The Dublin Chamber of Commerce has become the latest business body to support the ratification of the Nice Treaty.
Speaking at the visit of New Jersey Governor, Mr James McGreevey, Dublin Chamber President, Mr Peter Webster said the Dublin Chamber supported the upcoming Nice referendum as EU enlargement is agreed by the Irish business community to be the only way forward.
"If Ireland is not seen to be fully committed to an enlarged European market, then our attractiveness as a location for US companies selling into Europe may be diminished", he said.
Mr Webster also said that Ireland needs to tackle some key areas of its business environment if recent levels of inward investment are to be sustained.
"The recent financial scandals in the US highlight the necessity for international companies to be seen to demonstrate the highest level of good corporate governance.
Despite the publication of the Ansbacher Report, Ireland has am excellent reputation for good corporate governance and responsibility, he added.
"We must continue to demonstrate our ability to be accountable and for transparency in our business environment if we are to sustain recent levels of inward investment," he said.
At present, Ireland is home to a large number of New Jersey based companies, including Johnson & Johnson, Merck, Shering-Plough, Warner-Lambert, Lucent Technologies and the recently open American Home Products.
"Competitiveness will also be key factor in securing inward investment. Ireland's rising labour costs need to be addressed urgently as they are a key factor to be weighed up by foreign companies seeking to invest in the country." Mr Webster concluded.