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Ties between US and Ireland getting stronger -- FDI report

Ties between US and Ireland getting stronger -- FDI report

Ties between US and Ireland getting stronger -- FDI report

US investment into Ireland went up 9pc in 2011 to $30.5bn, the second highest level of US investment in Ireland on record, according to a new report released by the American Chamber of Commerce Ireland.

Authored by Wall Street economist and strategist, Joseph P Quinlan, ‘The Irish – US Economic Relationship 2012’ is a comprehensive report on foreign direct investment (FDI) and the US-Ireland Economic Relationship.

He said: “Despite the stiff headwinds, the ties that bind Ireland and the US together have generally become stronger, not weaker over the past year.  Ireland has done an admirable job of differentiating itself from other financially impaired countries within Europe and this has not gone unnoticed by the US investment community.”

Peter O’Neill, president of the American Chamber of Commerce Ireland, commented: “The economic output of US multinationals in Ireland is estimated to be $57.5bn, accounting for 26.5pc of Ireland’s GDP.  That is a remarkable metric of the value and importance of the economic links between our two countries. 

“Ireland might not have much control over the ultimate end game of the sovereign debt crisis but we do have the wherewithal to determine our own economic future.  We cannot rest on our laurels. We need to maintain and develop our favourable tax regime, robust R&D climate, government support for innovation and other pro business policies that set the country apart from our competitors in Europe.”

The report shows that the stock of US investment in Ireland soared by nearly 20pc in 2011, rising to $188.3bn (on a historic cost basis).  Behind this surge, there has been more investment in Ireland’s so-called ‘information sector,’ which rose nearly 30pc in 2011.