One of the leading industrialists in the world has said the US economy is showing many favourable signs for renewed growth.
Speaking in Tipperary at the 25th anniversary of the Merck, Sharp & Dohme factory, the company's CEO and chairman Raymond Gilmartin praised the consistent approach by various governments here in creating what he called a proper business climate in Ireland.
Mr Gilmartin, who oversees a company which sold $40bn worth of product last year, was optimistic in his evaluation of the US economy and the prospects for Ireland.
He said the interest rate cuts in the US, combined with the recent reductions in tax rates, would continue to hold up consumer confidence. He said that even though the growth rate had slowed, he saw many favourable signs for the US economy.
Tanaiste Mary Harney said there were now nine of the top ten pharmaceutical companies with manufacturing facilities in Ireland.
She praised Merck, which employs 460 people at its Ballydine plant near Clonmel and opened 25 years ago.
