The UK’s vote to leave the EU will present significant new challenges for Irish companies exporting to the UK according to Enterprise Ireland.
Enterprise Ireland said that in the immediate term, the key impact on Irish exporters is likely to be around exchange rate volatility and that companies as a first step should seek financial advice relating to hedging and managing associated risks.
It also said that it would be intensifying its efforts to support companies respond to the new situation and implement medium term market diversification plans. This will include steps to help companies maintain their UK presence while also diversifying into other international markets.
Enterprise Ireland CEO, Julie Sinnamon said, "It is worth remembering that there will be a period of at least two years while negotiations take place between the EU and the UK about the specific trade implications. Furthermore the UK Prime Minister has indicated that Article 50 of the Lisbon Treaty will not be invoked immediately."
She added, "In this period Enterprise Ireland will continue to work with our clients to help them develop a more competitive position in the UK, and also to diversify into other growth markets including the USA, Northern Europe and Asia Pacific, all of which experienced significant growth in 2015."