Business travel from overseas markets was estimated to be worth €700 million to the Irish economy in 2016. According to Fáilte Ireland, the sector, which grew 7 per cent in the last two years, supports about 21,000 jobs.
In addition, the organisation suggests there is still strong British interest in Ireland’s business tourism offering despite Brexit.
"These estimates not only identify business tourism and events as a lucrative and important part of Ireland's tourism offering, it also reinforces the importance the growing sector plays in creating employment, which is crucial to delivering economic growth to Ireland, " said the Minister of State for Tourism, Patrick O'Donovan.
The research comes after Ireland's ranking for hosting conventions and conferences rose to the 13th in the world. Overall, Ireland ranks 26th out of 133 countries, according to the International Congresses and Conventions Association.
Commenting on the estimates and the recent rankings, Paul Kelly, Fáilte Ireland's chief executive, said: "Business and events is an incredibly important component of the overall tourism industry and generates above-average yields, out-of-season visits and employment growth."