Thursday 22 February 2018

'Act now' - Sinnamon's fresh Brexit warning

Stock photo: PA
Stock photo: PA
Gavin McLoughlin

Gavin McLoughlin

Enterprise Ireland boss Julie Sinnamon has issued a fresh appeal for businesses to act to mitigate the effects of Brexit.

Writing in today's Sunday Independent, Sinnamon said that businesses "must act now" to make the smoothest possible transition.

"For Ireland, the impact of Brexit could be profound. More than 37pc of the exports of Enterprise Ireland-backed companies go to the UK and the exposure in certain sectors - such as food, construction and timber - is significant," Sinnamon writes today.

"It is essential for Irish companies to use the period of the negotiations to prepare for the new world order, post Brexit.

"If we wait until the new trading arrangements become known, we risk losing hard-won global market positions."

Enterprise Ireland has launched a new online tool - the 'Brexit SME scorecard' - to help companies assess their exposure to the potential negative consequences of Brexit. Sinnamon said 200 companies had already used the tool, which measures businesses' preparedness across six areas: business strategy, finance, sales and marketing, operations, innovation, and people and management.

Sinnamon said the State body would look to "help more Irish companies gain access to international markets with the aim of increasing exports outside of the UK by 50pc by 2020".

"Innovation will be a key response to weathering the Brexit challenges and will drive our competitiveness," she added.

"Companies must innovate, adapt products and services for new markets and invent new processes and products, which will be essential to maintain profitability."

Sunday Indo Business

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