the issues In brief
Exports hit highest value in nine years
Exports continue to be the bright spot in Ireland’s economy. The value of goods and services being exported from Ireland hit its highest level sinceMay 2002 inMarch, widening the trade surplus even further. On an unadjusted basis, the value of
exports in March 2011 rose 8pc to €8.5bn compared with the same month in 2010. In the first two months of 2011, more
than half of Ireland’s exports were bought by the US, Great Britain and Belgium. Exports to the US and UK increased by 20pc and 18pc respectively. Decreases were seen in the electrical
machinery market, while increases were seen in the chemical, medical and phar- maceutical industries. In that same period, Ireland’s imports
increased by 21pc to €8.5bn. Imports from the US rose by 50pc or €545m and from Great Britain by 18pc or €370m.
NAMA plans to help property markets
The National Asset Management Agency (NAMA) has held “preliminary” talks with AIB and Bank of Ireland about ways the agency could help potential homeown- ers to boost the property market. In May, chairman and chief executive
Frank Daly and Brendan McDonagh of NAMA outlined the idea of providing financial support to purchasers of resi- dential properties. The agency said consumers’ concerns
that house prices could fall even further and land them in negative equity for a long time was a “key impediment” to the recovery of the property market in Ireland. NAMA hopes to be able to unveil a
product for house buyers in the autumn, which will generate sales of property con- trolled either by NAMA debtors or by receivers. This may involve an incentive for customers to buy at current prices in the knowledge that there will be a mech- anism in place that protects against the risk of negative equity in the future.
Queen Elizabeth II pictured visiting the Irish NationalWarMemorial Gardens in Islandbridge, Dublinwith PresidentMaryMcAleese
The visit of UK monarch Queen Elizabeth II was widely greeted as a great success, with even the naysayers admitting surprise at the warmth with which she was received. The presence of both UK Prime Minister David Cameron and UKForeign SecretaryWilliam Hague during the historical visit is surely a welcome sign of the importance the UK administra- tion attaches to the UK-Ireland relationship. During a brief meeting at
Government Buildings, Taoiseach Enda Kenny extended his grati- tude to Britain for its bilateral loan to Ireland. Cameron added: “Ours is a relationship – that yes is of course a relationship about trade, investment and economy ... and our shared interest around secu- rity ... but it is also a relationship of opportunity of two very close neighbours and friends who share a huge amount together. “I think there are great oppor-
tunities for us to do even more things in the future together,” he concluded. As part of the visit, the first-
ever British Irish Chamber of Commerce was launched by William Hague and Ireland’s
Minister for Foreign Affairs and Trade, Tánaiste Eamon Gilmore. Hague said he thought there must be some mistake when he received the invitation, so surprised was he that such a Chamber was not already in existence. About 300 guests and 21 found-
ing members joined an event that aimed to formalise the business relationship between Ireland and the UK. The original plan was to have only 10 founding members but huge interest apparently demanded a greater number. Despite the close economic ties
between the two countries there has never been an official link at Chamber level. Recent figures from 2009 showed the strength of trade between the two partners as Ireland is the UK’s fifth largest export market, while Britain buys about 16pc of all Irish exports. It is Ireland’s largest trading partner. Fergal Naughton, a director at
Glen Dimplex, was named the organisation’s first president. The Chamber will be initially based at the RDS in Dublin and is currently hiring a full-time chief executive. Ambassadors Bobby McDonagh and Julian King are honorary pres- idents of the new Chamber.
Ireland and the UK – a relationship strengthened
10 Irish Director Summer 2011
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