Minister for Public Expenditure Michael McGrath said Ireland’s “unique relationship” with the US must never be taken for granted.
Addressing the annual Thanksgiving lunch hosted by the American Chamber of Commerce Ireland (AmCham), Mr McGrath said the US had played a pivotal role in the peace process while US multinational investment was bringing jobs and development to all parts of the country.
“When we speak of Foreign Direct Investment (FDI), it can sound quite technical and I think it’s always good to remind ourselves what it means for people and communities across Ireland,” he said.
“It means jobs, secure incomes and livelihoods for so many individuals and families in our country, it means investment in communities, and it means more opportunity for our indigenous Irish businesses in that wider ecosystem,” Mr McGrath said.
He said the Government was “acutely conscious” of the impact of inflation and in particular energy costs, on households and businesses.
“Our priority at present is on safeguarding jobs and protecting people’s incomes, especially households who are struggling to deal with rising costs, while also ensuring businesses are supported,” Mr McGrath said.
The Government was committed to a pro-enterprise policy framework by delivering on “fully funded plans” to address housing, energy security, infrastructure, skills needs and the green transition, he said.
Responding to an AmCham survey finding, that US multinationals saw housing as the number one infrastructural deficit here, he said: “I know that housing is a critical issue for many of your members, and I want to assure you that access to an affordable home is a top priority for this Government.”
He noted that housing supply was increasing and would hit the highest mark in over a decade this year. He highlighted a new consolidated Planning Bill aimed at improving the functioning of the planning system.
The AmCham survey also indicated that 61 per cent of US firms with operations here expected the number of employees in the Irish operations to increase in the next 12 months.
“Given the global economic backdrop at the moment, that is in many ways a remarkable finding and I think is a reflection that the experience of US companies of doing business in Ireland is overwhelmingly positive,” Mr McGrath said.
“Employment levels are now at their highest level ever, with in excess of 2.5 million people at work, while the participation rate has improved to the highest levels in over a decade, driven by a very welcome, significant, increase in women and young people in employment,” he said.
