Firms ‘must work smarter to stay ahead’
Maintaining competitiveness has become a key challenge for companies who have done well in recent years, according to Enterprise Ireland’s outgoing chief executive, Dan Flinter. So far, he said, 2003 has been a very tough environment for Irish exporters.
Euro pressure and falling wholesale prices have compounded difficulties for firms in the indigenous sector, but “our assessment is that the volume of exports by the indigenous sector are holding their own”.
Last year Irish firms gained an extra 1.3 billion sales. In Britain, Irish software firms continue to win new business having diverted their attention away from the US and other markets.
Mr Flinter said the good news in a fundamental way was “the flow of new high potential start ups is running ahead of the 2002 level”.
That fact reflects identification by Enterprise Ireland of medical devices and biotechnology as key growth areas, while the entrepreneurial flair of the Irish was reflected in decisions by managers in big firms to go it alone in the world of business, he said.
Other positive factors to emerge out of last year and the current one has been the increasing commitment to research and development by companies as a response to the more difficult trading conditions in the global markets.
Mr Flinter said competitiveness and innovation were the key to the future of export growth and in research and development firms had the means to achieve that end.
It was reassuring that research and development investment rose 7% in 2002 with companies supported by Enterprise Ireland spending 169m. According to the State body’s annual report, similar levels of investment are forecast to be implemented in 2003.
