Dáil Éireann Debate, Thursday - 1 May 2025
32. Deputy Peadar Tóibín asked the Minister for Enterprise, Trade and Employment if he has considered setting up a rainy day fund which may be used in the event of a trade war to support struggling businesses. [20965/25]
View answerThe Government is committed to helping Irish companies to navigate the evolving trade landscape and mitigate tariff impacts, working with our dedicated export agency, Enterprise Ireland, to provide resources, guidance, and strategic supports. Enterprise Ireland has established a Trade & Tariff Response Team to brief Irish exporters on the latest developments and impacts and to date has engaged on a one-to-one basis with over 450 companies who export to the USA.
Enterprise Ireland will support Irish exporters as they continue to explore potential mitigation strategies to navigate these challenges, and to assess what opportunities may arise. Among the supports on offer are the Strategic Consultancy Grant which offers support to companies to hire external experts to assist companies in tackling strategic or short-term challenges in key business functions such as customs and supply chain impacts and the Market Discovery fund which provides a grant of up to €150,000 to assist companies develop new markets.
In addition to these targeted supports, Enterprise Ireland also offers support tailored to the needs of SMEs, ensuring they have access to the financial resources required to sustain and grow their businesses.
Similarly, my Department is engaging with IDA Ireland to shape the Government's strategic response to US tariffs. IDA’s priority is to maintain close partnerships with existing client companies while monitoring developments, assessing impacts, and providing insights to inform Ireland’s overall response. This engagement has informed IDA’s 2025-29 strategy, "Adapt Intelligently: A Strategy for Sustainable Growth and Innovation," which focuses on productivity-enhancing investments in RD&I, talent development, sustainability, and digitalisation.
These ambitions align well with the Programme for Government's commitment to develop a comprehensive Action Plan for Competitiveness and Productivity, which I have tasked my Department with delivering in an accelerated timeframe. This plan includes immediate, targeted measures, focusing on enhancing international trade promotion supports, addressing business costs, and improving energy security and infrastructure. Key actions include implementing advisory supports for exporters, accelerating progress on trade agreements like CETA, developing a strategic approach to market diversification, streamlining security clearance processes, and advancing a National Semiconductor Strategy.
I am conscious that this is an evolving situation which will be closely monitored. My Department will continue to work with the enterprise agencies to support Irish based enterprises to thrive in this challenging economic environment.
