Good afternoon, everyone. I am very pleased to be here among so many friends in the US Chamber of Commerce.
I want to acknowledge and thank in particular your Chamber President and CEO, Suzanne Clark, and Chamber Senior Vice-President for Europe, Marjorie Chorlins, for inviting me to address you today.
Also welcome are other visitors from Ireland, including from the American Chamber of Commerce Ireland, as well as IDA Ireland, Enterprise Ireland, Science Foundation Ireland, IBEC and others.
And a special word of welcome to the US Ambassador to Ireland, Claire Cronin.
In my remarks this afternoon, I am going to reflect on the Ireland-US economic relationship, the EU-US relationship, including the research and development partnership, and will touch on recent developments in Northern Ireland and the wider geo-political context.
Ireland-US Economic Relationship
President, as you know, around St. Patrick’s Day we traditionally celebrate the strong bonds, history and culture that link Ireland and the United States.
Today, we also celebrate our close political, cultural and economic alignment. While we are very different in size and scale:
- We are both champions of free trade, free enterprise and investment;
- We are both committed to the green transition, not just as the necessary response to climate change, but as the creator of new economic opportunities and jobs; and
- We both have made significant investments in each other’s countries.
The United States is one of Ireland’s largest and most important trading partners. In 2021, the total value of trade between our two countries was €70 billion, representing around a fifth of Ireland’s total. Our business partnerships have proven enduring and reliable throughout difficult times.
Most importantly, our economic relationship is both mutually beneficial and highly integrated. It encompasses goods, services, investment, income flows and jobs. It’s very much a two-way street.
Ireland provides US firms with a welcoming, competitive gateway to the EU single market, one of the largest in the world. There are over 900 US companies in Ireland, employing more than 200,000 people directly and almost as many again indirectly.
Ireland remains a strong and attractive location for investment and international business. We are home to:
- 20 of the world’s top 25 financial services companies;
- 17 of the top 20 global banks;
- 9 of the top-10 global pharmaceutical firms;
- 9 of the top-10 US technology companies; and
- 4 of the top 15 med-tech companies.
We host many of the world’s most familiar brands – some of which are represented here today.
As Suzanne [Clarke] has put it, Ireland has become “a home away from home” for many US businesses.
We do not take this for granted. Ireland was an underdeveloped country when I was growing up in the 1980’s. Many of our brightest and best emigrated to the UK, Europe and America to build their careers. Now they have a choice. In fact, Ireland has experienced net inward migration of talented and skilled people for decades now.
We have also seen huge social transformation in Ireland over my lifetime – becoming a more equal and diverse society, from marriage equality and women’s rights to one of the highest minimum wages and strongest labour rights in the world. We are also expanding universal access to affordable healthcare, childcare and early years education.
When companies are asked why they invest in Ireland, they mention the:
- ease of doing business,
- political stability,
- a common law legal system,
- the quality of the workforce,
- a dynamic research and development ecosystem and
- an attractive, transparent and stable tax regime.
Ireland also offers US companies, particularly in regulated industries such as pharmaceuticals, medical devices and financial services, access to the European regulatory system.
We understand that research, development and innovation are essential for growing businesses and sustaining high-value jobs.
For example, the very successful US-Ireland R&D Partnership Programme demonstrates the strong collaborative relationship between our two countries, encouraging scientific discovery across borders. It provides a unique opportunity to advance research on a global scale and create future world-class technological innovations.
The economic relationship is of course increasingly two-way.
Approximately 650 Irish-owned companies operate across all 50 US states, employing 100,000 people in sectors as broad as construction, education, energy, environmental, medical devices and software.
Today, Ireland is the 9th largest source of foreign direct investment into the US. That’s not bad for a country of only 5 million people.
EU-US Relations
As I mentioned, part of the attraction for US companies investing in Ireland is our membership of the European Union’s Single Market.
This year, Ireland is celebrating fifty years of EU membership.
We support the EU’s ambitious trade agenda and its leadership role at the World Trade Organisation, with the aim of shaping global trade for the benefit of our economies and societies.
Within the EU, we are encouraging the conclusion of “new generation” trade and investment partnerships, which will cover rules and standards, making the trade and investment environment, including with the US, easier and more predictable.
We advocate within the EU for an ambitious and deepening EU-US partnership, economically, politically and on security.
