The action plan also indicates an intention to expedite visa options to facilitate quicker entry for skilled workers. Credit: ARMMY PICCA/Shutterstock.com.

Chartered Accountants Ireland has expressed its approval of the government’s newly released Action Plan to Support Market Diversification.

Reacting to the plan, Chartered Accountants Ireland Members and Advocacy director Cróna Clohisey said that the Irish businesses are currently facing “unprecedented” challenges due to US tariffs.

The extensive nature of the plan, which includes more than 100 actions, underscores the significant challenges ahead and the necessity for a unified national approach.

The initiative also reaffirms a commitment to bolstering indigenous enterprises, which the institute supports.

With a substantial portion of the institute’s nearly 40,000 members engaged in business, many are actively involved with Ireland’s small and medium-sized enterprises (SMEs).

“While foreign direct investment continues to constitute a key part of Ireland’s economic mix, these home-grown businesses (particularly SMEs) form the backbone of the Irish economy. Ensuring they are equipped to diversify, innovate and compete internationally should rightly now be a primary policy objective,” Clohisey stated.

A survey conducted by Chartered Accountants Ireland in May 2025, in collaboration with GRID Finance, revealed that many SMEs find existing government support initiatives either too time-consuming or resource-intensive to access, resulting in lower-than-expected uptake.

“While the breadth of supports is positive, further steps need to be taken to ensure that business reliefs are not overly complex or difficult to claim. Simplifying application processes and reducing administrative burdens will be key to ensuring that any new supports reach the businesses that need them most,” Clohisey added.

The action plan also indicates an intention to expedite visa options to facilitate quicker entry for skilled workers in high-demand sectors.

“Chartered Accountants, already included on the Government’s Critical Skills List, are among the most in-demand professionals whose expertise will be essential to guiding businesses through the current uncertain landscape,” Clohisey remarked.

“Our research consistently shows that in times of economic uncertainty, Chartered Accountants are heavily relied upon to help businesses navigate crises. We fulfilled this important role as trusted business leaders during the Brexit transition, the Covid-19 pandemic, and more recently, during the cost-of-living crisis. Any new fast-track visa scheme should therefore reflect the importance of chartered accountants alongside other in-demand skills.

“Overall, today’s announcement represents a positive step toward safeguarding Ireland’s economic resilience. The challenge now is to ensure that ambition translates into action, and that the supports offered are not only comprehensive but also genuinely accessible and impactful for the businesses that rely on them,” Clohisey concluded.