Trading improves our domestic economy, even for firms that do not export

Speaking yesterday after the launch of the Government’s Trade and Investment Strategy 2022-2026, Chambers Ireland’s Chief Executive Ian Talbot said: “Ireland is a small, advanced, and open economy that is well positioned to secure a huge volume of trade as we adapt to these economically turbulent times.

“With our skilled and educated workforce, and a huge number of workers from diverse backgrounds that have languages and connections which link us to every country on the globe, we should be trading more.

“With the post-covid emphasis on building supply chain resilience, by diversifying the sources of supply, many businesses will be looking for a European home for their production.

“For smaller indigenous companies, there are huge gains to be made from integrating businesses into global value chains. Initially, there are the potential economies of scale that make product lines profitable when serving a market which is larger than our domestic economy.

“More importantly, over the longer term, being part of international value chains allows indigenous businesses to import the practices of businesses that are operating abroad. This gives them experience of new business methods, and so they can return to their domestic businesses and increase productivity there. Trading improves our domestic economy, even for firms that do not export.

“Every Irish business should look to the opportunities that are opening up on shores near and far. We should have a vision for our island that looking out into the world for opportunities, not waiting for them to come knocking.

“As an English-speaking country located between The EU the US, with the unique position that Northern Ireland has to play being part of the UK and the EU Customs Union, and as the first port of call for many ships coming to Europe, we are well placed to act as a trading hub in the coming years. Today’s strategy is a step towards making this happen.”