Small firms asked to grow

JUST 7% of Irish small and medium enterprises (SMEs) intend to expand abroad over the next year.

This contrasts sharply with Britain where medium enterprises, which employ 30% of the workforce, are the effective powerhouse of the economy, according to a survey done by Bank of Ireland.

Only 3% of Irish SMEs are medium sized with more than 50 employees and the report said overseas expansion and exporting are dependant on businesses growing to a medium sized enterprise.