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Fintech Driving Record Growth of Irish Exports to Middle East

Exports by Irish companies in India, Middle East and Africa have reached a record high with fintech one of the sectors leading in sales, according to the Irish Government’s trade and innovation agency.

In 2021, companies backed by Enterprise Ireland had their highest ever level of export growth globally. Exports by Irish companies increased by 18 per cent in India, Middle East and Africa to record high of
€1.45billion.

The latest statistics add to the record year seen for Enterprise Ireland globally. 2021 also saw the highest ever level of growth for Enterprise Ireland-backed companies in export value – up 12 per cent and
valued at €27.29billon last year.

The Gulf region is a major growth market for Ireland, with increasing number of exports to United Arab
Emirates, Saudi Arabia and Qatar.

“Demand for Irish innovation is at an all-time high across the wider region and has been accelerating year-on-year,” says Conor Fahy, regional director for India, Middle East and Africa at Enterprise Ireland. “We have experienced a real appetite for innovation from businesses and governments as we emerged from the Covid-19 pandemic, with Irish companies meeting the needs of local partners.”

Currently, Enterprise Ireland supports over 400 Irish companies exporting or looking to export in the Middle East region with fintech, aviation and medtech marked highest ever level of growth for Irish companies.

According to Enterprise Ireland, because the fintech scene across the Middle East is ever evolving and fast emerging there are plenty of opportunities for growth and innovation. It also says Irish fintech is well received in this region for its “ground-breaking innovation, technology and ability to overcome challenges”.

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