Irish companies to create 60,000 jobs by 2015

The Minister for Enterprise, Trade and Innovation Mr Batt O'Keeffe TD has welcomed Enterprise Ireland's Annual Report and Accounts 2009 published today, (Thursday 8 July 2010) saying the report shows a robust performance by Irish companies during the global economic recession in 2009. Minister O'Keeffe also stated that Enterprise Ireland client companies will create 60,000 jobs by the end of 2015.

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 over 250,000 jobs (134,000 directly employed) and spend an estimated €19bn per annum in the Irish economy, delivering huge economic impact to communities across almost every town in Ireland.

Enterprise Ireland's Annual Report and Accounts 2009 show that during 2009, a year of unprecedented challenge for Irish business, client companies continued to win new export sales, start new high potential enterprises, invest in high-value research and development projects and create jobs.

Exports

According to Enterprise Ireland's Annual Report and Accounts 2009, total export sales by Enterprise Ireland client companies in 2009 were almost €13bn and included new export sales of €693 million. This represents 90% of the levels achieved in 2008, which itself was a record year. Many companies maintained their existing export business while a number of sectors recorded growth in total export sales, including software, internationally traded services and life sciences.

Entrepreneurship and High Potential Start-Ups

In 2009, Enterprise Ireland made seed capital investments in 73 new high potential start-up companies which together will create over 900 new jobs and achieve total sales of over €600 million within the next three years. Enterprise Ireland's investment in over 800 start-up companies over a 20 year period (1989 - 2009) has yielded more than €1 billion in Irish exports and in excess of 14,000 jobs. 

Research and Commercialisation

Over 120 client companies were approved financial support in excess of €100,000 for significant R&D projects, a significant increase on 2008 (89). Thirty five spin-out companies emerged from Higher Education Institutes (HEIs) with Enterprise Ireland support: a three-fold increase on the numbers achieved in 2008.

Employment

7,443 new jobs were created in Enterprise Ireland-supported companies, bringing the total number employed to 133,523.  While there was an overall net decline of 19,078 in 2009, the investment pipeline for 2010 indicates that new jobs created will exceed 2009 figures, as client companies continue to invest in competitiveness improvement measures and achieve export sales. Based on this performance, Enterprise Ireland expects that its client companies will generate 60,000 new jobs between now and the end of 2015.

Welcoming the publication of the Report, the Minister for Enterprise, Trade and Innovation, Batt O'Keeffe TD, said:

'Last year was very challenging for the international and domestic economies but the results outlined in Enterprise Ireland's Annual Report and Accounts 2009 show a resilient performance by Ireland's indigenous exporting firms. The Enterprise Stabilisation Fund and the Employment Subsidy Scheme were vital in supporting companies secure their business and retain workers.

'As Ireland emerges from recession and business activity in our main trading partners recovers, these firms can build on the base they maintained over difficult times and focus on further growth. These firms already have a significant economic impact in every region of Ireland. We estimate that these firms, and other Enterprise Ireland-supported start-ups, can between them generate 60,000 jobs over the next five years. 

'A key priority for Government is to continue to deliver on the Smart Economy Framework and implement the recommendations of the Innovation Task Force. We will support the continued growth of entrepreneurial-led firms that will underpin Ireland's global reputation as a centre for innovation providing high-value, sustainable jobs.'

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

'We should take great encouragement from what client companies achieved against the odds in 2009 and from the innovative and determined measures they took to secure their business and position themselves for their next cycle of growth. There were many indicators of resilience and economic vitality from our clients, and a resurgence in economic confidence, including the number of new high potential start ups and investments in R&D, which exceeded expectations.

'2010 is still challenging but that does not have to be a deterrent. Driving export-led growth and supporting client companies in every way possible to achieve global success are at the core of Enterprise Ireland's strategy for 2010 and beyond. It is about being proactive and helping position companies to seize the export opportunities that the recovery in major economies is presenting.'

Frank Ryan, Chief Executive Officer of Enterprise Ireland said:

'Our ambition for our client companies is high. So also is our confidence in them. They have overcome difficult challenges in the past 18 months, demonstrated exceptional resilience and in many cases they have come through stronger, leaner, fitter, more innovative, and definitely ready to capitalise on the global recovery now in evidence.

'In 2009 we focused on building business stability. 2010 is about building for growth and global success. Enterprise Ireland is driving and supporting a high level of activity across key business areas developing new markets, growing more entrepreneur-led businesses, co-financing company R&D, driving the commercialisation of third level research for the benefit of industry. Resources and efforts in these key areas are being intensified to support our clients in every way possible to ensure they capitalise on the global recovery.'