Irish businesses from both sides of the Border are taking part in a trade mission to Canada this week.

The four-day event will be led by Minister for Enterprise, Trade and Employment Micheál Martin and his northern counterpart, enterprise minister Maria Eagle.

A number of significant announcements are expected from client companies of Enterprise Ireland and Invest Northern Ireland.

"Ireland and Canada share a focus on developing the knowledge-intensive sectors of our economies and both invest heavily in education, science and R&D," said Mr Martin. "These similarities position us as ideal trading partners and present opportunities for synergies and increased trade."

Canada represents the 11th most important trading partner for Enterprise Ireland's client companies. Last year, Irish exports to Canada totalled €339 million. Ireland is also fifth most significant recipient of foreign direct investment from Canada.

"A key objective of this trade mission is to assist Irish companies in winning new business and developing strong business relationships in Canada," said Mr Martin.

Twenty-three companies from the Republic are travelling with the delegation along with nine businesses from Northern Ireland.

"The Canadian market presents significant opportunities for Irish companies, particularly in knowledge-intensive sectors such as financial services, biotechnology, photonics, digital media and information communications and technology," Mr Martin said.

He said there was potential to increase significantly the trade between the two countries through the creation of strategic alliances and partnerships between companies from both sides of the Atlantic.

The trade mission also hopes to foster increased links between research and academic organisations.