Business looks to German suppliers

IRISH companies have been queuing up at the door of the German-Irish Chamber of Commerce to contact German companies to replace British suppliers charging sterling.

The executive director of the German-Irish Chamber of Industry and Commerce Ralf Lissek said, of the 117 countries where there are German chambers of commerce, Irish business people have been the most pro-active in seeking assistance in trying to reduce costs by eliminating foreign exchange fluctuation exposure. Mr Lissek said Irish companies who saw material costs rising because of the strength of sterling have been very successful in reducing costs sourcing material from German companies in the euro area.

“There has been nothing like this anywhere else in the world,” he said.