Exporters Look for Renewed effort from Government after the Cabinet shuffle

The Irish Exporters Association (IEA) today (23rd March 2010) said there was an urgent need for the Government to renew its efforts to assist indigenous exports, after the Cabinet shuffle expected today.

John Whelan, CEO of the Irish Exporters Association said;

"There is much still that could be done to assist the indigenous export market sector who are continuing to struggle with a non competitive Euro to the Sterling of 0.9."

He went on to say;

"In particular we now need the remaining €117 million of the total Employment Subsidy Scheme (ESS) promised by the Tanaiste on the 14th of May last year. The original agreed stimulus package for the ESS was €250 million, so far we have only seen the release of €133 million."

Mr. Whelan went on to point out that;

• The extended EU state aid scheme of up to €500,000 per company will run out at the end of 2010.
• A further round of the Employment Subsidy Scheme, based on existing rules for the scheme, would not have sufficient time for implementation.
• Hence the IEA strongly urge the Government to release the outstanding €117 million of stimulus through the Enterprise Stabilisation Fund.
  

John Whelan concluded by saying;

"The original stimulus funding was promised last May as part of an export led National Recovery Programme. The indigenous industry has suffered significant loss of profits and has been further depressed by lack of availability of affordable trade finance."

"The release of the€117 million outstanding in the Stimulus Fund would not only help address the exchange rate induced losses, and the credit finance shortage, but would also enable exporters to invest in new product launches to reposition their products in new non sterling markets."

END

For further Information: John Whelan

Irish Exporters Association

Tel. 087 927 1243

Email: jfwhelan@irishexporters.ie