US multinationals warn of ‘significant impact’ for Ireland after Brexit

The lobby group for US multinationals in Ireland has warned the vote by the UK to quit the European Union will have a "significant impact" on this country.

The American Chamber of Commerce Ireland, which represents major employers including Intel, Hewlett Packard, said it will consult its members before holding talks with the Government.

"While it is important to note that no changes are imminent it is vital that all necessary reassurances are provided that the EU remains a great place for inward investment and job creation," said Mark Redmond, the chamber's chief executive.

“The American Chamber will be consulting with our members with a view to communicating to Government their priorities to ensure today’s result does not impact on the EU’s reputation as the partner of choice for US investment.

“The result underlines the importance of Ireland’s role within the EU and within EU-US relations and the Government here must continue to play a constructive role in the forthcoming negotiations [between the UK and EU on exit terms].”

Key objective

He said the key objective “in the next few weeks” is decide how to to remove uncertainty regarding the UK’s trading relationship with Ireland and the EU.

“We’re not naive, we know it will take some time. But we have to remove the uncertainty as soon as possible.”

Mr Redmond declined to speculate on whether the Brexit vote could lead to a an uplift in US foreign direct investment (FDI) into Ireland, if US copmpanies relocate here from the UK for access to the EU market.

“The UK has always been a competitor of Ireland’s for FDI, and in recent years it has been the biggest competitor. That will not change overnight.”

He said the role Irel;and will play in EU-UK relations is now “critical”.