DUBLIN, Jan. 3 (Xinhua) -- The Irish Department of Business, Enterprise and Innovation (DBEI) on Friday announced a 28-million-euro (about 31 million U.S. dollars) economic stimulus package for its border region in order to mitigate the impact of Brexit.
"All of the research shows that the Border Region is most exposed to the impact of Brexit. I want to ensure that businesses in the region are supported by Government in responding to the challenges and uncertainties which lie ahead," said Heather Humphreys, Minister for Business, Enterprise and Innovation while announcing the details of the package.
The border region refers to six counties in Ireland, which either border with or are close to the border with Britain's Northern Ireland. They include Donegal, Sligo, Leitrim, Cavan, Monaghan and Louth.
It is widely believed that Britain's exit from the European Union (EU) on Jan. 31, 2020 will have a negative impact on Ireland's economy, especially on the economy in its border region as the region heavily depends on trade, especially agrifood trade with Northern Ireland and has few competitive industries of its own.
A survey recently published by the country's Central Statistics Office showed that whole sale and retail is the largest sector for employment in the border region.
Imposition of tariffs on goods traded between Ireland and Northern Ireland is inevitable if Britain and the EU fail to reach an agreement on their future trade relationship by the end of 2020.
The 28-million-euro economic stimulus package is designed to help local businesses build Brexit resilience through the transformation and diversification of their products and markets, said Humphreys.
Out of the 28 million euros, 15 million will go to Border Enterprise Development Fund which is open to all applicants with competitive and innovative projects, she said, adding that each successful applicant will also get a maximum subsidy of 15,000 euros from the government for the costs of their project feasibility studies.
The DBEI will also invest through its arm Industrial Development Authority (IDA) in constructing three Advanced Technology Buildings, similar to a high-tech industrial park, in Louth, Monaghan and Sligo in 2020 to attract foreign direct investment to the border region, said the minister.
"The funding I am announcing today is in addition to all of the existing Brexit supports which are already available nationwide," said Humphreys.
The Irish government has prepared over 1.2 billion euros in its 2020 budget to deal with the Brexit impact.(1 euro=1.117 U.S. dollars)
