Business Irish

Friday 20 September 2019

Target 'stable' Germany, minister urges exporters

Minister of State for Trade, Business and EU Digital Single Market, Pat Breen . Photo: Steve Humphreys
Minister of State for Trade, Business and EU Digital Single Market, Pat Breen . Photo: Steve Humphreys

Fearghal O'Connor

The Government's trade minister has warned Irish exporters to diversify away from Britain to Germany as a "stable" alternative.

The warning comes as British political chaos increasingly threatens to cause a disorderly Brexit that could impact on the many Irish businesses that export to the UK. Writing in today's Sunday Independent, trade and business minister Pat Breen said that Brexit's "impact on how we conduct business cannot be underestimated". "If ever Irish businesses needed to consider the value of diversifying their market strategy then that time, quite frankly, is now," he writes.

"With German growth at its highest for five years at around 2pc, it is clear that it remains the stable option for planning market diversification, given the immediate uncertainty surrounding Brexit and our traditional trade partner," writes Breen.

If firms are "to scale beyond these shores, they need to seriously think about one of the largest markets we will have unfettered access to".

He said although the UK still accounts for over a third of our exports, firms "looking to secure a healthy future beyond these shores should consider the large eurozone family of economies with which we will still be able to enjoy frictionless trade".

"Perhaps it is the cultural ease in doing business with the UK that limits some of our thinking, but within the eurozone we have potential markets which are worth around €38bn," he wrote.

Sunday Indo Business

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