Brexit negotiations must be conducted in a timely manner in order to limit the economic damage from the British decision to leave the European Union, German industry representatives said Friday.

Federation of German Industry (BDI)

"We expect trade with Britain to be significantly reduced in the coming months," said Markus Kerber, BDI's chief executive. "New direct investment by Germany to Britain is highly unlikely."

Negotiations about the terms of Brexit have to be conducted speedily and "under the banner of maximum damage control," Kerber said.

Association of German Banks (BdB)

"It is a black day, both for Britain and the European Union," said BdB President Hans-Walter Peters. "Years of negotiations about the modalities of Brexit ... would be poison for the stability of the EU."

Ifo Economic Research Institute

"Politicians must pull together to limit the economic damage," Ifo President Clemens Fuest said. "It is important that negotiations [about Britain remaining part of the single market] be concluded quickly to limit the phase of insecurity about economic conditions."

Association of the Internet Industry (eco)

"A fragmented market lacks competitiveness in comparison to other countries such as the United States," said Oliver Sueme, a senior member of eco.

Years of Brexit negotiations will "bring a huge degree of legal insecurity for internet businesses - and as a result, probably a decline in revenues," he said.

German Chemicals Industry Association (VCI)

"The decision will result in slower economic growth in EU member states and weaker export figures," said Majrijn Dekkers, the head of VCI, adding that the political damage would be even greater.

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