Trade and investment agency’s many supports can provide “soft entry” into UK market

WITH MOST Irish companies facing limited growth potential in the domestic market, the need to think globally has never been more pressing.

State agency Enterprise Ireland is an obvious port of call for businesses hoping to crack international markets, but other governments are also offering incentives in a bid to attract Irish investment.

The UK, which is 15 times larger than the Irish market, is actively encouraging Irish companies to establish a presence there by providing significant support through the UK Trade Investment Agency (UKTI).

Simon McKeever, director of trade and investment at UKTI in Dublin, explains that a range of different supports are provided that ensure a “soft entry” into the UK market.

“It’s almost like handholding,” McKeever says. The supports differ depending on the region but if a company wants to set up a business in the West Midlands, for instance, the UKTI can “parachute” them straight in by helping them with office accommodation (for example, providing free hot-desking in an innovation centre for six months) and sales lead generation. They will also assist with accounting and legal issues, as well as introducing them to local business networks.

The agency will also help companies with their “route to market” strategy. McKeever explains that companies often automatically assume they should set up in London, whereas it might be better to look further north, where the cost base is cheaper.

“If you look at the various different levels of support , it’s going to make it a hell of a lot easier for them,” he adds.

“We can help them prepare themselves.”

“It’s in our interest to help them grow because it adds to the UK economy, and if it helps the company to grow . . . it’s also helping the Irish economy,” he adds.

Once an Irish company establishes an operation in the UK and starts employing people, the agency – which has offices in 96 countries – will also help them to export from the UK into international markets around the world.

Although this service is not free, it is heavily subsidised.

The UK is focused on attracting investment in key sectors such as advanced engineering, business and professional services, creative industries, defence and security, food and drink, life sciences and transportation.

However, the UKTI is happy to talk to interested Irish companies from all sectors, and of any size.

So what are the advantages of expanding into the UK?

“Most businesses that are looking to grow will eventually look to grow outside Ireland,” he says.

With a population of 60 million, the UK is an obvious choice.

The size of the market also means that the business culture is not as reliant on personal contacts.

“In the UK you don’t necessarily have to know somebody to get a chance to pitch,” he continues.

“There is a stronger emphasis on the business proposition than on the initial relationship.”

Businesses interested in setting up operations in the UK can get further information on ukti.gov.uk, or by contacting the Dublin office, which is based at the British embassy in Ballsbridge, Dublin.