Enterprise Ireland today (Wednesday 24th October 2007) set an ambitious €4bn target for new export sales from Irish companies over the period of its new strategy Transforming Irish Industry 2008-2010. A core focus of the new strategy is the development of scaled Irish companies. Enterprise Ireland has set a target of 225 companies to achieve €20m each in annual global sales by 2010 and a further 635 Irish companies to generate more than €5m each in annual global sales by 2010.

Launching the 2008-2010 strategy, Minister for Enterprise, Trade and Employment Mr Micheál Martin TD said: "Enterprise Ireland's strategy Transforming Irish Industry 2008 - 2010 builds on the success of the preceding 2005-2007 strategy. Today Ireland faces the challenges of a developed, mature economy and an ever-more competitive global marketplace. To grow export sales, Irish firms need to develop robust growth strategies, underpinned by strong leadership, a highly innovative culture and a drive for efficiency and productivity, all of which are core to Transforming Irish Industry 2008-2010."

Pat Molloy and Frank Ryan, Chairman and CEO respectively of Enterprise Ireland, pictured at the publication of Enterprise Ireland’s new strategy Transforming Irish Industry 2008-2010.

Commenting on the new strategy, Frank Ryan, CEO Enterprise Ireland said: "Increasing exports continues to be the overarching objective of Enterprise Ireland's activities and remains the primary indicator of Ireland's international competitiveness and performance. Our target of €4bn in new export sales by 2010 is indicative of our confidence in the ability of Irish companies to grow during this period and to continue to win new business in highly competitive global markets.

"Nonetheless the challenges facing Irish companies are significant. We can do very little to influence external factors such as exchange rates, oil prices and growth rates in our trading partners. However we can greatly influence the ability of Irish firms to compete and grow in international markets by enhancing leadership and innovation capabilities - key sources of competitive advantage and growth.

"Over the period 2008-2010, Enterprise Ireland will also seek to support 200 high potential start-up companies (50% of which are to be located outside of Dublin), with an early focus on the ability of these companies to grow to scale. Enterprise Ireland will challenge and support Irish companies to reach their growth potential.

"Transforming Irish Industry 2008-2010 recognises the increasing importance of internationally traded services through the creation of a specialised Internationally Traded Services division. This division is aimed at enhancing our offer to service companies and to create targeted programmes and supports for the services sector.

"We are confident that the €4bn in new export sales can be achieved by 2010. This is the focus of Enterprise Ireland's 2008-2010 strategy Transforming Irish Industry," Frank Ryan concluded.

The 2008-2010 strategy includes the following key targets:

• €4bn in new export sales by 2010;
• Increasing to 800, the number of client companies engaging in meaningful (€100,000 spend annually) in-company R&D;
• 55 companies engaged in significant in-company R&D (€2m spend annually);
• 200 new high potential start-ups, 100 of which are to be in regions outside Dublin;
• Growing companies of scale: 225 companies achieving annual global sales of €20m and 635 companies achieving global sales of €5m.

The Transforming Irish Industry 2008-2010 strategy also places a greater focus on increasing exports to emerging markets including South America, Russia, the Gulf States, China, India and Mexico.