OVERSEAS EXPANSION has been identified as a top priority for Irish companies, with almost half of all respondents to a new Deloitte survey predicting that more than 50 per cent of sales will be generated in foreign markets by 2014.
The UK was found to be the most popular target market for expansion, followed by Germany, France and the US. Markets such as China, the Netherlands, Poland and Spain were also viewed favourably.
The opportunity to grow sales was identified as a driver for overseas expansion by 91 per cent of respondents, while the level of competition in the domestic marketplace was cited by 29 per cent of firms as a reason for looking abroad.
“It’s very encouraging that so many indigenous Irish companies are looking at how they can grow their businesses abroad,” commented Pádraig Cronin, head of tax and legal services at Deloitte.
The survey found lack of access to financing to be the main deterrent to foreign expansion, with 44 per cent of respondents citing this as an obstacle.
