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Dublin: 10 °C Sunday 19 May, 2013

Employment in US companies in Ireland up 15% in five years

The American Chamber of Ireland said that Ireland “cannot be complacent” as other countries are improving their competitiveness all the time.

EMPLOYMENT IN US multinationals in Ireland has grown by almost 15 per cent in the past five years, according to the American Chamber of Commerce Ireland.

Speaking at the American Chamber’s Annual President’s lunch this week, Peter Keegan, President of the Chamber, said that since the start of the financial crisis five years ago, employment in US multinationals in Ireland has grown by 115,000 people in 700 companies.

Meanwhile, US investment has increased 25 per cent in last 5 years, bringing total investment in Ireland to over $188 billion.

Achievement

Keegan described this as “a stellar achievement given global economic conditions”.

US multinationals stuck by Ireland and played their part in full. We are not here just for the good times we are ready and willing to play our role when the going gets tough. The strength and on-going success of Foreign Direct Investment in Ireland is playing a crucial role in Ireland’s economic recovery.

Keegan said that in the competition for foreign investment, other countries are improving their tax competitiveness all the time and Ireland cannot be complacent. He said that the international tax debate has moved way beyond our headline rate and that the Government must not shy away from protecting our competitive tax regime.

Keegan said that while “we should not underestimate the scale of the task ahead of us, there are tangible signs that Ireland should now be looking forward again with some degree of optimism”.

“We’ve a long way to travel and we still face significant challenges in areas such as unemployment and our debt to GDP ratio. But real progress has been made, the long awaited restructuring of the promissory notes being the most recent example,” he said.

Keegan commented:

We need to restore our self-confidence to assert our national interest in Europe as we continue to negotiate a better debt deal. We are not the first country to make mistakes and we won’t be the last. But, if we continue along the current path, we may yet be the first country to emerge from the debt crisis.

Read: Tánaiste hails Obama commitment to free trade agreement>

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Comments (17 Comments)

  • It’s all well and good attracting American and other foreign companies, but its at the stage where our Governments are staking everything on foreign investment. 400,000+ unemployed proves that such strategies don’t work. We need to be investing in ourselves. Why can’t we stand on our own two feet? We’re supposed to be a bright, highly educated race. We have natural resources in Abundance, yet we spend billions every year buying energy. What’s to stop us using, and even exporting our own energy? Lack of political will is the obvious answer. If a country like Norway can go from the poorest country in Europe to one of the richest in a very short period of time, then why can’t we? All we really need is a government full of proper leaders and a genuine desire to make Ireland a proper independent country.

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    • Absolutely correct,Denmark with approx the same population have 2% unemployment simply because their Government govern for the benefit of the people.

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    • That might a more than a little to do with Danish dole running out after a few months. The Irish 5% that decide not to work, even in good times, wouldn’t feel so comfortable in Denmark when their dole and benefits are phased out. They might actually have to demean themselves by working.

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  • As Keegan alluded to: other countries are catching up with their tax regimes. Most of these companies don’t give a damn about Ireland. If they get a better offer somewhere else they’ll up sticks and go. We need to have a plan B. we don’t.

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    • I would have thought that those in the US who decide to invest €180 billion in a country would be very interested to see Ireland progressing. It’s a damn sight better than the Germans insisting that we bail out their greedy banks.

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  • Norways wealth comes almost entirely from huge oil reserves in the North Sea. They also stayed out if the EU so kept all their fishing rights (we lost a lot in that area when we joined). Given the shell to sea campaign and more recent one about drilling off dalkey do you really think Ireland is in a position to start large scale oil exploration (assuming we find anything). Norway is not a country we can just copy.

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    • As I said Gavin, lack of political will is our greatest problem. With your attitude, things will never change. Get up off our arses and do something. Do you think Norway just went out and extracted all that gas and oil without any problems or protest groups to overcome?

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  • Very well said. Norway is a prime example of what can be achieved with nobody robbing out of the till. Everyone has a better standard of life. Our government have no vision of a future they are just putting out fires with money and make hasty sessions based and public opinion. If something is rotten u chuck it out not keep it in the fridge. Time for this gov to be shown the door

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  • Nydon 16/02/13 #

    This country needs to now finally grow up and NOT look back to the days when foreign nannies had to be persuaded to come in and show us ‘how it’s done’.
    Look on 2000 – 2010 as our country’s teenage years when Ireland thought it knew it all but fcukd up badly due to over-exuberance and being influenced by bad company.
    Now we need to grow up, take control, be realistic and above all, do it for ourselves. We need to plan for transition:
    From FDI to DIY.
    #FDI2DIY

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  • Funnily enough I read recently that Irish companies employ almost as many people in the USA….not bad number from a small place like Ireland….we do need to be investing in diy rather than trying to attract investment that may not give employment to our long line of jobless people rather to people from outside the state with the skills needed for such jobs such as languages…we do need to be emulating some of the economic models of similar sized countries such as Singapore, Israel or Denmark…..and please don’t nag me about including Israel in my suggestions….they do have some things that we can learn from

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  • Everyone says show the government the door, but what’s plan B? Who is going to do better? Sinn ” we have no real policies except say no to everything” Fein? No matter who is in power, they will do the same as current and past gimps.

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    • Julie 16/02/13 #

      Great negotiators (peace process) will not bow down to eu terms of pillaging our natural resources, would have got promissory notes scrapped and unlike the government would have ASKED for a write down. The hole prom note DEAL was a joke. Look we have Enda in there and noonan etc going over just taking orders from these guys. Gerry A needs to step down as leader and let good old Pearse go over and stand up for us, with Stephen Donnelly and a few more. We can’t continue to let these school boys destroy everything. There constantly talking about green shoots, what the rising poverty, are they for real. Rem Enda kennys head on the times magazine in New York! Come on like.

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  • How is the job scenario of Ireland in Technology and Computer Science sector ??

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  • Sounds like code for Ireland do not change your corp tax or chase us for anymore. Jeesuz could these people get anymore greedier?

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  • But will the people ,the barrier for wage,s are reduced ,the cost of living has gone up ,the proportion,s don’t balance

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  • I assume by Ireland they mean only Dublin, cork, Galway and Dundalk.

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