Monday, September 17 10:37:33
New research launched today by Bibby Financial Services Ireland (BFS) reveals that more Irish business owners would consider trading overseas if there was better access to finance and additional information available.
The results show that more encouragement from government is required in the form of the provision of information about market performance and evaluation of prospects and finance if companies are to consider operating abroad.
Of those businesses with goods and services suitable for export the survey found that 69pc cite claim that a loosening of lending criteria and increased access to finance would encourage them to pursue overseas opportunities.
Similarly 62pc cite that more information from the Government or other bodies trading within the EU would encourage interest in exports.
And 56pc said that both bursaries to support trading and more on the ground support from government bodies to help evaluate prospects are also key drivers.
Graham Byrne, Bibby Financial Services Ireland Managing Director, said: "It has been well documented that the government's main strategy for restoring Ireland's economic health is to be achieved through export led growth. In spite of this, the research clearly shows that tangible opportunities remain a challenge for Irish exporters. "According to the survey results, almost two thirds of businesses would be encouraged to become involved in markets overseas if there was better credit availability and access to finance. If exports are to be the panacea for economic growth the government must step up to the mark. Now is the time for the government and financial institutions to take a collaborative approach and engage with the export business community to provide the crucial support that Irish SMEs require for growth into new markets."
The report also found that 43pc of all companies have witnessed lower levels of business activity in the second quarter by comparison to the same period last year. Despite the euro crisis there appears to be a high degree of confidence in expectation for growth in the volume of all export markets with the most marked shift in ratio terms being a growth to BRIC countries; three and half times more companies see themselves exporting to BRIC nations in the next five years than do so now.