An Tánaiste Micheál Martin, Launches AmCham’s 2023 US-Ireland Business Report in New York
AmCham was delighted to be joined by An Tánaiste Micheál Martin on Tuesday, at the Consulate General of Ireland, New York, for the New York launch of its 2023 US-Ireland Business Report, ‘Ireland – Strengthening Transatlantic Ties.’
Speaking at the launch of the Report the Tánaiste said: “US companies have been investing in Ireland since before the foundation of the state, with the first Ford tractors rolling off the assembly line in Cork in 1919. Today, there are 950 US companies in Ireland, across a multitude of sectors.”
He added: “Investors are attracted by the strengths that make Ireland globally competitive: our stable economic and political environment; highly educated, youthful workforce; ease of doing business and proven record as a research and development hub. Indeed, Ireland is consistently ranked among the top countries in which to do business, rating highly on the flexibility and adaptability of our workforce and our ability to attract and retain talent, in particular.”
He added: “As the report notes “in a world of unrelenting change and frequent shocks, one constant is the depth and durability of Irish-US commercial relations”, with Ireland remaining that “critical link” between the United States and Europe.”
The Tánaiste also noted the two-way nature of the US-Ireland trade and investment relationship. He said: “I know that Irish companies supported by Enterprise Ireland in the US are driving innovation and bringing expertise to a wide range of sectors here.”
AmCham 2023 President, Seamus Fives said: “The Report highlights the attractiveness of Ireland as a place to live, work innovate and grow a business and shows that the US-Ireland trade and investment relationship is continuing to grow and thrive, despite ongoing challenges in the global economy.”
In 2022, there were 167 new investment announcements from US MNCs in Ireland, accounting for 69 percent of all new multinational investments in the country. There are now 950 US companies in Ireland, employing 376,000 people directly and indirectly and spending more than €31 billion in the Irish economy annually. Meanwhile, Ireland remains the 9th largest source of FDI to the US with 650 Irish companies employing over 100,000 people across all 50 states.
Mr Fives said: “In a recent survey of AmCham member companies, 94% of respondents said their corporate headquarters have a positive view of Ireland as an investment location. 61% said they expect the number of employees in the Irish operations of their organisation to increase over the next 12 months while 35% said they expect to maintain current numbers.”
AmCham chief executive Mark Redmond said: “Our Report is a powerful demonstration of the power of the collective. The remarkable two-way US-Ireland Trade and Investment relationship is the result of decades of collective effort by stakeholders represented in this room including Government, Government Departments, State agencies, the education and research sector to name but a few. And that collective effort has helped the creation of a new outward looking Global Ireland - home to people from all over the world.”
AmCham’s 2023 US-Ireland Business Report is the definitive guide to the priorities, ambitions and challenges of the two-way trade and investment relationship between Ireland and the United States.
Contributors to the report include, An Taoiseach Leo Varadkar TD, An Tánaiste Micheál Martin TD, Government ministers, opposition TDs, US Ambassador to Ireland, Claire D. Cronin, CEO of the US Chamber of Commerce – the world’s largest business organisation – in addition to stakeholders from across the EU and the US and the perspectives of over 30 multinationals.
You can read the full Report here