years.”
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