Business World

The Irish Exporters Association (IEA) today launched its annual publication of the Top 250 Exporting Companies in Ireland with Internet giant Google named as the largest exporting company in Ireland. The Top 250 was compiled by Stubbs Gazette.

Google export turnover increased by 55pc from E6.5 billion in last year's listing to E10.1 billion in the current year.

The Irish operation is now Google's largest outside of the US, and employs staff from 40 different countries in the Irish operation.

The Tanaiste and Minister for Foreign Affairs and Trade, Eamon Gilmore, T.D., speaking at the launch said today's event acknowledges the top exporting companies in Ireland, north and south of the border, and provides an excellent indication of how Ireland's export firms are reacting to the current challenging international economic environment.

Speaking at the launch of the publications this morning, John Whelan, chief executive of the IEA said the continued success in attracting to Ireland the born on the Internet companies is clearly evident in the Top 250 report, with Google expanding its sales by over 50pc and Facebook entering the Top 250 for the first time with export sales of E229 million.

PayPal Services Europe also features for the first time with exports of E92 million. "The internet companies are one of the drivers of the fast growing Services export sector which last year accounted for E79 billion in exports, and 46pc of total Irish exports," said Mr Whelan.

The Top 250 publication also brings into focus the continued shift from dependence on the domestic market to international markets by indigenous Irish companies, with the top five indigenous companies Smurfit, Kerry Group, Glanbia, Glen Dimplex and Irish Dairy Board Ltd showing international sales of E17.3 billion but with less than 50pc of the sales being directly generated in Ireland.

Outward direct investment has developed as the key route for Irish companies to internationalise and grow their business, with Outward Direct Investment (ODI) from Irish companies now exceeding Foreign Direct Investment (FDI).

In 2010, Irish ODI was E261 billion and FDI held in Ireland was E185 billion, stated the IEA.

Outwarddirect investment is now commonplace amongst a wide range of large and medium sized Irish owned companies and is seen as a complimentary process to traditional exporting. It can be a more suitable means to gain market share in other countries for some products and services. "Also in-country presence through ODI can help overcome trade barriers where market access is limited, particularly in emerging economies. Continued trade finance, capital market access and banking support for such ODI is essential to enable firms develop scale and have the capacity to compete internationally," said John Whelan .