In 2018, Ireland continues to be critical to the global operation of US companies servicing markets around the world. More than 155,000 talented people now work at more than 700 US companies directly, with a further 100,000 employed indirectly because of US investment.
Together, these people demonstrate Ireland’s capability to deliver every day, producing products and services that save lives and enhance our world around us. To give three examples: one third of all contact lenses made globally are made here in Ireland; almost 30 million tons of CO2 are removed from the atmosphere annually by technology made by a US company in Ireland; and of 13 winning operations of the prestigious Shingo Prize for operational excellence worldwide, six have been Irish-based operations of US companies.
This level of investment is borne out by the statistics. The total value of US business in Ireland now stands at $387 billion (€332.47 billion). US companies invest more here than they do in South America, Africa and the Middle East, and more than the BRIC countries combined. And increasingly, it is a two-way story. More than 100,000 people are employed by Irish-affiliated companies at more than 2,000 locations across the US.
The results of a recent iReach survey conducted by the Chamber showed that 84 per cent of the Irish public believe US companies are critical to Ireland’s future, and seven in 10 Irish people believe US companies invest in Ireland because of the talent, skills and innovation they find here. The Chamber commends the hard work of agencies like Science Foundation Ireland, IDA Ireland, and Enterprise Ireland underpinning Ireland’s leading global position. There is no room for complacency. To continue to win, we must provide balanced regional development, sufficient choice in our education and residential sectors, and improve our digital and physical connectivity.
Digital skills
Most of all, the race for FDI will centre on digital skills that are needed to unleash innovation in our 21st-century data-driven economy. As the recent fall in the QS university rankings show us, we must prioritise the restoration of the global reputation of our universities, as well as accelerate the pace of curriculum reform at second level and consider the presence of languages – including coding – at primary level.
Bravery meeting challenges has been the hallmark of Ireland’s relationship with inward investment. Innovation, speed and agility are our friends in an ever-changing, challenging and competitive global trading environment. We are in this race together – Government, public sector and private. And alongside the rest of our fellow European members states, we must continue to work together to protect the vital US-EU transatlantic relationship.
Ireland’s importance in this context – as a strategic partner of the US, from Brexit to cyber security – is at an all-time high. I am confident we will stay ahead of the pack if we leverage our unique position, soon to be the only English-speaking member of the EU; perfectly positioned in the global time-zone spectrum; with an incredibly talented multinational workforce. So long as we are brave enough to seize the game-changing opportunities before us today, the next generation will benefit from even greater opportunities in the future.