Irish firms eye emerging markets

Irish companies could create up to 13,000 jobs as they expand into emerging markets, a new report has claimed.

According to the report entitled The Global Consumer: Are Irish organisations ready?, which was compiled by the Economist Intelligence Unit (EIU) and commissioned by Accenture, these new markets could provide a key driver of Irish economic growth over the next five years.

The report looks at the readiness of Irish firms to respond to key global trends shaping consumer behaviour.

Some 151 organisations took part in the survey, with an estimated range of 65,000 to 133,000 jobs between them. Expansion in response to consumer trends could result in an expected 10 per cent increase in jobs

It found that the emerging consumer was considered by most companies to be the most important to them over the next five years as they look beyond a dismal domestic market. India has been identified as a key emerging market, with China close behind.

However, greater investment is needed to capitalise on global trends, the report said.

An increasing number of Irish organisations are also looking to the connected consumer to boost revenue, the report found. However, most firms will only make small or moderate increases in investment in digital channels.