Commissioner Mairead McGuinness visited the University of Limerick campus this week to give an address at an event highlighting the opportunities for Irish SMEs in the EU’s single market.
The European Commissioner for Financial Services, Financial Stability, and the Capital Markets Union, gave a speech in UL on Monday as part of Enterprise Ireland and the Institute of International and European Affairs (IIEA)’s ‘Europe is Our Future’ series which delivers insights on four high-growth sectors in the EU Single Market and the opportunities for SMEs.
The event took place in the School of Medicine on the University’s North Campus and was attended by UL President Professor Kerstin Mey, among others, including Enterprise Ireland CEO Leo Clancy.
European Commissioner Mairead McGuinness said: “There are opportunities for Irish SMEs in the EU’s single market. We are part of a market of 440 million people. And we share a common currency – the euro – with 18 other EU countries, soon to be 19 as Croatia joins the eurozone on 1 Jan, 2023.
“That means there is a lot of potential for Irish businesses to seize export opportunities - without customs checks, tariffs, or differing regulations. As European Commissioner I am working with my colleagues to make the single market function as efficiently as possible, especially when it comes to capital, financing and investment, so that businesses can take full advantage.”
Speaking about the event, Enterprise Ireland CEO Leo Clancy said: “Following the UK’s decision in 2016 to leave the EU, Enterprise Ireland has had a strategic focus to support Irish exporters to diversify into the EU and the Eurozone in particular.
“This strategy has delivered, with exports to the Eurozone by companies supported by Enterprise Ireland now at record levels, exceeding 6 billion in 2021, up 10% on the previous year. After the UK, the Eurozone is now the second largest export market for Enterprise Ireland client companies.
“However, the level of untapped opportunity is significant and presents increasing opportunities as Europe looks to bring supply chains closer to home. With a strong reputation as trusted, innovative, friendly and flexible, we are strongly encouraging Irish companies to look to Europe for their future.”
Event moderator and IIEA Chief Economist, Dan O’Brien, said: “The IIEA is delighted to be partner with Enterprise Ireland for this event which provides a unique opportunity for Irish SMEs to hear insights from expert Enterprise Ireland Market Advisers from across Europe and discuss potential avenues for development.”