European Tech Firms voice concern over Iraq

London 11 March, 2003: Senior executives in European technology companies are concerned that a war in Iraq could delay a recovery in the IT market according to a new survey conducted by specialist technology group, Eurocom PR Network. 60% of European technology executives ranked a war in Iraq amongst the top three most serious threats to recovery in the IT market. Over a quarter (26%) ranked it as the number one threat. The study covered 147 executives in technology companies located in 12 countries in Europe as well as Middle East and South Africa and was conducted during February and March.

Eurocom PR (www.eurocompr.com) claims to be the largest network of independent technology specialist PR firms in Europe, who are working for over 300 companies in 31 countries.

The survey finds that a war in Iraq is seen as second only to a slowdown in the global or US economy as the major threat to recovery in the IT market. If it happens then this emphasises the importance of a short war not only from a humanitarian point of view but on economic grounds as well. If the war is lengthy to the extent that it starts to impact on the US or global economy then the tech industry will suffer a double blow because of the overall importance of the US market to the tech sector.

Tom Burgess, CEO and founder, Eurocom PR Network added, “Our survey did not identify whether technology executives were for or against a war and it is significant that it included US subsidiaries as well as European firms. There seems little doubt, however, that nervousness and uncertainty over the Iraq situation is delaying business decision making and is seen as a barrier to recovery although not the main one.”

36% of respondents see a slowdown in the global economy as the main danger to IT recovery followed by a slowdown in the US economy (28%) and an Iraq War (26%). In terms of threats to IT recovery, these are ranked ahead of the decline in the telecommunications market; fear of another major terrorist attack or another high profile corporate fraud or accounting scandal.

Eurocom PR Network plans to announce the results of its full survey shortly. This will include a view of EMEA technology executives on when they foresee the start of an IT recovery; the technologies most likely to drive future growth; industry expectations regarding jobs and sales over the next 12 months and which country tech executives believe is best positioned to become Europe’s Silicon Valley.

Established in April 2002, Eurocom claims to be the world’s largest PR network with a prime specialisation in the technology market, in terms of countries covered. Eurocom can offer a marketing support capability in 55 countries worldwide including 31 countries in Europe, helping clients grow their businesses.

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