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Speaking to the Irish Farmers Journal at the National Organic Awards, Aidan Cotter, CEO of Bord Bia: “We’ll be announcing, we hope in the next few days, a new grant programme for a particular cohort of companies that we feel are most vulnerable at the present time to the depreciation in sterling,” Cotter said. “Irish companies need to be supported in that way.”
The CEO, who is due to retire on January 25 2017, added that the companies would be measured for their suitability for the grant in terms of their exposure to the UK market, “in particular their level of exports as a percentage of their total turnover. But we’re looking at a number of metrics,” he added.
The volatility of sterling in the aftermath of the Brexit vote on 23 June continued this week, with the currency sitting at 90p against the euro on Thursday.
Other measures
Bord Bia received an extra €2m in Budget 2017 to bolster its efforts in helping to insulate Irish companies from the effects of Brexit.
Cotter said this money will go towards helping companies defend their position in the UK market and intensify the diversification process of their branding and marketing.
“We also opened another Singapore office during our recent trade mission to China and South east Asia and as well as a Warsaw office to cover eastern Europe. And we’ve opened the Thinking House here in Bord Bia to help companies intensify their process of developing consumer insights, differentiating their positions in markets and developing their brand presence,” he added.
Brexit and the Irish agri-food sector
According to Bord Bia, Irish food and drink exports to the UK accounted for 41% of total exports in 2015, valued at €4.4bn. This was an increase of 7% on the previous year. As such, the exposure of the food and drink exporters to fallout from the UK electorate`s decision to leave the EU is more acute than any other sector.
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