2002 'worst year in decade' for Irish business

Enterprise Ireland has said that 2002 was the worst year for Irish businesses in the last decade.

However, in its end-of-year statement, the body also said that Irish firms managed to increase their exports and keep net job losses down to just 4,000.

Enterprise Ireland said it would directly support at least 120 businesses in the coming year to implement major expansions and would invest heavily in marketing Irish companies abroad.

Chief executive Dan Flinter said Ireland is well-placed to remain competitive this year in the face of difficult trading conditions.

"Growth in international markets will not be much higher than in 2002," he said.

"But we also believe that because Irish firms have been investing in research and development that we will see new Irish companies starting up, winning exports in international markets and helping to generate additional employment in Ireland."