Dynamic Services Export Growth in Second Quarter Will Play a Key Role in Economic Recovery, state Irish Exporters Association

At the Launch today (29th September 2010) of the IEA’s latest publication ‘’Selling your Services Overseas- a guide to services exporting’’ at which Minister for Trade and Commerce Mr. Billy Kelleher officiated, the organisations chief executive John Whelan stated;

‘’The GDP may have fallen in the April to June quarter , but Services exports grew by 9.8% compared to the first quarter figures and 8.6% over the same period last year .
We are well on the way to exceeding our pre recession export output, which will drive the economy back to growth. We are seeing light at the end of a long and dark tunnel. But for this light to be brighter, we need to see more local services companies exporting. It is only through growth that jobs will be created. Export trade expands the size of the economic pie by creating new opportunities and not by exerting greater strains on national budgets’’

He went on to say;
‘’We are a nation of service providers: IT and Finance; construction and engineering; medical and legal; education and training; and sports and leisure – even animation and film making. We have the capacity to take a whole range of services across the globe – both business and consumer services – from architecture to joinery, from education and training to sports and leisure. But businesses that have only traded locally need wide ranging support to get their first sales overseas. They need trade finance and credit facilities , export insurance and bond facilities , as well as visa and travel support .This will stem the job losses and rapidly lead to job creation’’
In further comments at the launch John Whelan, of the IEA stated;
· Services export trade, which was resilient throughout the crisis, is contributing to a positive trend in total exports.
· Foreign direct investment, through which much of services trade is conducted, has also rebounded. This is good news as foreign direct investment has the dual role of creating opportunities in new markets, as well as bringing capital and know-how. Ingredients that are so vital for growth.
· The Services sector is a dynamic and efficient sector whose fortunes are closely linked to the international marketplace and trade. Opening new trade opportunities in services makes sense for growth and it makes sense for job creation.
· We may not be able to make a prediction on when the economy will fully regain its confident stride, but we can be sure that trade, especially services export trade will hasten the pace of recovery. And when that recovery is fully on its way, it will be those economies that have competitive and well regulated services sectors that will stand to gain the most.
In conclusion Mr Whelan stated;
The time to invest in the future is now, we need more focused support to encourage locally trading companies to export their services , as well as greater facilitation for existing services exporters, to enable them to be more competitive’’

END