The chief executive of IDA Ireland has said that Brexit is not something that the agency felt would be good for the Irish economy.

However, Martin Shanahan said that he believes there is some upside potential for Ireland but it is too early to size it up and that in the long term it would depend on Britain's future access to single European market.

He added that Ireland's certain access to the EU market would be attractive to investors.

Speaking on RTÉ's Morning Ireland Mr Shanahan said that the IDA has been in contact with investors and potential investors since the referendum result became known on Friday. 

He said he did not believe investors would be making any long term decisions in the next couple of weeks.

He said that Ireland already has a strong offering in a number of sectors, including the pharmaceutical, engineering and financial sectors.

The IDA chief added that Ireland had one of its best years ever for foreign direct investment last year and he believes that will continue this year.

He also said that investment in Ireland is not based solely on tax.