Minister for Enterprise, Trade and Employment Simon Coveney has travelled to the US west coast for a series of high-level meetings with a range of companies, including big tech firms with bases in Ireland.
In recent months, there has been a series of job loss announcements at companies such as Twitter, Meta, Stripe, Amazon, Intel, Microsoft, Google and HubSpot.
Last week, it was confirmed that around 200 staff at Salesforce in Ireland are to lose their jobs as part of global cost-saving measures at the company.
Speaking ahead of his visit to the US, Mr Coveney said that despite recent layoffs, the tech sector in Ireland remains strong.
"The impact on Ireland so far of tech sector announcements isn't anything like the impact on some other countries and other parts of the world, but it will impact on some people and the State will be there to support those people," he said.
"The Irish economy is very strong at the moment, last year we saw an extra 24,000 jobs in IDA companies and that was led by the tech sector in many ways," he added.
Mr Coveney said that the IDA continues to see a healthy pipeline of investment in the first half of this year but added that Ireland is not going to be immune from the consequences of decisions being made in board rooms, particularly in the US, in terms of global businesses.
The United States is Ireland's largest trading partner. In 2021 the value of trade between the two countries was €255 billion, which represented 30% of Ireland’s total global trade.
More than 800 US multi-national companies invest over €5 billion in the Irish economy every year, creating over 180,000 jobs.
Indigenous Irish companies, spread across 800 locations throughout every US State and employing more than 110,000 people, have helped to make Ireland the ninth largest source of foreign direct investment in the US.
