Credit Management November 2018

COUNTRY FOCUS
Steeped in history and rich
with culture, Ireland
provides an important
market for British exporters.
AUTHOR – Adam Bernstein
Ireland: Part one
THE SPARKLE
OF THE
EMERALD
ISLE
The cliffs of Moher, Ireland
IRELAND was described by
William Drennan in his 1795
poem, When Erin first rose as
the Emerald Isle. But while the
Celtic Tiger has seen an economic
resurgence of late, it hasn’t always
seen great times. Famine, mass emigration,
issues over home rule – the country was
most definitely politically charged. But it’s
been independent from Britain for almost
100 years and the country will very soon
share the only physical border the UK has
with Europe once we leave the European
Union. Hard border, soft border, it’s all
up for negotiation which, given Ireland’s
importance to the UK – it’s our fifth
largest export market according to the
Government’s own (2016) figures – is bound
to be hard fought over.
A YOUNG COUNTRY
Ireland’s success is linked to that of the
UK. Consider the recent troubles which
were only formally resolved 20 years ago
with the Good Friday Agreement (which
granted devolution to the province while
creating a number of institutions between
Northern Ireland the Irish Republic,
and the Irish Republic and the UK). The
agreement finally dealt with issues relating
to sovereignty, civil and cultural rights,
decommissioning of weapons, and justice
and policing which were voted on and
approved by voters across the whole of the
island.
According to IndexMundu, Ireland is a
young country. Of its approximate 5.01m
population, 33.3 percent are under 24 years
of age, 43.2 percent are aged between 25
and 54, and another 10.42 percent are aged
between 55 and 64. Only 13.07 percent are
65 or older. And life expectancy is good –
the average lifespan is 80.9 years.
Sharing a common language and time
zone, having strong transport links, a
similar legal framework and an open
economy, it’s not very surprising that the
UK Government reckons that the value of
bi-lateral trade in the region is one billion
euros a week. In essence, Ireland is not
only a very good market, it’s also a perfect
platform for a firm new to exporting that
wishes to test the process.
Moreover, Ireland’s growth rate is ahead
of the UK’s, albeit slowing. According to the
European Commission, 2017 growth was
7.3 percent and will be 5.6 percent in 2018
and four percent in 2019. In comparison,
The Recognised Standard / www.cicm.com / November 2018 / PAGE 32