In many areas, this is already happening. The establishment and work of the EU-US Trade and Technology Council, the announcement of a pathway forward on steel and aluminium, the imposition of sanctions against Russia, and the 5-year suspension of tariffs in the civil aviation dispute are tangible examples of progress.
Nevertheless, work remains to be done.
We welcome US administration’s commitment to climate action, backed by significant government investment in the green transition.
The US and Europe need to work together, and with reliable partners the world over, to make the green transition happen. We must be the generation that turns the tide on climate change and biodiversity loss.
We want to see the measures we take on one side of the Atlantic complement those taken on the other – not risk each other’s progress. That is why we welcome work underway in the EU-US Taskforce to resolve some of the issues that have arisen between us in relation to the Inflation Reduction Act.
As you know, the United Kingdom has now left the European Union. Apart from the difficulties this has created for Northern Ireland, we have lost an ally and a champion of free trade from the EU table.
It means Ireland has a greater responsibility to speak up for the economic model we believe in and we have to work harder to shape the EU’s economic agenda. We are doing that by building alliances with like-minded countries and articulating the benefits of fair and open competition on a level playing field.
25th Anniversary of the Good Friday Agreement
President, this year we mark the twenty-fifth anniversary of the historic Good Friday Agreement and peace on our island, a significant shared achievement by the parties in Northern Ireland, the Irish and British Governments and the people of Ireland – North and South.
The Agreement would not have been possible without the enduring support of the United States, reflected in the commitment and engagement of successive US Administrations and Members of Congress from both sides of the aisle. In many ways, America is the third co-guarantor of the Agreement.
That commitment continues today. The President’s decision to appoint Joe Kennedy III as US Special Envoy to Northern Ireland for Economic Affairs has been widely welcomed. I look forward to working with him.
I also welcome the recent agreement between the EU and the UK on the Northern Ireland Protocol-the Windsor Framework.
While I appreciate that people want to give careful thought and reflection to their response, I sincerely hope that it will pave the way for an early restoration of the political institutions of the Good Friday Agreement - that’s the power sharing Assembly and Executive in Northern Ireland and the North-South bodies.
International Situation
At a time of global uncertainty and geopolitical tension, it is more important than ever that Europe and the US stand together for our shared values – freedom, democracy and a rules-based international order.
Those values are being threatened, no-where more so than in Ukraine. Thank you for your leadership in defence of Ukraine’s sovereignty, territorial integrity and its European and democratic path. In the last century, the US stood firm against fascism and later communism. In this century, America once again leads the free world. Like the US, Ireland is standing with the people of Ukraine as they bravely defend their country.
We have welcomed 70,000 Ukrainian refugees to our homes, schools, workplaces and communities. They now make up 1.5% of our population and more will come.
We are in favour of their application for EU membership – hoping that it will bring them the same opportunity it has brought to Ireland.
We will work with them, and our international partners, to ensure that those who have launched and prosecuted this brutal war against an innocent people are defeated and held fully to account.
We will also join the global effort that will be necessary to rebuild Ukraine when peace comes.
White Paper on Enterprise
Despite the challenges we have all faced in recent years, the Irish economy has proved to be remarkably resilient. We have record levels of employment, trade and investment and incomes are higher than ever before.
However, we are conscious of the need to be ever vigilant. We must never take our strong economy for granted.
So, we recently published a new Policy Paper on Enterprise, reaffirming that foreign direct investment will remain a major part of our economic model.
Through our policy choices and investments, we will work with foreign and indigenous enterprises on the green and digital transitions to ensure that our future success is founded on sustainability, innovation, and productivity.
Of course, competitiveness is not just about having a pro-business policy environment, though that is essential. It is also about providing the infrastructure expected in advanced societies.
In the coming years, we will continue to step up our investment in housing, education, energy, water, and public transport. The work is already underway.
President, in a world of rapid change and even more frequent shocks, one constant, however, is the depth and durability of Irish-US commercial relations.
Concluding remarks
Once again, my thanks to you and the US Chamber of Commerce for hosting me today.
Thank you to all the members present for your efforts and the vital role you play in strengthening the ties that bind our two nations and peoples.
Go raigh mile maith agaith agus la fhéile Padraig shona diobh.
Thank you.