Dublin MEP Brian Hayes has today (Wednesday) said that Irish Exporters should seize the opportunity of a weak Euro with strong growth in Britain and the US.
“Since 2007 a strong Euro was one of the headwinds facing the Irish economy and Irish exporters in particular. The situation has changed significantly in recent months. The euro/sterling exchange rate is now 78p while the euro/dollar is 1.27. There is a possibility of further weakening of the euro in the months ahead, particularly against the dollar, as the ECB continues to rollout more generous monetary policies and programmes” said Mr Hayes.
“An opportunity now exists for Irish exporters of goods and services to build market share in two key exports markets, Britain and the US. The opportunity provided by a more competitive Euro in both markets is further enhanced by the fact that the US and British economies are both showing strong growth.”
“A weak euro and strong growth in two of our main markets is a very favourable combination and provides a unique opportunity for Irish exporters. For Irish owned companies Britain has been a traditional export market. The opportunity is now right for Irish exporters to seize the opportunity provided by this very favourable combination of circumstances and grow Irish exports to Britain.”
“The Irish tourism sector is also set to benefit from a weaker euro. British tourists are very conscious of value for money. Ireland is now a great value destination for British visitors. Restoring British visitor numbers to their previous peak levels would be a big boost for the tourist sector and for the wider economy.”
“Existing exporters to these markets should focus on growing their business. Smaller Irish companies considering exporting for the first time should be encouraged and supported to take that step. Circumstances will never be more favourable,” concluded Mr Hayes