How do you assess the outlook for Irish business, given the combination of global trade tensions, ongoing conflicts and climate pressures?
Bobby Healy, founder of Manna: “I’m concerned about the multiple impacts of trade barriers and tariffs on existing businesses like Manna, as well as a lack of a sufficiently ambitious strategy in Ireland towards our indigenous tech sector, in particular growth-stage companies. Thinking about the next wave of founders, I would love to see a better understanding, and appreciation at the ministerial level for what our home-grown tech sector can do for Ireland as a hedge against weakening FDI prospects.”
Brian O’Sullivan, founder of Zeus Group: “Irish business has always thrived on resilience and adaptability, and those qualities are more important than ever. Global trade tensions and geopolitical instability inevitably disrupt supply chains and cost structures, while climate pressures are reshaping both regulation and customer expectations. That said, Ireland’s strong export base, skilled workforce and position within the EU give us a platform to continue growing, provided we innovate and adapt quickly.”
Karl Brophy, founder of Red Flag Global: “It depends on the business, of course, but it’s difficult to be optimistic in the short-term. Ireland benefited from European solidarity during the Brexit negotiations, but we have long been seen as the gateway into the EU for large US multinationals and a hoover of tax revenue in a number of key sectors. Still, Irish businesses are flexible and resilient, and we respond well to crises. This will be the third major crisis in the last 17 years and none of them have been brief.”
Stephen Garvey, chief executive of Glenveagh: “The Irish economy has shown great resilience throughout a series of challenges over the past few years, such as Brexit, Covid and the energy crisis triggered by the war in Ukraine, and that resilience continues to be on display with the latest challenges the country has experienced.
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“There is still a lot of uncertainty, but Irish businesses, policymakers and consumers have shown time and time again that they can deal with uncertainty. There’s no room for complacency but equally we shouldn’t forget Ireland’s collective ability to respond to macroeconomic challenges and make the best of whatever situation we find ourselves in.”
Dalton Philips, chief executive of Greencore: “The Irish food and beverage sector continues to show remarkable resilience and strategic importance to the economy. Despite geopolitical uncertainty and rising costs, exports hit a record €17 billion in 2024, a 5 per cent increase on the previous year. That kind of performance speaks volumes.
“Looking ahead, I believe the sector can keep thriving, but it’s essential we continue backing Irish food producers; they’re at the heart of our food system and play a key role in maintaining Ireland’s reputation for world-class food and ingredients. Support needs to be both financial and practical, helping farmers operate sustainably and cost-effectively. As Ireland gears up for the 2027 Cap negotiations during its EU presidency, it is vital policymakers understand how Cap reform directly impacts the wider food industry.”
Which challenges pose the greatest risk, and potentially the greatest opportunity, for your sector in the next year?
Dalton Philips: “Balancing competitiveness with evolving consumer expectations is probably the biggest challenge and also the biggest opportunity. The goal is to keep leading on quality, innovation and sustainability. To do that, we need continued investment in food innovation, R&D and traceability tech. Access to finance is key, especially for SMEs, and grant schemes from Enterprise Ireland should be tailored to meet their specific needs.”
Stephen Garvey: “Everyone agrees that Ireland’s accommodation crisis is a huge problem. It’s a problem for our economy but it’s also a problem for our society. We don’t have enough homes for the people who need them. That goes for owner occupiers, renters, people who need social housing, students and other groups who need specialist accommodation. That crisis has huge knock-on effects. It makes it harder for people to get on with their lives. To live close to where they work. It affects people’s quality of life. It affects the ability of employers to hire people and create jobs and grow their business.”
Karl Brophy: “Tariffs are a policy, how countries trade is a policy and how much they have to spend on, for example, defence is a policy. If anything has been proven in the last year or so it is how much businesses are exposed to regulation and massive policy changes. As a global consultancy and expert advisory firm that works on these issues and helps companies shape and influence policy, we have never been busier.”
Brian O’Sullivan: “For packaging, climate pressures are both the biggest challenge and the greatest opportunity. Regulatory changes, consumer demands for sustainable materials, and the push towards a circular economy are accelerating. Businesses that respond with credible, scalable and innovative solutions will gain a competitive edge. Those who delay will struggle to keep up.”
Bobby Healy: “Strong government support for our industry is the biggest opportunity. Ireland has so many great founders and teams. They just need a government that goes all-in on our own companies and truly understands the scale of the opportunity if we back them. As the Draghi report highlights, we’re at a global inflection point in tech, regulation and economic growth. This is the moment to set our sails with clear direction and ambition, and ensure Ireland is positioned to lead.”
What changes, if any, have you made to your strategy or operations in response?
Karl Brophy: “We have joined a much larger global operation in Ankura and massively expanded our ability to work for clients across the world. We originally called our firm Red Flag because we backed our ability to see these issues emerging before they landed. This direction of travel was clear to us in late 2023 when we undertook a strategic review and determined that we needed considerably increased capacity to service the clients that were going to require our services during this period.”
