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Growth of US multinationals is a priority

Over 140,000 people employed by US companies across Ireland

Bob Savage, president, American Chamber of Commerce Ireland: “It is the quality of this workforce that is driving the growth of US FDI in Ireland.”

Bob Savage, president, American Chamber of Commerce Ireland: “It is the quality of this workforce that is driving the growth of US FDI in Ireland.”

 

The success of US companies in Ireland can be viewed through many lenses. You can look at the growing number of companies, now over 700, who call Ireland home. Or consider what they produce, which amounts to annual exports from Ireland around the world that exceeds €100 billion. But to my mind, the true story of this remarkable relationship’s success is told through the people who benefit from it.

Over 140,000 people are now employed by US companies across Ireland. When you take indirect employment into account, that number soars further, meaning US companies account for 20 per cent, or one in five, jobs in the private sector.

It is the quality of this workforce that is driving the growth of US FDI in Ireland. Consistently we hear the CEOs and presidents of some of the most cutting-edge companies on the planet paying tribute to the Irish workforce. And when a company announces a new investment, regardless of its sector, this talent is acknowledged as one of the key factors for companies choosing Ireland.

Thankfully, these new investments have continued to be remarkable in 2016 both in the scale and quantity. Last month, Amazon announced 500 new jobs for its Dublin operations, while companies such as Hubspot, Oracle and Facebook are growing at a similar rate, meaning that over 2,000 jobs have been added to the capital’s booming tech sector this year.

This is certainly not a Dublin phenomenon, as we have seen many big investments nationwide, such as First Data creating 300 jobs in Tipperary; MSD adding 200 jobs nationwide; healthcare company Opko seeking 200 people in Waterford. While in my home town of Cork, Eli Lilly is investing $35 million in new technologies and Tyco has just opened its new HQ.

Over the coming years, maintaining the strength and growth of our multinational sector must be a national priority. The American Chamber will work to ensure Ireland remains the global location of choice for US investment. This will require a thoughtful approach and a wide consensus. We look forward to working with our member companies and the Government to achieve this.

Our focus will be on areas such as place-making, building our competence as a global hub for the digital economy, and, of course, cost-competitiveness. Fostering our reputation as a country that can innovate and create new products and services, and ensure we have all the ingredients to deliver these services and conduct the most advanced manufacturing is crucial. Getting this right is what will ultimately see us continue to create more jobs, and continue to grow the family of people working within US companies in Ireland, which is already 140,000 strong.

Bob Savage, president, American Chamber of Commerce Ireland