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Minister Charlie Flanagan highlights economic recovery and promotes Irish companies in US

International relations, Minister Charles Flanagan, Trade, Press Releases, North America, 2014


Ireland is a prime location for US foreign direct investment and our economic recovery is picking up pace, Minister for Foreign Affairs and Trade, Charlie Flanagan, T.D., today told business leaders in New York.

Minister Flanagan is addressing a series of high-level business events in New York, Boston and Washington this week as part of his drive to support exporting Irish companies and attract investment to Ireland.

Among those attending today’s high level event in New York are high growth companies Ochziff Capital, Eagna, Propylon and Interactive Svc. A broad range of companies in the tech, financial, e-learning, construction and consulting industries will attend.

Speaking at the business breakfast, the Minister said:

“Many of you will have seen recent reports that Ireland’s economic growth for this year is projected to reach 4.5% - this is the highest in Europe. Export growth is driving Ireland’s economic growth and export levels are at an all-time high. Much of this has been due to the performance of indigenous Irish exporting companies and start-ups, which have proven themselves to be among the most dynamic and innovative in the world”.

“The contribution of multinational enterprises to our export performance, and to the Irish economy as a whole, has been enormous. 1,153 overseas companies have chosen Ireland as their strategic location in Europe. We play host to 8 of the top 10 global ICT firms, 9 of the top 10 global pharmaceutical firms, and all 10 of the largest online companies in the world.

“We have one of the most open and progressive economies in the world. Forbes magazine ranks us as the best country in the world for business. We offer a young, highly-educated workforce in the only English-speaking country in the Eurozone, with barrier-free access to a market of more than 500 million consumers across the EU. And we maintain a favourable business climate, including a stable, low corporate tax rate.”

There are now approximately 600 US companies employing 120,000 people in Ireland, and over €93bn of exports out of Ireland are attributable to US-owned companies. Speaking at a business breakfast with Enterprise Ireland and IDA’s key clients today, Minister Flanagan paid tribute to work of the two State agencies:

“Supporting the efforts of Irish companies to expand trade in international markets is central to the work of my Department and to the work of this Government. My Department will continue to work closely with other Government Departments and State agencies, using our embassy network to best effect to grow our international flows of trade, tourism and investment to their full potential”.

Next week Minister Flanagan will continue to highlight Ireland’s economic recovery and promote Irish companies when he meets with representatives of a number of US-based Irish business networks, including the Irish Network for New York / New Jersey / Philadelphia; the Irish Business Organisation (IBO); the Irish International Business Network (IIBN); and the Digital Irish.

Later in the week Minister Flanagan will deliver a keynote address to the US Chamber of Commerce in Washington on developments in the Irish economy, and in Boston he will meet with key business representatives.



Press Office

26 September 2014


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