Friday, September 14 14:51:40
Newly elected president of the Irish Exporters Association, Colin Lawlor, today called for an export supports package to maximise the impact for Ireland from the ECB bond stimulus and US Fed quantitative easing announcement.
Mr Lawlor said that the IEA, as the main export industry representative body, will do all in its power to influence the Government to further support and stimulate exporting companies.
The bond buying announcement by ECB followed by the US Federal Reserve QE3 announcement over the past week is very positive news and should stimulate our two largest export market regions into a return to growth, particularly as the FED did not set any limit on the ultimate amount it would buy or the duration of its quantitative easing programme, he said.
We must ensure that our exporters are sufficiently supported and funded to take up the sales opportunities that will inevitably arise from these extensive stimulus measures in the EU and the USA.
He went on to call on the Government to immediately issue the Credit Guarantee scheme, which is geared to assist 1800 export companies with added working capital funding of 450 million, and in the process create 1300 jobs. This scheme has been promised since last year and must now be rolled out without any further delay.
Mr Lawlor also called on the banks to deliver on SME lending at affordable interest rates stating, we have near zero central bank interest rates in our main markets of the USA , the UK and the EU, we also need to ensure the main street bank provide sufficient loans at competitive interest rates for Irish exporters.
Were trying to create more employment through export expansion, thats the mandate of the Export Trade Council, and thats also the IEA objective in these difficult times. Representing just over 80pc of our national economy, exports are the lifeblood of any potential recovery. Supporting members to increase exports, particularly in the faster growing markets is at the core of what we do, said Mr Lawlor.