Stephen Garvey: “While our strategy has remained consistent, we have evolved our operations to enhance resilience, efficiency and sustainability and to support future growth. That includes expanding our off-site manufacturing capabilities, investing in more efficient and more sustainable build systems and really leading the way in modern methods of construction, and accelerating delivery through both our homebuilding and partnerships segments.”
Dalton Philips: “Right now, our portfolio is focused on the UK consumer, but we’ve made it clear that expanding into Ireland and other European markets is a key ambition. Operationally, we’ve been working closely with our customers to offer more choice, healthier options and more sustainable packaging.”
Brian O’Sullivan: “Sustainability is now at the core of our strategy. We’ve invested heavily in developing recyclable and compostable packaging ranges, strengthened relationships with sustainable material suppliers, and expanded our design teams to help customers reduce packaging waste without compromising product protection. We’re also increasing local sourcing to reduce our carbon footprint and mitigate supply chain risk.”
Bobby Healy: “We continually evaluate which markets and regions we should grow in next, and potentially where we should invest in growing operations, manufacturing and R&D. Geopolitics should not, but do, form a huge consideration in this.”
What factors make you most optimistic about Irish business despite these headwinds?
Stephen Garvey: “Despite global volatility Ireland’s economic fundamentals remain robust. Employment numbers remain high, with an unemployment rate of below 5 per cent. We have seen strong policy signals in support of the residential sector. Ireland continues to attract investment, our population is growing, and there is a well-established need for new homes of all types. For Glenveagh, that means there is both a long-term demand environment and, hopefully, a policy framework that supports delivery. We have built a way of working that is efficient and reliable, and we are confident in our ability to keep growing and delivering high-quality homes for people across the country.”
Bobby Healy: “Despite being slightly critical of a lack of cohesive long-term indigenous tech sector strategy, we are still a largely business-friendly state when compared to our European neighbours. It’s worth saying: I still believe Ireland is a great place for a business like Manna to begin. The challenge for Manna and for others like us is that once you get past the early-growth stage, it’s a disadvantage to be in Ireland due to the funding environment. That’s down, in my view, to the need for a top-level government focus on long-term policies to strengthen the sector. There’s a lot of low-hanging fruit for policymakers that can rectify those issues.”
Dalton Philips: “The sector’s resilience over the past year is a strong source of optimism. Irish food is globally recognised for its quality, and that reputation is built on the strength of our producers and the support they receive. I’m confident that both government and industry will continue to back indigenous food production, which will help maintain our international standing and drive future growth.”
Karl Brophy: “We have very flexible and dynamic businesses that have proven they can react to shocks. Some will find it more difficult than others but, unlike the global financial crisis, the government clearly has latitude to make countercyclical investments in the economy. A lot of these, necessarily, will be in our poor infrastructure but it is clear that there will also be other supports for affected businesses. Our twin state agencies in the IDA and Enterprise Ireland, and their track record, also provide reasons for optimism.”
Brian O’Sullivan: “The ability of Irish entrepreneurs and companies to pivot quickly. Our size as a nation allows for agility, and our openness to global markets keeps us competitive. The appetite among Irish companies to innovate, particularly in sustainability, digitalisation and advanced manufacturing, is stronger than I’ve ever seen.”
If you could give one message to policymakers to help businesses navigate the next 12–24 months, what would it be?
Brian O’Sullivan: “Create a stable, long-term framework for sustainability and investment. Business thrives when there is clarity and predictability in regulation, infrastructure planning and support for innovation. If we know the rules won’t change every year, we can commit capital and resources with confidence.”
Karl Brophy: “Europe needs to rapidly demonstrate its strategic autonomy, become a place where businesses can grow quickly and generate the wealth that we need to be prosperous. The EU needs a bonfire of red tape and to actively reduce the weight of regulation. We require the Draghi Report on steroids. We, as Europeans, need to become far less proud of being the world champions of rule making.”
Stephen Garvey: “Certainty is the single most important enabler of delivery. For the housing sector in particular, this means consistent and timely implementation of planning reforms, sustained infrastructure investment and clarity around funding supports.”
Dalton Philips: “Policymakers have a real opportunity to position Ireland as a leader in sustainable food-and-beverage production. That means rewarding circular economy initiatives, carbon reduction and other sustainable practices through targeted incentives. Origin Green is a standout programme in this space, but it needs stronger support to keep driving progress. We also need to maintain frictionless trade by removing unnecessary barriers. Ireland’s upcoming EU presidency is a chance to ensure the challenges facing our food industry are front and centre in EU discussions.”
Bobby Healy: “This message is for the EU as much as it is for Ireland: prioritise our domestic businesses. Remove unnecessary barriers to doing business and innovation. And most important of all: reward risk takers and risk capital with incentives to build and grow at home. The Draghi Report is nearly a year old, urging urgency and giving a framework. What has been actioned?”
