Press release
Minister Robert Troy leads Enterprise Ireland and IDA Ireland Trade and Investment Visit to North America
From Department of Enterprise, Trade and Employment
Published on
Last updated on
From Department of Enterprise, Trade and Employment
Published on
Last updated on
Robert Troy TD, Minister for Trade Promotion, Digital and Company Regulation, will today commence a five-day trade and investment visit to Canada and the United States covering Toronto, Montréal, Boston and New York. The trade visit, organised by Enterprise Ireland and IDA Ireland, aims to boost trade collaboration and support an accelerated export-led recovery of Irish businesses in international markets.
30 Irish companies will be taking part in the trade visit representing a wide regional spread, with participants based in Carlow, Cork, Dublin, Louth, Monaghan, Tipperary, Waterford and Westmeath.
This is the first in-person trade visit to North America undertaken by Enterprise Ireland since the onset of COVID-19. Over the last 24 months, over 150 Enterprise Ireland client companies have set up a new presence on the ground in North America, representing a broad range of sectors including digital technology, healthcare, agritech, cleantech and fintech.
In 2020, the combined US and Canadian markets represented 18% of total Enterprise Ireland client exports, with exports reaching almost €4.5bn to the North American region. Over the five day trade visit, Minister Troy will meet with senior executives from across the finance, healthcare, education, and technology sectors among others, supporting the growth of 30 Enterprise Ireland client companies and reaffirming Ireland as an ideal location for Canadian and American companies to establish and grow.
Speaking ahead of the trade visit Minister Troy commented:
“I am delighted to be leading the Enterprise Ireland/IDA Ireland trade visit to the USA and Canada. The trade visit will focus on key growth opportunities and collaboration with both markets, supporting early entrants and established Irish companies to expand key business relationships with their North American counterparts.
"Ireland’s continued contribution to FDI in both Canada and United States, almost €10 billion and $240 billion respectively, highlights the depth of the economic ties we have with both countries. With nearly 170,000 people employed by Canadian and US companies in Ireland, this further demonstrates the mutually beneficial and vital trade links we have with these major markets.
"Throughout this visit I will be engaging with key decision-makers in Government and industry to promote the innovative capabilities and competitive offers of Irish companies. Trade and collaboration with these international markets is crucial to Ireland’s recovery as we rebuild after COVID-19.”
During the visit Minister Troy will officially open the new Enterprise Ireland Montréal office. This expansion by Enterprise Ireland highlights the significant opportunities in Montréal for Irish companies; Montréal is the fifth most rapidly growing metropolitan area in all of North America.
Tom Cusack, Head of International Sales and Partnering, Enterprise Ireland said:
“The economic impact of Irish companies on both sides of the Atlantic is significant; with Irish companies generating exports reaching almost €4.5 billion and employing over 120,000 people in North America. With the official opening of Enterprise Ireland’s Montréal office, we recognize Montréal and the wider Québec region as a dynamic, fast growing economy which presents unique opportunities for Irish companies doing business across a range of sectors. As a world-leading hub for aerospace, life sciences, artificial intelligence, and finance, Enterprise Ireland looks forward to working with Irish companies to avail of the opportunities in Montréal.”
Brian Conroy, IDA Ireland’s Regional Director in North America, who will accompany the Minister to meetings with the parent companies of IDA Ireland’s existing and target clients in the US and Canada said:
“The US is the single largest source of Foreign Direct Investment (FDI) in Ireland. 766 US companies employ over 160,000 people directly in Ireland and US corporations account for over 70% of total inward investment employment in Ireland. Canada, meanwhile, where IDA Ireland opened an office two years ago, is a fast-growing market for IDA, accounting for 51 companies employing 7,000 people.
"As competition for foreign investment is at an all-time high, trade visits like this help IDA to increase awareness of Ireland’s offering. This visit is a welcome opportunity to build relationships with new clients and deepen relationships with the parent companies of our existing clients.”
Coinciding with the trade visit, a number of Irish business announcements will be made: