Aeriel shot of a large boat with containers in a port

Incoterms – Defining the responsibilities between buyer and seller

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 Now that the UK is a third country, there is an extra administration burden on those who trade between the EU and the UK. Import and export declarations now have to be completed for all shipments, and duties may have to be paid. But who is responsible for carrying this extra burden and cost? Is it the buyer or the seller? This is where Incoterms come in.

What are Incoterms?

International commercial terms, or ‘Incoterms’ as they are often called, define where the responsibility lies between the buyer and the seller. Incoterms set rules for the delivery of goods between trading partners and are recognised globally. These rules help to clarify; who is responsible for the costs involved in the delivery of goods, such costs include insurance, freight/shipping and duty and who is responsible for the import/ export declarations and the associated filing costs.

 

Negotiating Incoterms

Companies should try to negotiate the best terms, ensuring that they strike the right balance of keeping buyers satisfied while also ensuring that they are not taking on any extra expenses which they cannot afford or that would make their sales unprofitable. It is important to consider how you will process any declarations and if you can afford to take on the extra costs associated with any of the methods available.

When agreeing on Incoterms, it can often be the case that the buyer has the greatest say and may dictate the terms. Some companies may take on responsibility for the declarations and duties in order to avoid passing the burden on to their end customer especially where it could be easy to find an alternative supplier locally.

 

Incoterms in Practice

There are currently 11 categories of Incoterms but we will look at two to understand how they work in practice.

EX Works (EXW) typically involves the buyer taking on the majority of the risk and costs involved. The seller agrees to have the goods available for collection at an agreed location. The buyer collects the goods and is responsible for both export and import declarations, shipping costs and the payment of duties.

Take for example, a French car manufacturer selling cars to a UK car dealership, under the term ‘Ex Works Paris’. The car manufacturer (the seller) will have the goods available for collection at their factory in Paris. The UK dealership (the buyer) will collect these goods. They will bring them to the port, ensure that they have the correct export documentation submitted. They must pay for the shipping and insurance cost. When they reach the UK, they are responsible for having the correct import documentation completed and that duties are paid. Finally, the UK dealership must pay for the transport from the point of entry at the port to their premises.

Delivered Duty Paid (DDP) is another term that is used regularly. Many large supermarket chains, for example, have stipulated to their suppliers that they must continue to supply goods under DDP terms post- Brexit. This term requires that the seller accepts all responsibility and costs for delivering the goods to the named place of destination. The seller must pay for both the export and import declarations along with taxes, duties, insurance and transport costs.

Take for example, an Irish vegetable producer supplying a supermarket in the UK under the term ‘DDP Birmingham’. The Irish supplier will now have to submit an export declaration for the goods to leave the country. They will have to pay for transport costs and insurance to get the goods to the UK. In order for the goods to be allowed into the UK, the supplier must ensure that they have the correct import documentation and that all duties and taxes have been paid. Once the goods have been imported, the Irish supplier must deliver the goods to the premises of the supermarket (the buyer) in Birmingham.

It is important that all companies are aware of the potential impact and extra cost that an Incoterm may have on their business before agreeing terms with their supplier or buyer.

For companies that feel that their customers could easily find an alternative supplier, it is vital that they take the necessary steps to increase their competitive advantage. Through continued innovation and engagement with their UK customers, companies can ensure that they provide not only a superior product but also better quality service than that of their competitors, making customers less likely to switch.

Further information on incoterms can be found on the International Chamber of Commerce’s website.

Update on the AMP7 spending cycle and Green Webinar title: UK Water Sector, Recovery Investment Plans

The UK Water Sector and the AMP7 spending cycle – Webinar

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This webinar provides an update to the UK Water Sector and the AMP7 spending cycle and Green Recovery Investment Plans.

Hosted by Enterprise Ireland and British Water the webinar discusses the key topics facing the sector with insights provide by industry experts:

  • Lee Horrocks, Director, LCH Executive

  • Lila Thompson, Chief Executive, British Water

  • Matt Lewis, Water Innovation Portfolio Manager, Severn Trent

  • Paul Gardner, Managing Director, Glanagua (UK)

  • Mike Froom, BD Director, TE Tech solutions (part of the Trant Group)

Gain key business insights with our on-demand UK webinar series.

    Conor Fahy, Enterprise Ireland

    Market Watch – A view from the Middle East, India and Africa

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    The Middle East is expected to return to business sooner than Africa and India with the tech industry being the first to recover.

    Key Takeaways

    • Companies need to closely monitor the changing business environment and be prepared to quickly pivot their offer or business model if the market demands.
    • Business is severely affected in the region even though the spread of the virus in Africa and India is weeks behind Europe.
    • Borders have been closed, international events cancelled, and most companies are looking to cut costs.
    • The Middle East is expected to return to business sooner than Africa and India with the tech industry being the first to recover.
    • Communication is vital for to maintain long term relationships.

    The global pandemic has indeed affected every corner of the world and according to Conor Fahy, Regional Director, Enterprise Ireland, India, the Middle East, and Africa is no different.

    “The area encompasses over 40% of the world population so lockdown and self-isolation presents many challenges,” says the regional director. “The situation in the Middle East is similar to Europe in timing and response and most companies are expecting a decrease in revenue and are looking to cut costs and consider cost containment and defer or pause investments.

    “The double whammy of an oil price war and Covid-19 will affect budgets and Dubai has introduced highly restrictive measures, including closing its airport, so there is a risk of a sharp increase in business defaults and liquidations in the travel and tourism industry. Also borders have closed across the region and major international events have been cancelled or delayed.

    “India and Africa are currently around three weeks behind in terms of cases and government response. But business is severely affected, while economic activity is suffering from the initial phases of lockdown. The medium-term impacts will be severe and combined with oil-price shock and reduced demand for commodities, the region is likely to tip into an economic contraction in 2020/21, in the absence of major fiscal stimulus.”

    There are eight Enterprise Ireland offices across the region which are helping Irish companies stay informed, connected and exporting. And Fahy says it’s crucial for people to avail of this support and keep communications lines open in order to survive the challenges.

    “We are providing in-depth customer engagement, virtual itineraries, bespoke buyer webinars and one-to-one advice and guidance,” he says. “Personal connection is vital to winning and retaining business so it’s essential to stay connected with existing customers. Be the trusted source of information: and proactively communicate with accurate market information and insights from your industry contacts, and from Enterprise Ireland’s Market Research Centre.”

    “When things get tough, the temptation is to become acutely focused on immediate problems but while these should be addressed, developing a strategy for recovery is just as vital. So extend your timeline assumptions and planning-against scenarios, even if it appears difficult. Now is the time to invest in strategic planning and to start thinking through decision criteria and conditions for return to business.”

    Many organisations are still dealing with immediate concerns around the availability of cash.

    While all sectors are being affected across the region, Tourism, Aviation, Construction, Industrial Manufacturing and Mining and Oil industries have been hardest hit but technology related businesses will be the first to make a recovery.

    “CFOs in the Middle East are expecting to get back to normal sooner rather than later; pausing or delaying investments instead of cancelling them altogether,” he says. “In fact, the majority expect to return to business as usual within three months if COVID-19 were to end today.

    “Investments in digital transformation, customer experience and cyber security are most likely to be protected as a result of Covid-19 and all indicators point to a technology-led recovery as AI is becoming pivotal in managing the huge amounts of data needed to deliver services and product.”

    While there are certainly challenges facing Irish exporters, Fahy says there are also some emerging opportunities, particularly for digital payments and cloud services.

    “The near collapse of many online grocery retail platforms is driving demand for process automation and intelligent self-service and Irish companies quickly recognize the changing market dynamics,” he says. “But while positivity may be in short supply, there is optimism in around returning to business and continuing to invest where it matters.

    “Business leaders need to invest time away from crisis management to show leadership and strategically look to future opportunities which will emerge when these economies rebound.”

    Conor Fahy is Enterprise Ireland’s Regional Director of the Middle East, India and Africa. To learn more about the steps companies can take to address the impact of Covid-19 visit our business supports page.

    Market Entry title and businesswoman image

    Export Journey: Step 5 – Market Entry

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    Market Entry title and businesswoman image

    Your next priority is for the execution of your company’s vision within new export markets. Key to this will be preparing the company for this change and subsequent increased demand from and servicing of new export markets.

    Consideration for a successful market entry should include;

    1.Identify and allocate adequate resources such as:

      • Financial resources i.e. cash required to sufficiently support overseas exports
      • Additional equipment or fixed assets needed to increase volume or backup global sales
      • People, including staff, suppliers or other valuable relationships in Ireland or overseas

    2. Defining where your first sales will come from

    Will your customers be a distributor which imports in larger quantities, or an overseas agenct or representative acting on your behalf or will it be a separate trading company of your own business?

    3. Developing your lead generation strategy

    Supports will need to be assigned to generate business leads. Will they be predominantly offline, online or a hybrid?

    Offline: fairs, events, conferences, network meetings or

    Online: website, social media, blogs etc.

    You will need to qualify and validate the leads, managing them through a Customer Relationship Management (CMS) system such as Salesforce.

    4. Marketing and communications

    Implementing a successful marketing and communication plan is vital for sustained sales in export markets.

    When developing a plan, it is important not to do a ‘copy and paste’ of the same marketing strategy from your domestic market as these are likely completely disparate territories. While it is logical that you should retain your company values and purpose, you will need to adapt your marketing and communications strategy to your new export market

    5. Implementing a sales process

    By implementing a sales process, you are creating a set of logical, repeatable steps that your sales team goes through to bring a potential buyer from an early stage of awareness to closing the sale. There are various stages that need to be considered in developing an effective sales process, such as;

    a) How will your company cultivate your sales leads?

    b) What preparation will you commit to in order to be ready to capture an overseas sale?

    c) What will be your sales teams approach to a prospective buyer?

    d) How will you adequately present or pitch your sales in an overseas market?

    e) Is your team setup to deal with buyer objections or queries?

    f) Have you experience in closing a sale in an overseas market?

    g) What follow-up work will be done post buyer presentation?

    6. Relationship building

    Relationship building is a key factor in developing sustained sales in export markets. Any company considering to expand globally is undoubtedly looking for a return on their initial investment, and companies looking for better business returns are strongly encouraged to place an emphasis on relationship building.

    Companies can quite often focus on the transactional, revenue generation portion before they consider relationship building. However, as is the case in much of the world, relationships based on mutual respect and trust outplay singular transactions. Relationships need to be worked on and require different approaches for different markets.

    Take the next step in the Export Journey

    Nearform

    Inside Innovation Show – Nearform

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    Inside Innovation brings you the stories of Ireland’s leading innovators and changemakers.

    On the last of our 3-part series called Innovating in a Crisis, we are joined by Chief Commercial Officer of NearForm Larry Breen.

     

    On the 7th of July 2020, Ireland launched its contact-tracing app; COVID Tracker and within a week it was downloaded by around 37% of Ireland’s adult population. Ireland has been heralded as an exemplar in Covid Tracking via Smartphones and emulated all over the globe.

    Larry Breen shares the story of the company behind the app, outlining useful tips on a distributed workforce and how collaboration is key to a successful project.

    Market Watch – South East Asia

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    Overview

    • Many countries in South East Asia have made a successful return to business
    • Travel restrictions had posed problems for businesses selling into the region, but goods are moving again.
    • Critical supply chain companies are ramping up production and capacity to meet increasing demand
    • Opportunities are continuing to arise, particularly in Digital technologies, Life Sciences, Telehealth, and Industrial sectors
    • Life is beginning to return to normal.

    Every industry across the world has been impacted by the effects of Covid-19. But while there is undoubtedly still a long way to go, business is beginning to return to some sort of normality and Kevin Ryan, Director of ASEAN, says much of South East Asia has made a cautious, but successful return.

    “Business is definitely getting back to some semblance of normality, but things are a little different,” says Ryan. “In Singapore, we are now in Phase 2 of the ‘Circuit-Breaker’ measures and most businesses are now allowed to return to office environments. But the message remains consistent and to work from home where possible.

    “Politically there is a history of stability and longevity here with governments making long-term plans which are carried on by successive ruling parties and this is very beneficial to the economy of the region.”

    With experience of the SARS epidemic in 2002-2004, the governments of SE Asia have been methodical in their management of the Covid outbreak and this has proved crucial in the successful reopening of business.

    “During the phased approach, the return to work was carefully managed,” says Ryan. “And around the region, key markets are opening up and demonstrating strong ownership in managing business and movement of goods.”

    So with the effects of Covid shaping how people work and interact, the ASEAN director says strong sectoral opportunities have emerged.

    “The Future of Work and the Digital Workplace is a very interesting development and client companies see big potential across the Asia market,” he says. “Here you have huge centres of populations, with Banks, Insurers and Tech companies all requiring teams to work remotely and embrace innovative solutions.

    “From the Life Sciences sector, there is significant interest and demand for services which offer innovative solutions to help eliminate the effects of Covid. And the crisis has shown how reliable technology can be and has forced governments to take a fresh look at implementing digital health solutions in their regions.

    “Consumer Retail is also playing out strongly with the likes of Water Wipes and Pestle & Mortar being two good examples of clients gaining traction in Asia.”

    But most businesses, regardless of sector, are focused on saving cost, generating additional ancillary revenue streams and using technology to help prevent Covid in the workplace.

    “Businesses are very keen to understand how technology can help them combat the pandemic and keep staff safe,” says Ryan. “We’ve had strong engagement with companies who see the value proposition, most notably with the likes of Novaerus who have a proven air and surface disinfection device. While companies such as Combilift have proven capabilities in an industrial space, helping to eliminate waste and enabling companies think more efficiently.

    “Our clients are constantly looking at new ways to offer unique solutions to companies, which are now struggling with their traditional business model. And we are seeing success and increased interest in companies such as Good Travel Software (GTS), which allows OEM car manufacturers and car companies opportunities to tap into additional ancillary revenue streams they wouldn’t have considered before.”

    But one of the real strengths of Enterprise Ireland is its network overseas.

    “We are the gatekeepers making sure clients are ready to make the leap,” says Ryan. “We also work with them to break down any barriers – geographically and culturally.

    “So on a positive note, we’re definitely seeing greater availability and access. Prospective buyers in the region are realising that unless they open their minds and are willing to think innovatively, they will face the prospect of losing opportunities to their competitors, and in this climate that could prove fatal. Irish companies have a long history of being innovative and entrepreneurial and business in Asia is very responsive to this.”

    The SE Asia region encompasses 10 countries with a population of circa. 650m people and Ryan says the market is very much open with he and his team engaging regularly with client companies to support a successful entry into the region.

    “Ireland, in comparison to some parts of Asia, is small, and our team works extremely hard on selling a consistent Irish message,” he says. “We have strong success in opening doors and creating opportunities and our reputation across the globe is superb with Ireland’s expertise in Asia shining through from the perspective of innovation and quality.

    “So there is light at the end of the tunnel, and we’re encouraging clients who have a product ready to go, to engage in Asia as we are laying the groundwork for opportunities to be realised in 2021 and beyond.”

    Get key insights on the supports available from Enterprise Ireland.

    COGNIPLANT team

    COGNIPLANT optimising production plants in the process industries

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    COGNIPLANT team

    “Horizon 2020 helps us to look 10 years into the future and enables us to tap into the huge R&D capability across Europe.”

    Eoin Keane, Energy Specialist, COGNIPLANT Horizon 2020 project

    Key Takeouts:

    • Aughinish Alumina (AAL), part of the RUSAL group and one of the world’s major producers of aluminium and alumina, is taking part in a project to develop an innovative approach to the advanced digitization and intelligent management of production plants.
    • The COGNIPLANT project has received €8.5m in funding from the European Union’s Horizon 2020 research and innovation programme.
    • AAL helped to define the requirements for the design of the COGNIPLANT solution and its County Limerick facility is currently testing and demonstrating the solutions identified by the COGNIPLANT consortium.

    H2020 Case Study: COGNIPLANT

    A global shortage of raw materials, increasing energy prices and environmental concerns have made the goal of improving the performance and energy efficiency of process industries a European imperative.

    Among many initiatives tackling the issue is the COGNIPLANT Horizon 2020 project. Using the latest developments in advanced analytics and cognitive reasoning, coupled with the digital twin concept (a computer model that simulates the operation of the plant), it aims to design a monitoring and control solution that will significantly improve the performance of production plants and reduce CO2 emissions.

    The COGNIPLANT consortium involves 14 partners from universities and businesses across Europe including four production sites that are testing and demonstrating the technology. One of these is County Limerick company Aughinish Alumina (AAL), part of the RUSAL group and one of the world’s major producers of aluminium and alumina.

    The best-in-class company has the reputation of being forward-thinking and innovative and has set itself ambitious carbon reduction targets. Taking part in the COGNIPLANT project was an opportunity to help develop the technology that will contribute to it achieving those targets.

    “The COGNIPLANT solution is aligned with the decarbonisation goals of the company where advanced process control techniques are used to minimise energy usage,” explains Eoin Keane, AAL’s Energy Specialist

    “Currently there are hundreds of sensors installed on the plant relaying information into a central data storage system. The operations teams and engineers review this information continuously to ensure the process is running smoothly. The goal of COGNIPLANT is to make this intelligence available 24/7 to the control room operator so that they can make informed decisions when the wider team is not available.”

    The COGNIPLANT consortium includes expert modellers who are using the data and expertise gathered from the test sites to identify opportunities to optimise the plants. It’s an iterative process, which over the next 12 months should culminate in a packaged solution for process industries.

     

    The Horizon advantage

    Having been involved in Horizon 2020 projects before, AAL was aware of the benefits of pan- European collaboration.

    “We’ve done Horizon 2020 projects in the past and benefitted immensely from them, including building up relationships with experts across many disciplines. When this opportunity arose, which is looking at energy-intensive industries, the co-ordinator of COGNIPLANT, Ibermática, asked us if we wanted to come on board and we were keen to get involved,” says Keane.

    “Being part of COGNIPLANT gives us the opportunity to develop detailed and insightful models of the process beyond what is currently available to us. The modellers bring in expertise from many different areas that we would otherwise not be able to access.”

    The sharing of knowledge between the partners in the consortium is a valuable aspect of the Horizon experience, even when it does not directly relate to the core project deliverables.

    “We’ve been able to share our knowledge and experience of sensors with the lime plant in Italy which was installing a particle-size sensor and we’ve also shared our experience of data handling. We’re building connections with other industries too, for example, the group of researchers in Munich who are working in the field of chemicals in heavy industry. We’re thinking about building on that connection in the future around decarbonization and climate action goals. Horizon Europe will be the route we’ll go down to develop actions in this area,” says Keane.

    On a personal level, Keane feels he has greatly benefitted from the opportunity to network with people from other disciplines and backgrounds, to get an insight into what other companies across Europe are working on and see the synergies around climate change.

     

    Navigating the Horizon environment with Enterprise Ireland’s support

    Identifying the best-fit Horizon project, negotiating the consortium build and keeping on top of pan-European developments can be challenging, but AAL has found Enterprise Ireland’s help to be invaluable.

    “Enterprise Ireland helps to identify suitable matchmaking events for us to attend, which help in forming a consortium. They are also available to answer any questions or offer support when needed.” explains Keane

     At the moment they are helping us with the next round of calls for Horizon Europe, pinpointing future projects around climate change and the circular economy. These are areas where you need to think outside the box and that’s why Horizon is so important to us; it allows us to tap into the huge R&D capability across Europe, which is very exciting. Horizon really helps us to look 10 years into the future.”

    For advice or further information about applying for Horizon Europe support, please contact HorizonSupport@enterprise-ireland.com or consult www.horizoneurope.ie

    H2020 success stories banner link

    Image of Mo Harvey

     The future looks regulated – regtech report

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    Photo of Mo Harvey, fintech advisor

    The Irish fintech sector has long been dominated by the payments industry but the regtech (regulatory technology) sector in particular has been quietly achieving great heights globally and without much fanfare, until now.

    Mo Harvey, Financial Services & FinTech Advisor, Hong Kong, says the sector is often overlooked as it is not consumer-facing, but in fact regtech has been steadily growing in sophistication and applicability.

    “There are varying definitions out there (as to what regtech is) but, at its core, it is the use of new technologies by institutions, banks, insurance companies or any regulated entity to meet regulatory compliance challenges in a more efficient way,” she explains. “It transforms risk management and compliance functions and enables companies to strategise and grow while complying with even the most complex regulations.

    “Ireland is an important centre for international financial services with a high-quality talent pool working in legal, risk and compliance functions – currently, regtech is the largest indigenous fintech sub-sector and it is bubbling with promise.” says Harvey. 

     

    Global Regtech Market

    According to Harvey, regtech is the ‘unsung hero’ of the fintech sector and the Asia-Pacific region is ripe for Irish firms within in the sector.

    “Pre-pandemic, the global regtech market was predicted to grow from USD$6.3 billion in 2020 to USD$16.0 billion by 2025, a rate of over 20% per year, with Asia-Pacific accounting for the highest growth rate over this period,” she says.  “However, COVID-19 caused an acceleration in adoption in tandem with a fintech boom so the market could hit as high as USD$30 billion by 2025.

    “Market and industry drivers such as the 2008 financial crisis, increasing regulatory enforcement actions and fines, proactive regulators encouraging regtech adoption, digital banks, payments and lending, virtual assets and remote onboarding are just some of the contributing factors which have created opportunity for specialised solutions.

    “Regtech adoption is mature in Europe and the USA, but Asia-Pacific presents an interesting opportunity for regtech companies. It is a uniquely fragmented region of developed and developing markets, with a number of sophisticated financial ecosystems and complex regulatory environments.” confirms Harvey. 

     

    Expanding the Irish Regtech Footprint

    Enterprise Ireland began its Asia-Pacific wide regtech initiative over three years ago and has just released its ground-breaking report on The State of RegTech in APAC, and Mo Harvey says the report has even garnered support from all the key fintech ecosystem players throwing their weight behind it, from the APAC RegTech Network and The Regtech Association of Australia to the FinTech Associations of Singapore, Hong Kong, Japan, and Malaysia.

    “We could see an increasing number of regtech companies coming out of Ireland and an alignment in terms of potential and opportunity in Asia-Pacific,” she says. “What started as an exclusive market research for Irish regtech companies to help them understand the nuances of the region, has now become the authority on regtech in Asia-Pacific.

    “Consequently, people are starting to take note of what Irish regtechs have to offer out here.”

     

    Plenty of opportunity for Irish firms

    Covid 19 may have caused many problems for industry in every sector across the globe but the fintech expert says it has brought about some positivity for companies in the regtech sector.

    Right now, we have a perfect storm of opportunity,” says Harvey. “Regtech adoption in Australia is well-advanced but it is at a relatively early stage in the Asian banking market with opportunities for further growth.

    “While many banks have started using regtech, most commonly in financial crime, regtech is employed in a low percentage of risk management and regulatory compliance activities.

    “The breadth of regtech adoption is expected to increase over the next year, especially in the areas of conduct, customer protection, regulatory and tax reporting, and regulatory compliance obligations.” says Harvey. 

    “In addition, we are seeing regulators in key markets such as Australia, Singapore, Hong Kong, and Japan, all encouraging the adoption of regtech (some regulators going as far as incentivising banks to buy regtech solutions). So now is a good time for regtechs to start building at least one Asia-Pacific market into their expansion strategy.”

     

     Ireland’s Regtech Cluster of Excellence

    In outposts around the world, Enterprise Ireland is working hard on behalf of Irish businesses and its strategy with regard to regtech is to help the sector cluster in Ireland to be synonymous with excellence.

    “There are a number of Irish companies already enjoying global success,” says Mo Harvey. “These include Fenergo, Vizor, Daon, MyComplianceOffice and Know Your Customer, while AQMetrics, Cerebreon, Sedicii and DX Compliance are gaining international traction. Hopefully more can follow in their footsteps.

    “Marrying Europe’s position as a global leader in regulatory and compliance standards with Enterprise Ireland’s investment in innovative technology-driven companies, has provided fertile soil for Ireland to have a world-class regtech cluster and support the imminent global regtech boom.”

     

    To learn more download our State of Regtech APAC report.

    The Future of UK Ports – Overview, trends and opportunities

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    As the UK ports industry enters a time of significant transformation, we hear from leading market experts on the latest trends and opportunities for Irish suppliers in the sector.

    This webinar examines:

    • Ports for offshore wind

    • Freeports

    • Port decarbonisation

    • Smart ports and digitalisation

     

    Contact our UK Cleantech Market Executive or gain key business insights with our on-demand UK webinar series.

      Japan

      Irish firms winning big in Japan and Singapore

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      Asia is resolutely open for business for Irish companies. That was the clear lesson learned during Taoiseach Micheál Martin’s visit to Japan and Singapore last month.

       

      While pandemic-related restrictions on tourists remain in some countries, business travellers are welcome to visit these rapidly growing export markets and join the ranks of leading Irish companies successfully winning in the region, such as Kingspan, Morgan McKinley and ICON PLC.

       

      A G7 country and the world’s third largest economy, Japan is home to 125m people, so the market presents significant ongoing opportunities for Irish exporters, says Neil Cooney, Director, Japan, Enterprise Ireland.

       

      “In fact, the recent Enterprise Ireland Annual Business Review for 2021, confirmed that exports from Enterprise Ireland-backed companies to Japan increased to record levels last year,” he says. “They reached an all-time high of €277m, which represented an increase of 11.1 percent on the previous year.“

       

      There are approximately 200 Enterprise Ireland-supported client companies regularly exporting to Japan, with more than 50 local presences established to support their growth in the market and employing up to 2,000 people in Japan.

      Japan seeks green and digital innovation

      Digital transformation is a core focus for Japan, meaning the government and private sector there are keen to discover innovative solutions in this area.

       

      As in so many other markets around the world, sustainability is also high on the agenda there, with digital and data-driven green solutions in high demand. This adds to the opportunities for well-established firms in life sciences, fintech, software, and advanced manufacturing.

       

      The Taoiseach led the Irish delegation on the visit to the region in July and was warmly welcomed by Prime Minister of Japan Fumio Kishida in Tokyo. During the visit, both countries signed a joint declaration on economic collaboration and co-operation, entitled “Taking Forward Partnership with Shared Ambition”.

       

      While in Japan, the Taoiseach hosted roundtables with Enterprise Ireland client companies to recognise significant market milestones and achievements.

      “These included a new office opening in Japan for energy tech firm GridBeyond, a new partnership for infrastructure automation specialists Ubiqube with Japanese firm Alaxala and ICON PLC’s major acquisition in Japan and plans to scale in the market,” says Cooney.

      Singapore an ideal launching pad for Southeast Asia

      From Japan, the Taoiseach travelled to Singapore, where he met Prime Minister of Singapore Lee Hsien Loong and the Deputy Prime Minister and Minister for Finance Lawrence Wong.

       

      Exports to Southeast Asia rose by 8% to €392m in 2021, with Singapore accounting for €116million of that and seeing a rise in exports from Irish companies of 10 percent on the previous year.

       

      “While Singapore is a relatively small island nation of 5m people, English is widely spoken there making it an ideal launching pad for Irish companies to enter the massive trading bloc of Southeast Asia,” says Kevin Ryan, Director, ASEAN, Enterprise Ireland.

       

      This region is home to over 682 million people and includes huge markets such as Indonesia (273m people), Vietnam (97m people) and Thailand (70m people).

       

      “Fintech, regtech, pharma and health tech are key sectors in Singapore, along with high-tech construction, education and food, while agritech is also a huge opportunity as you go further into Southeast Asia,” explains Ryan.

       

      During the visit, nine Irish companies participated in contract signings in Singapore. These included PM Group, which is supporting a first-of-its-kind vaccine plant in Singapore, along with ICDL, Intuition Publishing, Know Your Customer, NUIG, CurrencyFair (Zai), Aero Inspection, Ubiqube and Mackin EHS.

