WEXFORD MAN Minister for Public Expenditure and Reform Brendan Howlin expressed his own personal delight at being invited to deliver the opening address at the Wexford Business Expo 2014.
Whilst paying tribute to the team who had put together this “very useful opportunity for businesses from a broad range of sectors and industries to come together and avail of advice and information”, Minister Howlin also embraced the opportunity to deliver an in-depth report of the current economic situation both locally and nationally to the audience of eager entrepreneurs who gathered to listen.
At the centre of the government’s fiscal plan for recovery is a key motivation to support the local businesses, many of which were represented at the expo.
“Local businesses play a key role in the economic life of this country…the government has been most anxious to support you, the local business people who contribute so much to the local and national economy,” said Minister Howlin.
He continued: “Businesses have struggled to survive deep recession, but now have to position themselves to take full advantage of a more benign economic environment and plan accordingly.”
The senior Labour Party politician noted that having vigorously adhered to the government’s fiscal and financial targets, Ireland successfully exited the EU/IIMF programme in December past.
Ireland recorded an underlying general government deficit of 5.7% last year and this year he claims “we are expected to record a figure of 3.7% pf GDP”.
However, the minister noted that his own personal expectation was that the actual figure for GDP would exceed this projection.
In relation to unemployment, Minister Howlin said: “Unemployment, while still to high at 11%, an higher locally, is at its lowest in over five years and has now fallen for 28 months in a row and is expected to fall just over 10% in 2015.”
He continued: “Wexford, like Ireland is getting back to work and I hope that this event helps with this urgent task.”
The cabinet member also stated that the Irish people have “made a huge collective effort in recent years to restore the foundations of our economy…the government is glad that this effort has resulted in a number of tangible achievements.”
The minister moved on to outline a number of support structures, which the government has put in place to assist businesses in securing development.
Improving access to finance was top of the minister’s list of objectives.
“Access to finance is a key issue for all businesses and it is critical to long-term economic success. Improving access to credit is a key priority for this government…as banks will continue to be the primary and dominant supplier of credit for business, our main response to making credit available is the on-going restructuring and recapitalisation of the banking system,” he said.
In order to encourage additional lending to SMEs, a Credit Guarantee Scheme was launched to enable SMEs to avail of guaranteed loans through participating banks.
Among the other initiatives alluded to during the minister’s opening speech was the establishment of the Local Enterprise Office network, which is a new structure that combines the expert knowledge of the former County and City Enterprise Boards, the local authorities as well as the Enterprise Ireland which will oversee the network.
A focus on competitiveness is also “high on the agenda” for his department.
Measures to address factors adversely affecting business competitiveness are being considered and will be implemented through a new system of quarterly reporting to cabinet committee level.