CEOs: Foreign markets key to recovery

Nearly three-quarters of Irish chiefs executive believe overseas markets are “far more significant” to the country’s hopes of recovery than the local economy.

As much as 72% of respondents to a survey said greater participation by Irish companies in foreign markets will speed up the recovery process.

The survey was carried out among nearly 400 chiefs executive by Deloitte and Enterprise Ireland ahead of their jointly-hosed CeoForum conference, held yesterday in the Convention Centre, Dublin.

Only 21% of respondents said they believe Ireland will return to consistent strong GDP growth next year; nearly 70% said that scenario won’t materialise until 2014.

Brendan Jennings, managing partner at Deloitte, said: “There is a growing realisation within Irish businesses that even relatively small firms need to be more focused on the opportunities abroad and less on the traditional home market.”

Enterprise Ireland chief executive Frank Ryan said: “The record export sales achieved by Irish companies in recent years clearly show that investing in internationalisation delivers for Irish companies.”

Mr Ryan added that Enterprise Ireland is “ramping up” its efforts with more potential exporters, “to help them realise the opportunities that exist for them beyond the domestic market”.

Yesterday’s conference — which went under the sub-heading ‘Growth is on the Horizon’ — also signalled dissatisfaction among CEOs regarding the Government’s investment in science, technology, and innovation.

Nearly 80% of those surveyed said there is not enough investment being made in these areas, with room for more to be done.

Over 90% of CEOs surveyed also said they support moves by the Government to improve and support maths and technology education in Irish schools, with 84% saying the same endeavours should be extended to the science subjects.

Speakers at yesterday’s event included UCD economics lecturer Colm McCarthy; Louise Phelan, PayPal’s vice-president of global operations for the EMEA region; Taxback.com managing director Fidelma McGuirk; and Musgrave chief executive Chris Martin.