      Understanding local market norms

      To operate in Japan and Southeast Asia, Irish exporters need to expect they will have to operate differently than they may do in other export markets in Europe or North America. They will need to be respectful of local business norms and cultural nuances, for example. The Enterprise Ireland teams on the ground regularly provide local support and advice on this front.

       

      It’s also vital to have sufficient financial resources to commit to the market, win business and be highly responsive to customers. To make any headway, Irish firms typically find they need to set up a direct market presence and hire locally.

       

      This effort pays off, however, for Irish firms that gain traction in the region. At least 300 Irish companies are exporting to Southeast Asia, while about 200 are active in Japan, with 50 or so of those having a local presence.

       

      “For any companies interested in exporting to APAC markets, there’s one key question – are you world class in what you do? Those who can confidently answer that they are should talk to Enterprise Ireland to assess potential opportunities in the region,” says Cooney.

       

      With Enterprise Ireland offices in Tokyo and Singapore, our teams are available to support Irish enterprises to start, scale and grow in the region. Learn more about the opportunities for Irish firms in Japan and Singapore.

      Global Ambition – Industry Insights webinar series

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      Enterprise Ireland will host a series of Global Ambition – Industry Insights sector focused webinars for clients, to deliver market intelligence on the evolving international export opportunities across global markets. The five sector market webinars will focus on:

      • Construction – 15th September, 9:30am – 10:45am

      • Lifesciences – 15th September, 2pm – 3pm

      • Travel Tech – 16th September, 3pm – 4pm

      • Agritech – 17th September, 11am – 12pm

      • Consumer Retail – 17th September, 2pm – 3pm

       

      This webinar series will draw on Enterprise Ireland’s unique insight into key markets for Irish exporters lead by the Market Advisor in that sector and will explore crucial issues such as relationship strategies and the shift in consumer behaviour in the context of Covid-19.

      You can register using this link. You can register for multiple webinars and all registrants will receive a copy of the webinar recording and slides.

      Net Zero UK – Ready For a Green Future

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      The net zero challenge facing the UK will precipitate fundamental changes to the UK economy and to the ways in which business is done.

      To help companies understand how these changes will affect their sector and their business, Enterprise Ireland UK has launched “Net Zero UK – Ready for a Green Future”, a new market intelligence initiative for Irish exporters to the UK.

      The Enterprise Ireland UK office will be providing focused sectoral insights on the key UK net zero challenges, opportunities, and market developments. This will include analyses on products and services that are at risk of becoming obsolete and an examination of future net zero technology trends and demand areas. This market intelligence will help to inform your company’s strategic business planning and R&D efforts, helping to future-proof your activities in the UK market.

      A series of webinars featuring sector-focused sustainability experts, corporate stakeholders and UK net zero policy specialists will take place daily between Tuesday 22nd and Friday 25th June.

      Learn more and register below:

       

      Webinar – Net Zero UK Overview, Why, When and How? 

      Tuesday 22nd June, 15:00 to 16:00

      The net zero challenge facing the UK will reform the ways in which business is done. To help Irish exporters understand how these changes will affect their sector and growth, Enterprise Ireland UK and UK net zero experts will host a market insights webinar to examine:

      • The major industry and policy drivers that will accelerate the UK economy towards net zero emissions

      • The impact of the UK’S Sixth Carbon Budget, Green Industrial Strategy and individual corporate net zero plans

      • Key sectoral updates

      • Enterprise Ireland’s organisational climate action strategy

      • Green initiatives such as the €10 million Climate Enterprise Action Fund

      Register today

       

      Net Zero UK webinar series

      Net Zero UK Overview – Introductory Session   – 22nd June 15:00-16:00 

      Getting to the start line of the race to Net Zero – Decarbonising the Construction Supply Chain  – 23rd June 10:00-11:30

      The Role of the Energy Transition in UK Net Zero   – 23rd June 15:00-16:00

      UK Local Authorities and Net Zero   – 24th June 15:00-16:00

      UK Agriculture and Net Zero   – 25th June 10:00-11:00