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Women walk past a fabric shop at a market in Gurgaon, a suburb of New Delhi, India GURINDER OSAN/AP/Press Association Images
emerging markets

Irish companies could create 13,000 jobs by focusing on emerging markets

Greater investment is needed to capitalise on global trends, says report

IRISH COMPANIES COULD create up to 13,000 jobs by focusing on emerging markets, according to a new report.

Drawing on a survey of 151 Irish based executives, the joint report by Accenture and The Economist Intelligence Unit found that almost all organisations  represented by those executives expected to expand over the next five years as they targeted ever wealthier consumers in Asia and other emerging markets.

Based on changing global consumer trends, those who responded to the survey predicted a 10 per cent increase in employment at their firms, the equivalent of 13,000 jobs.

In 2013 emerging-market economies will, for the first time in the modern era, make up more than half the world economy. Asia accounts for 28 per cent of the world’s consumers, says the OECD. By 2030, they will account for two-thirds of consumers.

Ireland Inc should exploit the opportunity offered by shifting global patterns to the fullest degree. Now is the time to invest in areas like analytics, cloud and mobility to deliver on the promise of the changing consumer.  Otherwise, we risk getting left behind.

“In order to realise the potential offered by the changing consumer, Ireland Inc should be developing the right skills including languages, international business skills, analytics and technology” said Mark Ryan, country managing director of Accenture in Ireland.

In ranking the importance of specific global consumer trends, 42 per cent of Irish respondents rated the ‘emerging consumer’ as most important. Of these, India was regarded as their most important emerging market in the next five years. China came a close second.

About one-fifth of respondents say their organisations will boost investment in this area by up to 10 per cent, with only about one third planning to invest more than 50 per cent over current levels in the next five years.

IBEC to launch ‘major growth plan’ >

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