Minister Troy Publishes New Trade Strategy for Ireland to safeguard Irish Jobs & secure Future Investments

With global uncertainty increasing and Ireland facing rising competition from other fast-growing economies, Minister of State with responsibility for Trade Promotion, Digital and Company Regulation at the Department of Enterprise, Robert Troy has published a new trade & investment strategy Value for Ireland, Values for the World to protect and grow our trade with other countries.

Almost half of our workforce – 1.3 million jobs – is underpinned by international trade and investment. While Ireland’s total trade with the world exceeded €840bn, the highest level on record last year, the Tánaiste warned that we cannot take this for granted and must work to ensure that we maintain and grow investment in Ireland.

The strategy outlines seven top actions, including:

• Attending to our broader ecosystem to maintain and enhance our competitiveness, to grow Irish-owned business, attract FDI and maintain high standards of living.
• Establishing an Expert Group on Global Value Chains and Supply Chains to identify global supply chain opportunities and threats. The Group will examine themes such as economic nationalism, open strategic autonomy, and ‘re-shoring’ initiatives. 
• Launching a Government of Ireland communications campaign to highlight the benefits of international trade and investment to a broader Irish domestic audience and foster a deeper understanding of the important role that trade and investment plays in providing jobs and to promote Ireland’s and the EU’s wider interests, including our values, principles and standards.
• One ‘whole-of-government’ trade mission annually
• Making businesses more aware of our network of free trade agreements and tax treaties

Minister of State with responsibility for Trade Promotion, Digital and Company Regulation Robert Troy said:

“Global events will continue to pose challenges to all of us, but if we maintain our open, pro-trade outlook and continue to grow our global footprint we will be better placed to navigate those challenges.  In the past decade Ireland’s trade in goods and services increased by 171% from €310bn to over €840bn and with this new Strategy and the work of our enterprise agencies we want to see that grow further with particular focus and benefit for our regions.”