Troy leads trade and investment mission to US and Mexico
Robert Troy TD, Minister for Trade Promotion, Digital and Company Regulation, is beginning a five-day trade and investment mission to the United States and Mexico covering South Carolina, Georgia, Monterrey and Mexico City.
The trade mission, organised by Enterprise Ireland and IDA Ireland, aims to boost trade collaboration and support an accelerated export-led recovery of Irish businesses in international markets.
Twenty-six Irish companies will be taking part in the mission, representing a wide regional spread with participants based in Clare, Cork, Donegal, Dublin, Galway, Limerick, Monaghan, Tipperary and Westmeath.
During 2021, more than 90 Enterprise Ireland client companies set up a new presence in the Americas, representing a range of sectors including digital technology, healthcare, agritech, cleantech and fintech.
In 2020, Enterprise Ireland client exports to the US and Mexican markets combined reached almost €4.2bn. More than 165 Irish companies are active in the Mexican market, and exports of Irish goods and services to Mexico grew by 4% in 2020 to over €1.7 billion.
Coinciding with the trade mission, a number of Irish business announcements will be made, including;
• Software company Sitenna, who recently launched their platform in the US, this week announce a new office presence in Atlanta, Georgia to support their growth in the market. Sitenna, headquartered in Limerick, provide software that helps telecom companies find and acquire new locations to install towers and antennae, particularly as telecom companies roll out 5G and IoT infrastructure.
• Fintech company Trustap, based in Cork, will announce a new sales and distribution partnership in the US with Claz. Trustap is a digital transaction platform that protects you from being scammed when you’re transacting with someone you don’t know by securing the buyer’s money in a safe hold account until all the transaction milestones are met and the complaints period elapses.
• Intouch.com, the Dublin based retail technology company, is experiencing significant traction in the Mexican market. They enable retailers to offer personalised product recommendations to shoppers inside physical retail stores and it is being used by a number of leading convenience store retailers throughout Mexico. Intouch.com expects Mexico to be its number one export market by the end of 2022 as it is currently closing a number of multi-million euro deals in the country and plans to open a Mexican office within the next 12 months.
Minister Troy said: “I am delighted to lead the Enterprise Ireland and IDA Ireland trade mission to the USA and Mexico. This trade mission will focus on key growth opportunities and collaboration with both markets, supporting early entrants and established Irish companies to expand key business relationships.
“Ireland’s continued contribution to FDI to the United States, at almost $240 billion, highlights the depth of the economic ties we have with both countries. I look forward to meeting a number of Irish companies bringing highly innovative products and solutions to their US and Mexican partners and stakeholders.”
Minister Troy said that while the US has always been a key market for Irish companies, Mexico and the US share a long and robust economic and cultural relationship.
“Our ambition is that of the almost 900 Irish companies that export to the US, and the over 600 that have invested in the US, that this mission will help highlight Mexico as a logical next step for some to develop their footprint in North America.”
While in Mexico, Minister Troy will connect with Mexican officials such as the Mayor of Monterrey, representatives from Mexico’s Foreign Trade Council COMCE and the Mexico City government. He will also meet Irish business leaders from Fenergo, Daon, Stripe, AWP Engineering, Prodieco, Swoop Funding, and Smarter Surfaces.
Events will include a business networking event, Irish-Mexican Chamber of Commerce event, a Fintech roundtable, and a Business Leaders in Mexico event.