Robert Troy (Longford-Westmeath, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

107. To ask the Minister for Enterprise, Trade and Employment if he has any plans for the introduction of an export credit guarantee; and if he will make a statement on the matter. [23098/24]

Peter Burke (Longford-Westmeath, Fine Gael)
Link to this: Individually | In context | Oireachtas source

In 2021, My Department, with the assistance of an external export credit insurance expert, conducted an internal review to assess if a market gap existed and to identify the potential need for a state-backed export credit guarantee scheme.

This review involved engagement with a wide range of relevant stakeholders, including State Agencies, the financial sector, and industry representatives. Following these consultations and on reviewing Ireland's strong trade export statistics over the previous decade, it was found that there was no clear demand or need for State intervention in terms of export credit insurance.

This is still the case now. Accordingly, there are no plans to introduce an export credit guarantee scheme at present.

Nevertheless, officials from my Department continue to engage with our State Agencies to assess if there is a requirement for State intervention in the export credit market. Thus far, no issues of concern have been identified that will require the need for State intervention via an export credit guarantee. My Department will continue to monitor the market and engage with the relevant State Agencies and industry representatives, as we have done over the last number of years

My Department regularly explores ways to assist businesses and to create an environment that stimulates their growth. However, it is important that Government intervention is focused in specific areas where there is a market failure.

Enterprise Ireland has developed a range of supports for exporting businesses, such as training, in-market support, and trade missions.

There are also a number of schemes which my Department has developed, working through the Strategic Banking Corporation of Ireland, which provide financing support for businesses, including exporting businesses, such as the Growth and Sustainability Loan Scheme.

My Department has been clear that exports and international trade will remain central to Ireland’s growth model and economic strategy in the years to come. This is reflected in the Government's White Paper on Enterprise.

In this White Paper we have set the ambition of expanding our exporting base with 2000 additional exporting companies, and 50% more large Irish exporting companies, by 2030. This will be accomplished by enhancing productivity and developing an integrated system-wide approach to accelerating start-up growth and scaling.