Minister for Trade Promotion, Digital and Company Regulation, Robert Troy TD, today published the report on Ireland’s trade and investment performance for 2021, Delivering Value for Ireland: Trade and Investment Report 2021.
Ireland’s record performance - €451 billion exports in 2021 - is set against the backdrop of ongoing trading challenges and geopolitical disruption of the COVID-19 pandemic, Brexit, growing protectionism, trade tensions, and global tax developments.
On the publication of the report, Minister Troy said,
“Last year we recorded our best trade performance despite the difficult trading environment and ongoing global challenges. The Irish economy grew by 13.5%, a result of our strong export performance. Yet when it comes to trade and investment, we cannot be complacent. So much of our economic prosperity hinges on our trading performance. Our ability to avoid a recession in the wake of the pandemic was driven largely by our ability to attract investment and trade goods and services internationally. This resilience in the face of uncertainty enables us to invest in critical services and infrastructure, and is vital as we navigate continuing global uncertainty.”
International trade and investment are enormously important to the Irish economy. As a small open economy, Ireland relies on exporting to international markets for sustainable and continued growth, and to maintain and create jobs across all regions of the country.
“The mid-year results from our enterprise agencies further underscore the impressive growth and resilience of our enterprise base. This is an excellent position to be in the first half of the year, and indications are positive for a strong continued performance in 2022.
“Enterprise Ireland and IDA do incredible work to support enterprises, from helping Irish businesses access new markets and expand their operations to attracting foreign investment into our regions. Our trade policy is focussed on creating jobs and improving quality of life for all across the island, but these benefits are not one-way. I have seen for myself on trade missions the value and positive impact Irish companies are making in the markets they operate. Our strong trading partnerships enable us to innovate and grow, it maintains competitiveness and it increases consumer choice.
“As we look ahead, we must be mindful of the trading environment; ongoing supply chain snarl ups, rising costs of energy as a result of the unjustified war in Ukraine, the need to digitise, and the urgency to address climate change each present challenges for our enterprise sector. Throughout the pandemic Government demonstrated its commitment to support businesses and this commitment has not waned and we will continue to support businesses through global uncertainty.”
Coinciding with the publication of the report, a trade and investment event in Farmleigh House will take place on Tuesday focussing on strengthening Ireland’s trade relations with its global partners, and highlight how the Government, through the Department of Enterprise, Trade and Employment, is working to support bilateral relations and diversify exports to more international markets.
Please see the link to the report Delivering Value for Ireland: Trade and Investment Report 2021
NOTES TO EDITORS
- Trade policy is pivotal in promoting and protecting Ireland’s values and standards and this report gives valuable insight on the EU single market, EU Free Trade Agreements and recent impact assessments conducted by the Department in 2021.
- International trade and investment are vital to the Irish economy and the Ministerial-led trade missions help innovative Irish businesses in international markets and increases the awareness of Ireland as an attractive location to invest.
- The report also draw’s attention to the programme of future work and priority actions set out in the Government’s recently published Trade and Investment Strategy 2022-2026, “Value for Ireland, Values for the World”. The implementation of the Strategy and action plan will support Ireland in realising its trade and investment goals, increase exports sustainably, deepen and extend our trade relationships, grow quality employment and reinforce our economy.