The President, Mrs McAleese, urged business leaders and research centres in Chicago and the American Mid-West to participate in new Government-assisted science and research projects in Ireland.
Mrs McAleese also praised US President Mr George Bush for his recent intervention in Northern Ireland and described the current impasse in the North as "an untidy phase", but not a crisis.
Speaking to members of Chicago's oldest business club yesterday, Mrs McAleese said Ireland and the US today enjoyed the strongest-ever economic links with total trade between the two countries reaching $24.9 billion last year and over 17 per cent of Irish exports going to the US.
However, like other countries Ireland had felt the impact of the international economic downturn in recent years, Mrs McAleese told a luncheon at the Chicago Club on the second day of her three-day visit to the city.
"Investment inflows have fallen from $24 billion in 2000 to just $5.4 billion in 2001. Economic growth rates in Ireland are expected to be of the order of 4-5 per cent in the coming two years compared to an average annual growth rate in excess of 9 per cent between 1997 and 2001."
Ireland was investing in the future to maintain the infrastructure for continued economic success, she said, and the Government had recently established Science Foundation Ireland to target the ICT and biotech sectors in particular, and created a US-Ireland Research and Development Taskforce to focus its efforts.
"I know that Chicago and the Mid-West is home to leading centres of research and research-driven industries," she said.
"I would urge these bodies to actively participate in the US-Ireland Taskforce. We would welcome your input."
Asked by a member of the audience about the affect on the peace process of Mr Bush's visit to Northern Ireland - when he met British Prime Minister Mr Tony Blair to discuss the Iraq war and also met NI leaders - Mrs McAleese said that Mr Bush's intervention along with the work of all others involved "will ensure that the full vision of the Good Friday agreement will be realised."