Micheál Martin, the Minster for Enterprise, Trade and Employment was speaking at the Enterprise Ireland 'Building Towards London' conference in Dublin.
The minister addressed the opportunities for Irish building companies to maximise their involvement in the Games.
An estimated £9 billion is due to be spent on construction work in the build up to 2012.
Mr Martin also added that overseas markets are key to the continued grown of Irish firms.
Addressing the conference on Wednesday, the minister said: "Irish construction companies – builders and suppliers - have been at the forefront of the economic boom in Ireland and contributed significantly to the emergence of the Irish economy. The sector has done extremely well in growing turnover by as much as five times over the past decade.
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"Britain is the principal overseas market for the majority of Irish-owned construction product and services companies, accounting for over 47 per cent of construction exports in 2006. Pursuing the substantial opportunities that are available in the UK at the moment can provide the perfect launch pad for Irish construction firms looking to expand their geographic spread."
Enterprise Ireland's Chief Executive Officer, Frank Ryan added: "The scale of the Olympic project represents a huge opportunity for Irish construction and it is important that our businesses are ready to compete with firms from across the globe and win."
The conference will be attended by around 160 Irish companies and features key figures from UK industry and the Olympic delivery teams addressing the opportunities and challenges the 2012 Games will bring to a variety of different sectors.
(NS/JM)
