Growing opportunities between Irish companies and Portuguese partners

Robert Troy, Minister of State with responsibility for Trade Promotion, Digital and Company Regulation, commences a two-day visit to Lisbon today to promote Portugal as a destination for Irish exports and to also highlight the success of Irish companies in market

April 29, 2022 - 06:43

Growing opportunities between Irish companies and Portuguese partners

Source: Department of Enterprise, Trade and Employment @DeptEnterprise, Twitter

Estimated reading time: 4 minutes

While on the trade mission to the Portuguese capital, Minister Troy will lead a delegation of Enterprise Ireland supported companies in several business events which aim to engage and connect Irish businesses with senior executives from some of Portugal’s leading companies. The participating companies represent a wide regional spread, with participants based in Dublin, Louth, Monaghan and Tipperary.

Strong trade and investment links exist between Ireland and Portugal; exports from Enterprise Ireland’s supported companies to Portugal reached €75 million in 2020. This week’s trade mission aims to connect Irish companies with further Eurozone opportunities and promote Ireland as a source of world class products and services across a range of sectors including construction, digital marketing, engineering and software services.

Speaking in Lisbon, Minister Troy commented:

"I am delighted to lead the Enterprise Ireland trade mission to Portugal in this the 80th anniversary of Ireland’s diplomatic presence in Portugal. Eurozone markets are an area of significant potential for innovative Irish companies to establish and grow, and the reasons for this are obvious; we share a common currency and are part of stable and strong economies. The value of two-way trade in goods between Ireland and Portugal at present is just under €1 billion. Last year was the highest year on record for the export of goods from Ireland to Portugal, reaching over €600 million for the first time.

"I look forward to seeing how Irish companies in diverse areas like IT and construction are helping their Portuguese partners connect with cutting edge Irish innovation. The potential to strengthen our economic links with Portugal is clear, and I encourage companies looking to expand their market reach to strongly consider Eurozone markets and be part of the thriving community of Irish businesses using Irish innovation to address some of the challenges facing industry in these markets."

Highlights of the programme include:

Skanstec Engineering, headquartered in Tipperary, launch their new office in Lisbon
Portuguese buyers will connect with 10 Irish companies at the historic Grémio Literário institution
a seminar on opportunities for trade and partnership between Irish and Portuguese organisations

During the visit the Minister will also meet with counterparts in the Portuguese Ministry, including bilateral meetings with the Portuguese Secretary of State for Tourism, Trade and Services Rita Baptista Marques and Portuguese Secretary of State for Internationalisation Bernardo Ivo Cruz.

Leo McAdams, Divisional Manager of Finance and Investment Services at Enterprise Ireland said:

"The Eurozone markets are a pivotal region for accelerating market diversification in order to deliver sustainable economic growth. Enterprise Ireland client exports to the Eurozone (2020: €5.8 billion) are less than 80% of the value of those to the UK (2020: €7.51 billion) even though the Eurozone population and Eurozone GDP is 5 times that of the UK. This highlights the significant untapped opportunity for Irish companies in this region. Enterprise Ireland’s Eurozone Strategy aims to inspire and support more companies to enter and scale in Eurozone markets. We’re delighted to have Minister Troy lead this trade mission to Portugal to help develop these opportunities."

Source: Department of Enterprise, Trade and Employment