Ireland shares a warm and strong friendship with the United States, and Irish businesses are strengthening their presence in North America as the region continues to offer enormous potential for businesses to grow and find new opportunities.
And right now, many of those opportunities are in Georgia and Mexico, where they open doors for Irish businesses in two dynamic and rapidly developing markets.
Atlanta, the capital of the US state of Georgia, is both a manufacturing hub and a financial services hub.
Metro Atlanta is now home to 29 of America’s largest corporations, including 16 of the elite Fortune 500. It has one of the nation’s largest economies with a GDP of $422.2 billion, and it is one of the top five metros for business climate.
Renowned as one of the most welcoming and outward-looking cities, Enterprise Ireland has worked with technology associations and city authorities to create a real presence and favorable conditions for Irish businesses to grow and grow. in this dynamic market.
The fintech market is growing rapidly globally and an estimated 70% of all electronic transactions in the United States are processed through Atlanta, which means that many payment providers and ancillary services are based there.
The city is also home to the second largest Microsoft campus in the world.
There is a young and diverse workforce, making it a prime location for these businesses.
Many corporate clients we proudly work with have also recognized this appeal and the opportunities that exist there and are currently active in Atlanta.
These include companies such as Wayflyer, a provider of finance and analytics solutions for e-commerce businesses, which has an established presence in Atlanta and has exceeded its growth expectations.
Payments solutions provider Worldnet also experienced significant growth in Atlanta and was acquired by global payments company Payroc WorldAccess.
And while these are established companies, Atlanta has also become a key market for companies early in their scaling journey looking to establish and expand their global footprint.
Enterprise Ireland liaises directly with our corporate clients to strengthen relationships in the region, while providing ambitious Irish entrepreneurs with unrivaled market access by introducing and immersing them into the thriving ecosystem.
With the exponential growth in the use of mobile technology and a large manufacturing sector, Mexico now offers an open door for Irish companies looking for new opportunities in this space.
Companies like AWP Engineering and Fispak have a long history of success in Mexico’s industrial and engineering sectors.
When the pandemic arrived, rapid adoption of digital and mobile technologies was crucial, with start-ups focusing on flexible, inexpensive and accessible services. And this digital transformation has seen the fintech sector grow and it is now worth around 2.8 billion euros.
Irish fintech companies already thriving in Mexico include Fenergo; which develops software for financial institutions, and biometric authentication and identity verification software company, Daon. Both are focused on significant expansion while trading in Mexico.
Mexico has also become a key global player as a manufacturer of medical devices. As the largest exporter to the US market, and with tax advantages and the free trade agreement with the US and Canada, there are a number of key factors supporting this growth.
A number of companies are moving to Mexico to help support this growth. It should be noted that companies such as Prodieco have succeeded in this growing sector.
Although the market is strong, it is subject to many regulations – and that’s why businesses turn to Enterprise Ireland, as we can help entrepreneurs navigate through specific regulations and distributors.
We also offer advice on how to register and enter the market. And we also work closely with our counterparts in the Irish-Mexican Chamber, who can connect our clients to those they need to grow in the market.
Reflecting the importance of these growing regions, Minister of State for Trade Promotion, Digital and Business Regulation Robert Troy TD is beginning a trade mission to Georgia and Mexico, starting tomorrow 16 may.
This trade mission, led by Enterprise Ireland and IDA, will also include engagements in South Carolina.
For Irish businesses looking to expand overseas, Georgia and Mexico present a real opportunity to thrive in a dynamic and rapidly developing market.
Sara Hill is Senior Vice President, US South and Mexico, while Rory Power is Senior Vice President, US East Coast at Enterprise Ireland