US firms invested $22.8 billion in Ireland last year

Thursday 03 October 2013 13.01
Ireland is ranked as the fourth largest destination for investment from US firms
Ireland is ranked as the fourth largest destination for investment from US firms

Investment from US firms in Ireland rose by 1% last year to $22.8 billion, according to a report by the American Chamber of Commerce.

The figures were released ahead of a conference on the Irish-US economic relationship in Dublin this morning.

Ireland is ranked as the fourth largest destination for investment from American companies. The 1% rise also contrasts with an overall drop of 17.5% in US investment across the EU last year.

Between 2008 and 2012 the level of investment by US firms here was 14 times higher than the amount invested by them in China. US FDI in Ireland is equal to US investment in France and Germany combined.

Today's report notes that Ireland is a ''hugely important strategic cog in the global operations of many of the world's top corporations''.

The report also looks at the level of investment from Irish firms in the US, saying that Irish firms have a ''sizeable'' presence in the US. Irish investment to the US rebounded strongly in 2010, fell in 2011 and then recovered last year.

Today's research shows that the employment balance favours the US rather than Ireland. Irish firms directly employ more US workers in America that US firms employ Irish workers in Ireland - 136,100 and 115,000 respectively.

The author of the report, Joseph P Quinlan, said that the case for investing in Europe remains strong, a bullish prospect for Irish-US trade and investment linkages.

''If we have learned anything in the post-crisis era, it is this - Irish and US relations are resilient and robust, and above all else, built to last,'' he added.