The “thriving” economic relationship between Ireland and the US “will continue to grow”, US President Joe Biden said yesterday in his historic address to the Oireachtas.
“We’re going to continue to grow our economic relationship as a foundation for both our nations’ prosperity,” the US President said.
“We’re going to continue to strengthen our economies, building from the bottom up and the middle out,” he added.
President Biden said Ireland already draws a “disproportionate amount” of foreign direct investment from the US, and said the same is true for Ireland’s investment into the US – which is the ninth most significant investment of any nation in the world in America.
“You know, we share more than $1 trillion in bilateral trade and investment in 2021,” he pointed out.
More than 950 American companies have international headquarters in Ireland, supporting hundreds of thousands of jobs, while 700 Irish companies are located in 50 states in the US, employing more than 100,000 people there.
Speaking on Morning Ireland, Sean Davis, Enterprise Ireland’s Regional Director for the Americas who is based in New York, said there is no doubt that President Biden’s trip to Ireland will strengthen ties between the two countries.
“Anytime a visit of this nature takes place it really does raise the profile of Ireland politically, culturally and economically.
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“It is a huge positive for Irish industry, the Irish economy and the US economy,” he said.
85% of the Irish companies based in the US are Enterprise Ireland client companies, and Mr Davis said for over 650 of those companies, the US is a key or primary market.
He said North America is the third-largest export market for Enterprise Ireland client companies.
In 2021, exports stood at €4.87 billion, up 14% on the previous year.
“It really is a hugely important market and those companies cover a spectrum from a scale and growth perspective – from SMEs on one end of the spectrum, to Irish founded and headquartered Icon who are the largest CRO in the world,” he said.
“It also includes Irish multinationals such as Glanbia and Kerry,” he added.
A number of trade missions to the US will be taking place over the coming weeks, allowing for a further strengthening of trade ties, including Select USA which takes place at the start of May.
“All of these missions and conferences are really important in terms of enhancing and spurring growth between our two countries,” Mr Davis said.
In his address to the Oireachtas yesterday, President Biden said Ireland and the US are “building a future of greater economic dignity, one where rights of workers are respected and corporations pay their fair share.”
“The Global Minimum Tax will continue fair competition for investment while creating benefits for all our people,” he added.
