US remains a 'very important market' for Enterprise Ireland firms

Enterprise Ireland interim CEO Kevin Sherry made the comments as it launched its new 2025-2029 strategy document

Enterprise minister Peter Burke and Charlene Flanagan of Ella & Jo skincare flanked by Enterprise Ireland chairman Michael Carey and interim CEO Kevin Sherry launching the 2025-2029 strategy. Picture: Orla Murray .

The interim chief executive of Enterprise Ireland has said they are taking a “long-term approach” to where opportunities for growth may be with the US remaining a “very important market” for its client companies despite the potential risks posed by trade barriers.

On Wednesday, Enterprise Ireland launched a new strategy for the period 2025 to 2029 which sets out a number of targets including increasing the jobs supported by the agency up to 275,000 and increasing exports by client companies to €50bn.

As of the end of 2024, Enterprise Ireland client companies employed 234,454 people. In 2023, the latest figures available, they reported €34.6bn in export sales.

The agency is also seeking to have 150 large exporting companies — employing more than 250 people — by the end of 2029. It aims to see 1,700 new Irish-owned exporters and to support 1,000 new startups during that time.

The agency said that it is focusing on developing skills and talent, funding, and sustainability. On the sustainability front, its key targets include a 35% reduction of CO2 emissions by 2030 by its client companies.

The release of the agency’s strategy after US president Donald Trump put in place a 25% tariff on trade with Canada and Mexico — the country’s largest trading partners — and increased tariffs on China to 20%.

Mr Trump has also signalled that he will implement a 25% tariff on the EU as well next month. The EU has said it would implement retaliatory tariffs should Mr Trump follow through with his threat.

Enterprise Ireland interim chief executive Kevin Sherry said they have over 950 client companies that export to the US and it “remains a very important market for them”.

“I’d be very positive about the US, I’d be very positive about the future for the US in terms of an export market notwithstanding a lot of the conversation taking place,” he said.

Ultimately, what Ireland can deliver is real value into the market, real value for customers, real value for other businesses. 

Mr Sherry the US is the third largest export market for their client companies accounting for approximately 17% of exports.

“We have to take a long-term approach about where the growth and opportunity is. So this is longer than the two- or three-year horizon.

“I think one of the things is we’re building for the future, not just for the next number of years, and we’ve got to be prepared to put the infrastructure in place to support that.”

When asked if Enterprise Ireland will be advising companies on whether or not to expand to the US, Mr Sherry said it would be down to each individual company and whether their product or service would suit the US market.

“It’s down to each individual company,” he said. “When we sit down with each individual company, it’s about looking at their product or service and looking at who’s their customer grouping that they’re going after. Depending on that, then we’ll have a conversation with them about where’s the appropriate market for them.

“Ultimately, why there might be many geographic markets that they go after. They’ll then have to prioritize in terms of their own bandwidth and capability to be able to go after it,” he said.

Enterprise Ireland is the Irish Government organisation responsible for the development and growth of Irish enterprises in world markets.

It currently works with over 4,000 Irish-owned firms.