Companies that are members of the Guaranteed Irish business organisation generated turnover of €11 billion in 2017 and directly employ almost 50,000 people in the Republic, the company said on Tuesday.

At an event held in the Irish Stock Exchange in advance of the March launch of 'Guaranteed Irish month', chief executive Bríd O'Connell told members of the not-for-profit company that it contributes to "Ireland's international reputation for quality goods and services" and showcases Ireland as "best-in-class for business".

Minister of State Ciarán Cannon TD said the brand “provides a high water mark of quality and promotes a sense of great pride among Irish people and our diaspora globally”.

Deirdre Somers, Irish Stock Exchange chief executive, called the Guaranteed Irish symbol a "real badge of honour worn by home-grown enterprises".

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Members of Guaranteed Irish include American pharmaceutical company MSD, KPMG and Brennans.

While members of the organisation don’t strictly have to be Irish companies, they have to create products or services in Ireland or add significant value, at least 50 per cent, to those products or services.