Business Strengths
Ireland’s open economy, young and educated workforce and developed infrastructure have long attracted many high-performing industries and multinational companies.
Ireland is an attractive base for many companies worldwide, primarily as a result of positive leadership and policies. The Irish Government is committed to the sustainable management of public finances and Ireland receives an ‘A’ grade from all major credit rating agencies.
Ireland is a committed member of the EU Single Market and the Euro Zone with strong public support. The EU and the USA are the country’s main export markets in sectors including pharmaceuticals, food and beverages, medical devices, computer services, business services and financial and insurance services. Many of these export markets are intrinsically connected to the existing and emerging marine sectors represented by the Marine Ireland Industry Network.
Opportunities
Ireland’s marine and maritime economy comprises a multitude of small, medium and large enterprises operating across a spectrum of sectors at varying levels of maturity. The established industries in the marine and maritime sector account for 93% of total marine turnover. This is dominated by both shipping and maritime transport, as well as tourism and leisure in marine and coastal areas.
Irish SMEs offer a diverse range of marine products including:
- Civil engineering associated with ports
- Bulk cargo handling technologies
- High spec pilot boats
- Build and fit out of fishing vessels
- Unmanned Surface Vessels for seabed mapping
- Subsea cable repair technologies and much more
Explore our Network Directory to get a better understanding of Irish capability in the marine sector.
Our ocean economy makes a significant contribution to the wider economy with an annual turnover of approximately €6.5bn and contributing approx. €2.7bn in gross value added in 2023, according to Ireland's Ocean Economy Report.
Opportunities exist in Ireland’s economy to continue to grow and build a stronger ocean economy. These opportunities include:
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Marinisation of existing industries like ICT, Food, Clean/Green, Finance into a range of new marine related markets e.g. ICT for the sea, marine biotechnology and maritime commerce.
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Focusing on strengthening established marine industries that rely on Ireland’s abundant marine resources such as fisheries, aquaculture and tourism. Supporting these industries to move further up the value chain, by adding value to their products and services, while sustaining their existing activity in a competitive global market.
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Utilising more of Ireland’s existing marine resources in new ways, with investment in infrastructure, new skills and knowledge which will result in the development of new solutions for marine renewable energy, marine manufacturing and engineering, and other offshore support services.
Research & Innovation
Innovation and further growth in emerging sectors represent a significant potential for sustainable economic growth, particularly where the experience and know-how from more established sectors can be combined with new innovations.
Ireland has strong national capabilities in the areas of ICT, IoT, Communications, Big Data and Data Analytics – all essential industry skillsets for future innovation in the Blue Economy. Ireland also has a rapidly developing SME capability that can service the needs of the expanding Offshore Wind Industry.
The Irish Government’s Research & Innovation strategy Impact 2030 focuses on maximising the impact of research and innovation on many national priorities. Five key challenges and opportunities areas were identified in Impact 2030 including:
- Climate, Environment and Sustainability
- Digital transformation
- Economic Competitiveness
- Health and Wellbeing
- Agriculture, Food and the Marine
One of the key actions in the strategy was to set up a new competitive research and innovation funding agency, it established Taighde Eireann - Research Ireland following an amalgamation of Science Foundation Ireland and the Irish Research Council.
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