Latest news with #AmericanChamberofCommerceIreland
Irish Examiner
5 days ago
- Business
- Irish Examiner
Ireland must fix infrastructure gaps urgently to secure foreign direct investment
Ireland must address infrastructure gaps with 'great urgency' if it is to successfully attract and grow foreign direct investment (FDI) into the country particularly in light of the new tariff regime coming out of the US, the American Chamber of Commerce Ireland has warned. In its pre-budget submission, the Chamber makes a number of recommendations for the Government to focus in order to make the country a more appealing location for investment. Chief executive of the American Chamber of Commerce Ireland Paul Sweetman said with the current 'challenging environment' with tariffs, prompted by US president Donald Trump, competition for investment and talent ' is continuing to increase'. According to the Chamber, 90% of its members surveyed said their corporate headquarters have a positive view of Ireland as an investment location, and 68% said their headquarters already have plans to invest in Ireland over the next five years. It also found that 96% of members said believe the ability to meet climate targets is critical in preserving Ireland's competitiveness, while the same number of respondents expressed concern over the impact that reaching full capacity at Irish airports and ports would have for growth and investment. Mr Sweetman warned that 'infrastructural gaps in key areas including housing, energy and transport are a challenge to Ireland's competitiveness'. The recently announced revised National Development Plan commits to strong investment across a number areas, but it is vital Ireland addresses infrastructure gaps with great urgency. "This can position the country for continued success in attracting and growing foreign direct investment into the future.' On the infrastructure gap, the Chamber said that along with delivering housing, 'critical transport connectivity projects including MetroLink and Dart+' are also needed along with funding to Uisce Éireann to support long-term development projects. The Chamber survey of members found that 98% indicated the availability of housing is a challenge for their employees. In this area it also called for enhancing the electricity grid capacity while supporting renewable energy growth. In the area of taxation, the Chamber has called for tax credits in the areas of digitalisation and decarbonisation as well as the extension of current income tax exemptions and reducing personal tax burdens on employees to support the attraction and retention of talent. The Chamber also called for policies around attracting and retaining talent which includes 'advancing measures to address skills gaps and further support apprenticeships, expanding roles eligible for employment permits and providing an annual budget to support innovation'. Mr Sweetman said that the budget should focus on 'economic levels' within the Government's control. 'Our pre-budget submission outlines smart investment and policy decisions that will best prepare Ireland to leverage opportunities in talent attraction, research and development, digital solutions and energy over the years to come,' he said. 'Winning the next wave of FDI is achievable if Ireland builds upon its existing strengths. This, in turn, will support the growth of the 970 US operations in Ireland, directly employing 210,000 people and a further 169,000 people indirectly.'
RTÉ News
03-07-2025
- Business
- RTÉ News
US multinationals to increase employee numbers in Ireland over next year
60% of US multinationals that are members of the American Chamber of Commerce Ireland plan to increase employee numbers here over the next year. The findings of a new survey carried out by the American Chamber also show that a further 32.5% of US companies say they will maintain their current workforce levels. Ahead of an event in Dublin today to celebrate US Independence Day, AmCham surveyed its members current views on Ireland as a destination for growth and further investment. The companies included in the survey, which was carried out in the last week, represent around 52,000 of the employees within US multinationals across the country. 9 in 10 survey respondents say their corporate headquarters have a positive view of Ireland as an investment location, while 68% already have plans to invest in Ireland over the next 5 years. However, almost a third point to housing as the most important challenge to overcome for their company to invest and expand here. Just over a quarter, 26%, say cost competitiveness is the most important challenge, while 10.5% say skills shortage is the number one challenge. Other challenges include delays and complexity of the planning process, supply chain disruption, and the need to enhance R&D tax incentives. The CEO of the American Chamber says Ireland is "a strategic hub for innovation and global decision-makers in major American corporations". Paul Sweetman says almost 7.5% of Ireland's entire population is employed, directly or indirectly, by US multinationals. "On the flip side, Ireland is the 6th largest source of FDI into the US and Irish companies are employing almost as many people in the US as US companies are employing in Ireland." "It truly is a genuine two-way economic relationship," according to Mr Sweetman. He says while the geopolitical backdrop of trade, tariffs and uncertainty are "unquestionably causing challenges for our members," he says AmCham sees "a real and emerging optimism that the business community is ready to get moving through accelerating innovative projects and strategic investments". "The single biggest factor that will impact Ireland's long-term growth will be our own national competitiveness, a factor wholly within our control."
