UK turmoil set to hit Irish SMEs’ business there, Asia-focused think tank says

Opportunities for Irish firms in the UK are likely to be “severely limited in the foreseeable future” as a result of the UK’s currency crisis, the head of Asia Matters, a Dublin-based think tank, has said.

Martin Murray said many firms here were stuck in what he described as an “English-language mode” when the focus should be on emerging markets, particularly in Asia.

“Half the world’s wealth is created in the Asia marketplace, and that’s where our businesses should be focusing their energies on,” he said, noting the combined gross domestic product (GDP) of Asian countries excluding China is forecast to grow by nearly 6 per cent over the next six months.

Mr Murray was speaking at the launch of Asia Matters Asia Business Week Ireland, a series of cross-country events to attract inward investment from, and encourage exports to, Asia.

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“The British government, with its mini-budget, was playing a high stakes game,” he said. “And the gamble failed to pay off, after the pound plummeted.”

“At Asia Matters we strongly believe that when it comes to growing trade, Ireland is hindered by the past. We’re stuck in English-language mode when we should really be focusing on the emerging markets of the future instead,” he said.

Asia Matters Asia Business Week Ireland, which takes place on November 28th-December 2nd, was launched at the Department of Enterprise with the newly appointed Minister of State for Trade Promotion, Dara Calleary.

Key events include the eighth EU Asia top economist round-table hosted by employers’ group Ibec followed by the Asia Matters’ Asia business awards on December 2nd. Previous winners include the Kerry Group, Toyota Financial Services, Combilift, Carbery Group, SMBC Aviation Capital and WuXi Biologics.