Continued US investment possible, says American Chamber chairman

AMERICAN investment over the last half-century has been a crucial factor in Ireland’s journey from being a pre-industrial economy to a post industrial society and that investment can continue to be secured by improving competitiveness and maintaining low corporate tax.

That was the message from Bill Doherty, chairman of the Mid-West Region American Chamber of Commerce Ireland, as its members met in Dromoland last Wednesday night, celebrating the 50th anniversary of the organisation’s founding.
He said that today the sector is performing well and that there are reasons to be positive about the Irish economy. “It’s not just appropriate but necessary to look beyond the doom and gloom and stockmarkets and bailouts and to look at the very real good news from the Irish economy.”
Mr Doherty said this country has a long history of innovation. “Innovation is in our blood, in arts, in industry, in science. Even in the 50s we were quietly innovating the structures and tax policies that would be so valuable later.”
He said that Dr Brendan O’Regan had been “undoubtedly one of the Mid-west’s greatest innovators” while he said that the Mid-west was “the birthplace of FDI in Ireland” as the development of the Shannon Free Zone led the way.
The 1990s had seen a number of strands, such as taxation policies, education and competitiveness come together which made Ireland a very desirable location for investment he said, while he claimed that in the last year 25 US companies have announced investments which will create 1,500 jobs.
“Over the past 12 months the American Chamber has increasingly adopted the voice of optimism; we can see the seeds of recovery before our eyes,” he added.
Mr Doherty said that it is critical that investment in education is maintained, and while there had been “dramatic improvements” in terms of improved competitiveness, he said that more still needs to be done.
“If we can address our cost base and competitiveness we can reassembe for our 60th and look back on a great decade for Ireland and our relationship with US business.”
American Chamber of Commerce CEO, Joanne Richardson said that US companies have invested more in Ireland than they have in Brazil, India, Russia and China combined.
“Ireland has the most positive relations with the US and nowhere is this more obvious than in economic relations,” she added.
She traced the history of US investment in Ireland, mentioning milestones such as Analog beginning the manufacture of microchips in Limerick in 1977 and the development of the IFSC, while she said that a number of companies have been attracted here in recent years such as PayPal and LinkedIn.
At the event, a spokesman for Dromoland said that the tourism industry is very dependent on trade from the US, and he said that the number of visitors from America is recovering.
The event was co-sponsored by Shannon Airport and Delta. Airport director Mary Considine said “Shannon Airport is proud of the role we play in supporting US investment in the Mid-West and is delighted to be supporting the American Chamber in its 50th year.”
Frank Jahangir of Delta said that business traffic between Ireland and the US is very important to the airline. “I am delighted to say we are celebrating 25 years in Ireland and in that time we have carried over four million passengers between Ireland and the US.
“Our decision to establish operations in Shannon was linked to the strong presence of US multinational companies along the western seaboard. International access is vital for multinational businesses and we are focussed on providing access from the region to the US for business and leisure travellers.
“As a US company in Ireland and as a member company of the American Chamber we are delighted to share in these 50th anniversary celebrations,” he concluded.