2008
Press Release
5th November 2008
Obama Presidency Bodes Well for the Irish Exports
The Irish Exporters Association today (5th November 2008) welcomed the outcome of the US Presidential election. The IEA president Liam Shanahan stated;
“Obama will bring a much needed lift to the US as well as the Global economy. We are already seeing the benefit of the anticipated new administration with the dollar appreciating 3% overnight. This appreciation trend, if it can be supported with early positive economic measures by the new administration, will give an important boost to Irish export competitiveness shipping to the US.’’
He went on to say;
“Despite the recent economic recession, the US offers major sales opportunities for indigenous Irish exporters. The US is still the world’s largest importer, with a staggering $2 trillion of goods imported from abroad each year. The US has still the world’s highest consumer spending of 70% of GDP, compared to 55% in Japan, and 40% in China. The current recession has caused a dip but nothing the Obama administration cannot rectify.”
On the issue of a potential closing off of Foreign Direct Investment from the US into Ireland under the new US presidency he said;
“The US is the largest recipient of FDI itself and is unlikely to introduce policies which will dry up the lucrative source of jobs and growth within the US by closing down the open flow of funds internationally, with unacceptable taxation policies.”
In conclusion he said;
“A re-invigorated US will need innovative, competitive trading partners. We in Ireland will need to re-invigorate our competitive game to retain the confidence of US investors, and match their needs for innovative products and services in future years.’’
(ENDS)
For further information contact:
John Whelan, CEO, Irish Exporters Association
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