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IDA Ireland CEO Michael Lohan, who is part of the trade mission, said competition for foreign direct investment has never been as intense as it is now.
Minister for Enterprise, Trade and Employment Peter Burke, TD is leading a trade mission to New York and Boston today (15 July) to boost trade relations between the US and Ireland.
The joint Enterprise Ireland and IDA Ireland trade and investment mission will see several Irish companies announce new markets and expansion plans in the US, including Version 1, Novum, Uniphar, Intact Software and Apple Green.
Burke and the delegation will meet executives from US-based companies such as Analog Devices, BD, Citi, JP Morgan, PepsiCo and State Street, all significant employers in Ireland. The idea is to highlight how Ireland offers a “stable and pro-business” environment for investment.
“Demand for Irish innovation in North America is at an all-time high and today’s announcements are a great reflection of the market opportunity that the United States represents,” said Leo Clancy, CEO of Enterprise Ireland.
The trade mission is taking place on the back of record Irish exports to North America of €6.48bn last year and a record of 210,000 people employed by US multinational companies in Ireland.
North America now accounts for 19pc of all exports by Enterprise Ireland-backed companies., making it the third largest export market for the agency’s clients in 2023.
Meanwhile, IDA Ireland clients from North America have 972 operations in Ireland. Most recent figures available show that US companies spent approximately €16bn on payroll in Ireland in 2022, €10.8bn on goods and services, and invested approximately €14.2bn of capital expenditure.
Burke said that trade missions to key cities on the east coast, such as New York and Boston, play a “pivotal role” in promoting thriving entrepreneurship between the US and Ireland.
“I will be using this trade mission to remind investors of Ireland’s global position as a stable location for investment and expansion,” said IDA Ireland CEO Michael Lohan. “Competition for foreign direct investment has never been as intense and trade missions like this enable IDA Ireland to increase awareness of Ireland’s offering as an attractive place to invest and to grow.”
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