American Chamber of Commerce says Yes vote vital for foreign investment

A YES vote in next month’s referendum on the stability treaty is vital for foreign direct investment into Ireland, according to the American Chamber of Commerce.

Launching the group’s campaign on the referendum in Dublin yesterday, American chamber chief executive Joanne Richardson said a Yes vote “will give confidence to investors that Ireland will remain stable”.

Chamber president Peter O’Neill said the perspective of US multinational investors was that a Yes vote would promote “stability, investment, and growth” in the Irish economy.

Mr O’Neill described the finding’s of this week’s Irish Times/Ipsos MRBI poll which showed that almost 40 per cent of voters are undecided as to how they will vote as a “worrying statistic”.

“What we have seen in the past is that if people don’t know they will vote No, and that’s not something the country can afford.”

Peter Keegan, country executive of Bank of America Merrill Lynch in Ireland, said a Yes vote was crucial for the financial services industry.

“In our business stability, certainty and confidence are essential,” he said, noting that the reputation and financial stability of a country is vital for companies when making investment decisions. He said demonstrating Ireland’s commitment to the EU was also crucial.

Cathriona Hallahan of Microsoft also stressed the importance of certainty for economic recovery. “Existing companies and potential new investors need to feel confident about Ireland’s economy when they are making plans for future growth and development.”

The American Chamber of Commerce represents more than 600 US companies operating in Ireland. Its member companies employ more than 100,000 people directly in Ireland.