Bureaucracy and customs delays are preventing Irish businesses from increasing export trade with Asia to €10 billion a year, employers' body Ibec claimed today.
The federation wants to see improved links with the Far East with more direct flights and improved information on markets there.
In the past few years, Ireland has secured exports worth €8.5 billion a year, but Ibec believes this could be increased by €1.5 billion.
Pat Ivory, Ibec director of trade affairs
"In addition to increasing sales of computer, pharmaceutical, food and drinks products, Ireland should also be targeting growth in new emerging sectors such as medical devices and financial services," Pat Ivory, Ibec director of trade affairs, said.
"If Ireland does not move to exploit these opportunities, the business will simply go elsewhere."
Ibec said a lack of intellectual property protection was also proving a major stumbling block.
The body said trade in services, including financial and computer services, have been worth over €2 billion in recent years.
"New opportunities are constantly emerging in these areas and Irish companies need to be able to take advantage of these," said Mr Ivory.
In a new report, Opening Doors to Asia, Ibec called for a range of measures from the Government and the European Commission to enable Irish companies to benefit from the enormous trade opportunities that exist.