In a speech to the American Chamber members in Cork today, Eamonn Sinnott, President of the American Chamber outlined the results of a recent Red C opinion poll conducted for the Chamber which showed that over three quarters of the population believe US companies are critical to Ireland’s economic future. This is despite the fact that only 4 in 10 adults realise there are over 100,000 people working in US companies. In reality, the actual number of people working in US companies in Ireland is over 140,000.
The Red C survey also asked what was it about Ireland that attracts companies such as Apple, Eli Lilly, EMC, or Boston Scientific to establish here. 67% of respondents recognised that the quality of the Irish workforce was the number one factor.
The role of the American Chamber is therefore to ensure the conditions are right so that American companies can continue to play that critical role in our economy. And that starts with nurturing talent.
Speaking at the American Chamber Annual Cork Business Event, attended by over 250 from across the spectrum of Cork’s business community, Eamonn Sinnott, President of the American Chamber, said “Next month the Government will announce the 2016 budget. The American Chamber pre-Budget representations to Government, on behalf of our members, have focussed on talent. In Budget 2016 we are calling for:
- A cut in personal taxes, and a plan to reduce the top rates below 50% within two years.
- A review of a range of benefits, which are currently subject to full benefit-in-kind taxes, but could be given an exemption
- This review should encompass making it easier, and more beneficial, to reward employees for productivity and exceptional performance through share schemes.
These measures would make Ireland more attractive to strong talent, providing further opportunities for growth here. It would allow business to encourage and reward productivity and innovation, and help Ireland’s talented workforce stand out even more on the global stage.”
Addressing the attendees on the subject of infrastructure in Cork, Eamonn Sinnott said “In terms of infrastructure, huge progress was made in the decade leading up to the recession. But gaps remain, and now that our economy is growing again there should be targeted investment on key projects. The businesses of Cork will certainly be familiar with some of these. The American Chamber has called on Minister Howlin to prioritise projects such as the Cork outer ring road, and the Croom to Mallow and Ringaskiddy to Cork upgrades. As a consequence, Ireland will become an even more attractive country to investors and Cork will continue to see the influx of new investments and new innovative companies.”