Grow your Nordic ambition as exports hit €1.7bn high

The Nordics have been identified by as the fastest growing region for Irish exporters.

New data from Enterprise reveal that Irish exports to the Nordic region saw a 15% increase in 2023, reaching a new record high of €1.7bn.

The agency says this growth has made the Nordics – comprising Denmark, Norway, Sweden, Finland, Iceland, as well as the Faroe Islands, Greenland, and Åland – as the fastest growing region globally for Irish exporters.

According to a survey by Enterprise Ireland of Irish businesses that export to the region, nearly a third of the companies employed staff in the region and most found the availability and quality of talent to be good. 

Sustainable growth opportunities

Sustainability is considered very important across all Nordic markets. This emphasis is driven by major local players who expect their suppliers to follow suit.

According to the Irish companies doing business in the region, the importance of sustainability in the qualification and contract award phases is growing year-on-year, as a green image is highly valued in all Nordic countries.

The survey found that Irish companies are optimistic about their growth prospects in the Nordic region and the corporate tax and regulatory environment are generally viewed as favourable.

Based on the survey results, the market potential for Irish products and services is perceived as good across the region, particularly in Sweden and Denmark, even though Denmark is considered to be the most competitive market.

There is a strong desire among these companies to expand further across the Nordics, either by partnering with suitable distributors or establishing a local presence, with positive outcomes anticipated in the coming years. 

With the help of local distributors Irish companies are exploring opportunities in sectors such as high-tech construction, life sciences, technology and services, and agriculture.

Sweden and Denmark are experiencing steady annual growth, while Iceland, Norway, and Finland also present promising opportunities for Irish companies.

Survey results show that profitability for exports in the Nordic markets has steadily increased over the last three years with many Irish companies expecting their exports to grow over the next 3-5 years.

The region’s emphasis on premium products and professional relationships aligns well with the strengths of Irish businesses. Additionally, the widespread use of English and excellent infrastructure further ease the process of doing business.

Bilateral trade relations between Ireland and the Nordics are robust and thriving across the region. “Brand Ireland” is highly regarded, particularly in Sweden and Denmark, where it is seen as a mark of quality and reliability. This positive perception has been instrumental in fostering strong business ties and facilitating market entry for Irish companies.

Enterprise Ireland said that its on-the-ground support in the Nordics has been crucial in strengthening relationships and providing Irish businesses with valuable insights, resources, and connections to navigate local markets effectively. 

“The survey results underscore the strong trade relationships and the positive perception of ‘Brand Ireland’ across the Nordics,” Hannah Fraser, director of Nordic Region at Enterprise Ireland said.

“Evidently, Irish companies are well-positioned to leverage opportunities in the Nordics, driving innovation and sustainable development. This reflects the ambition and appetite for success among Irish companies in the region.”

Main image at top: Photo by Kym Ellis on Unsplash