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Ireland remains a top investment location for US multinationals

Written by Robert McHugh, on 10th Mar 2022. Posted in World

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The American Chamber of Commerce Ireland this week launched its 2022 US Ireland Business Report, ‘Ireland – The Next Century’ - which shows that the two-way US-Ireland trade and investment relationship stands at an all time high.

With contributions from An Taoiseach Micheál Martin, An Tánaiste Leo Varadkar, Minister for Finance Paschal Donohoe, Green Party Leader and Minister for Transport and Environment, Climate and Communications Eamon Ryan, Sinn Fein Finance Spokesperson Pearse Doherty and Labour Finance Spokesperson Ged Nash, The report demonstrates the acknowledgement from across the political spectrum of the important role of US investment in the Irish economy. 

The American Chamber of Commerce Ireland also released the results of a survey of its member companies, which signals that more than 95% of US multinationals have a positive view of Ireland as an investment location. The report highlights an increase in the number of US companies operating in Ireland, which now stands at almost 900. The number of people directly employed by US multinationals in Ireland has increased to 190,000 up from 180,000 in 2021, with related indirect employment levels increasing to 152,000 from 144,000. There are over 700 Irish companies operating in the US creating approximately 100,000 jobs across all 50 states. Ireland is the ninth biggest source of FDI for the US.

In a survey of American Chamber of Commerce Ireland members, conducted in the past week, 95% of respondents said that Ireland will remain an attractive location for US investment, post implementation of the global OECD corporate tax agreement. Furthermore, 87.5% of respondents, representing US headquartered companies, said the number of employees in their Irish companies had increased in the last 12 months.
 
Speaking about report, which will also be launched in the US next week, the American Chamber of Commerce Ireland President, Catherine Duffy said, "Despite the uncertainty brought about by the pandemic, 2021 marked the highest ever annual employment creation figures by the multinational sector in Ireland. US multinationals accounted for 64% of all FDI in the country last year. These businesses directly employ over 190,000 people and indirectly support over 152,000 jobs in the wider economy. US companies spend on average each year more than €12.3bn on payroll, over €8.8bn on goods and services and invest €6.5bn in capital expenditure."

Source: www.businessworld.ie

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