The head of the American Chamber of Commerce in Ireland has said that Irish investment in the US is now at an all-time high.
Speaking in Washington at the launch of a new guide for Irish companies, Mark Redmond said the United States offers a wealth of opportunities for Irish companies wanting to expand internationally, reports the Irish Times.
Many companies who have traditionally seen Britain as their main export market, looking further afield, he said.
“We’re seeing massive opportunities for Irish companies in the United States,”
“There are a lot of misconceptions about breaking into this country. In many ways, the US is not one country but a continent of countries, with states offering their own incentives when it comes to tax and regulation.”
He also noted that the US aligned closely with the Irish business model when it comes to regulation and tax matters.
The American Chamber of Commerce in Ireland was leading a delegation of Irish companies at last week’s Select USA conference in Washington DC.
My reflections on @AmericanChamber outreach in #WashingtonDC including @SelectUSA & strengthening ?? ?? two-way trade & investment @EI_theUSA @IDAIRELAND @IrelandEmbUSA @USEmbassyDublin @EnterInnov @dfatirl @CommerceGov pic.twitter.com/TWQ1tt60Vt— Mark Redmond (@MarkFXRedmond) June 13, 2019
The conference is America’s largest annual event dedicated to attracting investment into the US.
While Irish officials have been keen to stress that Irish companies employ more than 100,000 people in the US, most of this number is represented by a few companies like CRH and Kerry Group.
Redmond said, however, that an increasing number of Irish companies of all sizes perceive opportunities across the Atlantic.
According to the American Chamber, 800 Irish companies have operations in the US.
The American Chamber of Commerce has recently initiated a mentoring program whereby experienced executives from companies with business interests in the US, coach others who wish to break into the market.
Ireland had eight-largest delegation
Ireland had the eight-largest delegation at the summit in Washington.
Among the companies attending the Select USA conference are Ornua, PM Group, Smarttech and Taoglas.
Larry Kudlow, US president Donald Trump’s national economic adviser, said that the Trump administration’s policies are “solidifying the United States as the premier location to do business”, noting in particular the tax and regulatory changes at federal level introduced by the Republican administration.
Encouraging investment into the US has been a key policy of President Trump, who has pledged to recalibrate the global trading system and create more jobs.
Ivanka Trump and Treasury Secretary Steve Mnuchin also spoke at the conference with Trump announcing that more than 60 global companies had committed to creating over 930,000 apprenticeship and training opportunities for U.S. workers as part of the White House’s Pledge to American Workers.
“This is not only the right thing to do … it’s good business,” Trump said.
“There is a positive return on investment for this continual investment in what is the best workforce in the world.”
Foreign direct investment (FDI) into the US now tops $4 trillion, according to figures provided by Select USA, with the US home to more FDI than any other country in the world.
In total, there were over 3,100 attendees including 1,200 global business representatives from a record 79 international markets and over 700 economic development professionals and service providers from 49 states and territories.