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US Multinationals Spend Over €31bn In The Irish Economy Every Year

Written by Robert McHugh, on 28th Nov 2023. Posted in World

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The American Chamber of Commerce Ireland (AmCham) hosted its 2023 Thanksgiving Lunch in the Clayton Hotel, Burlington Road on Thursday.  

An Taoiseach, Leo Varadkar attended the event as Guest of Honour, addressing over 800 members and guests.

'Must Be Vigilant'

"We remain open to investment from overseas, and are spending more every year on infrastructure," said Taoiseach Leo Varadkar.

"Nevertheless, we must be vigilant, and must stick to the economic model that has served us so well in the years ahead."

Optimistic For Future

An  AmCham survey of US multinational members this month, found that the US multinational community here remain optimistic for the future of their businesses in Ireland, despite the current economic pressures. 

Sixty percent said they expect the number of employees in the Irish operations of their organisation to increase over the next 12 months, with 33% expecting to maintain current employee number.

Growth Location

Ninety one percent claimed their corporate headquarters continue to have a positive view of Ireland as an investment or growth location.  

However, a larger majority, 96%, said that reaching 100% capacity Ireland’s airports and ports is  a concern for continued growth and investment.

Housing Is Top Concern

The report noted that 98% said that an increase in personal taxes, on high earners, would be damaging to FDI growth and investment in Ireland - with 60% saying it would be either very or extremely damaging, 100% of the multinationals surveyed  said high income earners are important to building teams, and supporting further job creation, within MNCs in Ireland with 84% saying this was either very or extremely important.

AmCham’s survey shows that housing continues to be the top concern for multinational employers, with 38% of members saying it is important to enabling their business to expand in Ireland.  

A further 18% of members said that cost competitiveness is the most important challenge for Ireland to overcome for their company to expand in Ireland while 13% said skills shortage.

'Deeply Commited'

“Our survey shows that our members remain deeply committed to their Irish operations, and while some in the tech and pharma sectors have experienced a period of adjustment globally in 2023 following stellar growth during the pandemic, overall the outlook for the year ahead is positive, reflecting the strength and depth of their Irish operations," said Mark Redmond, Chief Executive, AmCham. 

"It is important that Ireland addresses infrastructure issues including housing and transport capacity in our airports and ports, to ensure the country maintains its status as a great location for FDI.”

Source: www.businessworld.ie

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