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EI boss: firms must ramp up Brexit plans


Enterprise Ireland Logo

Enterprise Ireland Logo

Enterprise Ireland Logo

Irish companies must put plans in place to protect themselves against the risks of Brexit in what will be a challenging year, Enterprise Ireland (EI) chief executive Julie Sinnamon has warned.

Writing in today's Sunday Independent she says: "I urge companies who haven't already done so to put a plan in place to identify and mitigate potential risks facing their business arising from Brexit, particularly in the immediate term, in the area of currency risk-management."

She said that the body had already introduced several supports for regional companies.

"While we are pleased to report these positive results, as the phase-two Brexit negotiations commence, significant challenges remain for Irish companies.

"With a potential slowdown in the UK economy and possibly further currency volatility, we expect 2018 to be a challenging year for Irish companies," she continues.

"It makes good business sense to have a robust strategy in place to ensure that your business is more innovative, competitive and diversified into key markets, whatever the eventual outcome of the negotiations."

In the coming weeks, a new market discovery fund will be available to Irish business.

The fund will support companies to undertake the groundwork and preparations necessary to enter new markets.

A "key concern is the lack of sustained investment in innovation by many Irish companies," she writes.

Sunday Indo Business