Enterprise Ireland’s mission is to accelerate the development of world-class Irish companies to achieve leading positions in global markets.

Traditionally, many Irish companies would have looked to our nearest neighbours in the UK as the initial overseas market when taking that important first step in their exporting journey – with proximity, language and culture all critical factors.

However Enterprise Ireland is also keen to support Irish companies to diversify and explore new opportunities in other overseas markets – and with the significant advantages of a single market and a single currency, the eurozone market, is a key target.

In order to help drive that diversification, in 2019 Enterprise Ireland designed and launched a new strategic market entry programme called ‘Enter the Eurozone’, aimed specifically at supporting Irish companies to develop and implement a market entry plan for eurozone countries.

As a region, the eurozone has a population of 340 million people, but it still remains relatively untapped by Irish exporters.

However, if you needed to see proof that the opportunity is still out there, Enterprise Ireland client companies have recorded 60pc growth in non-food exports to the eurozone over the course of their 2017-2020 strategy.

We are now proudly on our fifth cohort of this award-winning programme, which will bring to more than 100 the number of Irish exporters who have participated with us, and are now equipped with the tools and information required to win new business in the eurozone.

Due to the pandemic, some companies had to complete our strategic programme online.

Enterprise Ireland recently hosted an Enter the Eurozone alumni event in Dublin, incorporating a workshop on pricing in European markets, bringing together past and current participants and providing these ambitious entrepreneurs with the opportunity to network and learn from the experiences of other participants.

A survey of our client companies that attended this event reported encouraging and interesting results, including that 83pc of participant companies have executed, or are in the process of executing, their eurozone market entry plan.

100pc believe the Enter the Eurozone programme helped their company grow their exports. And, encouragingly, more than half (57pc) of them have already secured business in a eurozone market since completing the programme.

For example, Kooba – an award-winning web design, web development and online digital marketing agency – completed the Enter the Eurozone programme in early 2020. The company has since set up in Germany, winning business with Berlin-based startup Holoplot, and a large sports retail company.

Campion – which sells, installs and services pumps in Ireland – chose the Italian market and took on two business development managers on the ground. This local presence has allowed it to win four Italian customers since completing the Enter the Eurozone programme.

Cronin Movers Group signed its first eurozone contract with a Dutch logistics company while it was completing the programme.

Vivagreen Group decided to target France, given the significant size of the market. Since completing the programme, the company has exhibited at a key trade show there, which has led to promising discussions with potential distributors.

Vivagreen aims to start selling into the market in 2023.

Meanwhile, Aquamonitrix leveraged its network and has started to work with a key distributor in the Spanish market.

Ireland competes well in Europe, largely due to our strong reputation for being trusted, friendly, flexible and innovative.

Multinationals have long seen the advantage of establishing their base in Ireland, due to our unfettered access to eurozone markets.

And Irish enterprises are now showing the ambition to follow in their footsteps recognising the clear trading advantages – such as the absence of customs and tariffs, geographical proximity, sharing the same currency, and regulatory alignment.

Though we often talk about the eurozone as one homogenous market, it is in fact a union of multiple markets with quite different cultures and needs, so it’s important to research these markets.

Enterprise Ireland’s market advisers support participants with this selection, to help them prepare and understand which markets are most appropriate for their products and services. It’s invaluable to begin with your ‘best first market’ in the eurozone.

Exporting to Europe is the right step for most companies looking to grow their exports and scale up internationally, and Enter the Eurozone can support you on this part of your scaling journey.

Reporting: The Irish Independent