‘Work needed’ to boost Irish firms Down Under
“Significant” work needs to be done to improve Australian businesses’ knowledge of the Irish market.
In a report, the Irish Australian Chamber of Commerce said that the island of Ireland is an “attractive” destination for Australian investment.
However, it added that work needs to be done around increasing market knowledge in order for companies to fully consider Ireland’s potential as a place to do business.
To date, Australian investment in Ireland stands at around AU$17bn (€11bn).
Last year, trade between Australia and the European Union (EU) as a whole was worth more than €70bn, according to the Australian Department of Foreign Affairs and Trade.
Common language and availability of a skilled workforce were cited as the main appeal for Australian businesses when considering investing in Ireland, the report from the chamber found.
Also of priority to businesses when considering Ireland was the country’s ongoing membership of the EU, as well as its growing economy.
“In a post-Brexit Europe, Ireland represents an attractive gateway to the EU for Australian businesses and reciprocally, Australia should be the preferred option for Irish businesses seeking new markets in the Asia-Pacific region,” Barry Corr, chief executive of the Irish Australian Chamber of Commerce, said.
Among the other findings from the survey was strong support for an Australian-EU free trade agreement.