USA is the largest export market for Enterprise Ireland tech clients, achieving over €1.1bn exports in 2023.
Irish exports to the United States have surged beyond €1.1bn. The revelation came as Enterprise Ireland and IDA Ireland embark on a US trade mission led by Minister for Enterprise Peter Burke, TD.
The US is now the largest export market for Enterprise Ireland tech companies whilst North America remains IDA’s most important market for FDI, accounting for over 70% of inward investment employment in Ireland.
“Ireland’s creative and tech industry has an excellent international reputation, demonstrating world-class technical skill and we believe there is significant opportunity for future growth”
In 2023, 156 investments from North American companies were made in Ireland which will result in 13,000 new jobs.
Lights, camera and action for Irish creative and digital industries
“Ireland’s continued contribution to FDI to the United States, at almost $240 billion, highlights the depth of the economic ties between both countries,” Minster Burke said.
“Ireland’s creative and tech industry has an excellent international reputation, demonstrating world-class technical skill and we believe there is significant opportunity for future growth. There are a number of vibrant Irish companies travelling with us on this trade mission and I look forward to supporting them in bringing their highly innovative products and solutions to the US market.
“I am very proud of our reputation as an attractive destination for foreign direct investment largely due to our pro-business environment, our highly-educated workforce and our membership of the European Union. During the visit we will meet with key business people in the US and will outline how our focus on sustainability and digital transformation can support companies as they build competitiveness, expand, and further embed themselves in Ireland, and as a springboard to accessing the EU Single Market and the wider EMEA.”
Accompanied by Enterprise Ireland CEO Leo Clancy and IDA Ireland CEO Michael Lohan, the delegation of 16 Enterprise Ireland clients and 15 IDA Ireland clients from the technology sector will participate in the 5-day programme across Los Angeles, San Diego, Silicon Valley, San Francisco and Seattle, engaging with US companies including NVIDIA, Netflix and Amazon.
Second Dinner, the game studio behind Marvel Snap, has invested in Irish gaming start-up W4 Games, signalling their commitment to developing games using the Godot open-source game engine. W4 Games recently announced a new partnership with Meta to enhance the Godot engine’s integration with Meta Quest, expanding the open-source game development ecosystem for virtual and mixed reality (XR) experiences.
Enterprise Ireland client companies also taking part in the mission, who are focused on rapid growth in the USA include SSVFX, Element VFX, Taoglas, W4 Games, Tines and Equal1.
“Enterprise Ireland client companies are scaling rapidly in the USA, which is now the second largest export country for client exports, with €5.9bn exports in 2023,” said Leo Clancy, CEO of Enterprise Ireland.
“Expanding their footprint in the USA, Enterprise Ireland clients have established 80 new market presences in the United States in the last 18 months, supported by Enterprise Ireland’s six offices across the USA. The trade mission this week will look to further support Enterprise Ireland clients to scale in the market, particularly in the tech and VFX sectors, which are showing strong growth potential for our client companies.”
Beginning the Trade Mission in Los Angeles, Minister Burke and members of VFX Ireland, the trade association that represents Ireland’s VFX studios will go to Hollywood where they will meet with Netflix and Amazon Studios to discuss on-going and future collaboration opportunities.
Irish VFX studios, such as Windmill Lane, EGG VFX, Piranha Bar and Outer Limits, have worked on major Netflix and US productions including Shogun, Bodkin, The Woman King, The Apprentice (2024) and The Forsyte Saga, showcasing their world-class talent.
The Irish VFX industry continues to thrive, now employing over 300 people and revenues have grown 326% in the last 5 years. Ireland’s strategic location, talent and the Section 481 tax incentive make it a prime hub to serve the US entertainment industry.
“As part of this trade mission, we will be meeting with some of the largest and most dynamic companies in the world of technology and life sciences,” IDA Ireland CEO Michael Lohan said.
“These companies among others continue to seek stable, pro-business locations for their businesses to expand and grow. This week offers us an important opportunity to deepen our relationships with face-to-face meetings at the highest level with new and existing clients.
“Competition for foreign investment has never been as intense and trade missions such as these, help to increase awareness of Ireland’s attractiveness as a place to invest and succeed.”
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. All episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
