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Brazil potential goldmine for Irish tech

Tuesday, March 05 10:53:57

South America's rapidly growing middle class - now 47pc of the population in Brazil - is a huge opportunity for Irish ICT and software companies.

This was the key message at the Irish Exporters Association roundtable discussion 'Growing Sales in South America" where top executives from 14 Irish ICT and Software companies shared their experiences of entering these markets at S3 Group's headquarters in Leopardstown, Co. Dublin.

Focusing on their recent growth in exports to Brazil, John O'Brien, CEO of S3 Group, said at the event that "S3 Group first went into Brazil with our TV Technology Business in November 2010, Brazil is a market with its differences and challenges, but we have been very successful in making initial sales to our target Brazilian customers".

"Brazil is a huge market, and represents a great opportunity for Irish companies. With the help of organisations like the Irish Exporters Association, Enterprise Ireland, The Department of Foreign Affairs and Trade, and the Irish Embassy in Brazil, there is a lot of practical help available," he added.

John Whelan, CEO of Irish Exporters Association said that the S3 Group is a classic example of how to enter a large E2.2 trillion market in a structured and profitable way, with a niche product and manage the service requirements of a distant market.

Philip Ahearne, Head of Foreign Exchange for Investec Bank expressed his views on how exporters mitigate currency exposure. 'It is important for companies who have currency exposures to consider all the tools they can use to manage their currency risk. At Investec we seek to understand our clients business's and exposures and make them aware of the different approaches they can take to manage these exposures. Ultimately, we try to help our clients be as efficient as possible in managing their currency exposure, whilst providing excellent service and competitive pricing."

The Department of Foreign Affairs and Trade, represented by Sile Maguire, Director for Latin American and Caribbean highlighted the support available to Irish Exporters through their range of resources on the ground in South America, she encouraged Irish exporting companies to make contact with Ambassadors in emerging markets prior to visiting as they can open doors at a local level.