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Wednesday, August 17, 2022

Enterprise Ireland boss aims to grow despite economic constraints

Enterprise Ireland expects continued growth among its client companies this year, despite growing concerns about economic headwinds such as rampant inflation and skills shortages.

Spoke with Eau Clancy, CEO of Enterprise Ireland sunday free After releasing its annual export results for 2021. The State Agency for the Growth and Development of Irish Enterprises in World Markets reported that exports by companies increased by 12pc to a record €27.29bn last year.

Clancy said the positive result last year was down to a resurgence of “post-pandemic confidence”.

Despite economic constraints — including inflation, supply chain bottlenecks and skills shortages — going strong this year, Clancy’s still expects growth. He cited Enterprise Ireland, a client survey conducted earlier this year, which showed “optimism for the boom” and “reasonable level of growth”.

“I think it’s still true,” he said. “People are actively dealing with headwinds in businesses. Supply chain issues never went away, material inflation was occurring anyway, and energy costs were rising – the war exacerbated all three of them. There is still very strong demand there. ,

Clancy said 2021 had set up the Irish economy well for the year ahead.

“There are a lot of things to be positive,” he said. “We are now diversified in many areas. Every region and geography grew – it’s a really good base to go into anything.”

Clancy also said that many of the issues facing the Irish economy were external.

“These are not things we are doing,” he said. “Skills are low everywhere; Inflation and energy are affecting everyone. So I think the factors that are bothering us are factors everywhere, and they are out of our control. With factors that are within our control, we are doing really well.”

Clancy said there was a mix of short- and long-term challenges that businesses were focusing on for the year ahead.

The Enterprise Ireland boss said inflation, energy costs and supply chain issues were the primary concerns for manufacturing businesses. Clancy added the main concerns for services and high technology companies were a lack of skills and volatility in the financial markets.

World Nation News Desk
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