Ireland is the number one destination in the world for US foreign direct investment (FDI), according to a new report.
The study, which was commissioned by the American Chamber of Commerce Ireland, reveals that US firms have invested more than $277 billion here since 1990. In addition, the 700 US companies based in Ireland now employ 130,000 people.
According to the report, the output from US companies resident in Ireland now exceeds $80 billion a year and exports from such firms are four times higher than from China.
For the first nine months of 2013, US FDI rose 42 per cent to $37 billion. During the same period, total investment to Europe fell 19 per cent to $115 billion
Direct investment stock in Ireland in 2013 reached a record $240 billion, a greater investment stake than Germany and France combined.
The study finds Ireland’s overall investment position in the US totalled a record $26.2 billion in 2013, a stake larger than many other nations like Italy, Denmark and Finland.
Meanwhile, R&D outlays by US affiliates in Ireland more than doubled between 2000 and 2012 from $465 million to $1.5 billion.
The 'Irish-US Economic Relationship 2015' study was researchrf and written by Wall Street economist Joseph Quinlan.
Launching the report, Minister for Foreign Affairs and Trade Charlie Flanagan said the study demonstrated the strength of the economic relationship between the two countries.
“The report also indicates a bright future ahead with many US companies planning to grow their operations here; this is welcome news at a time where the latest figures show unemployment down for the 39th consecutive month in a row,” he said.