A European Investment Bank survey reveals that companies in Ireland are optimistic about the business outlook after they moved to limit supply-chain risks and investments in the country returned to pre-pandemic levels.
But almost nine in 10 Irish exporters said that regulatory fragmentation in the European Union is a burden, the latest EIB Group Investment Survey (EIBIS) shows.
The EIBIS is an annual report based on the polling of about 13,000 companies across all EU Member States as well as a sample from the US.
Its main results released last October indicated that businesses in the EU are adapting to trade shocks by investing in more resilient and secure supply chains.
Looking at individual countries, the survey found that trade barriers are a top challenge for Irish companies, prompting them to stockpile inventory, invest in digital tracking and diversify suppliers.
Regarding business in the EU, 86% of Irish exporters reported a need to comply with varying national consumer-protection standards, while 39% of Irish firms rely mainly on internal financing compared with an EU average of 29%.
"Ireland's investment stability in the last years, highlights the strength and adaptability of its businesses," said Debora Revoltella, chief economist of the EIB Group.
"Irish companies have been proactively strengthening their supply chains and ensuring their long-term competitiveness. In the current geopolitical context, resilience will be further tested. As the EU bank, the EIB will continue to support investments that enhance resilience, sustainability, and innovation," she added.
