The recent rise of Asian economies has been meteoric, but the trans-Atlantic economy linking the US and Europe has never been more connected – and Ireland is the jewel in the crown of those links. So says an American authority on trans-Atlantic business.
Dr Daniel Hamilton said that, while the media focused mainly on trade flows between different economic blocs, when foreign direct investment (FDI) and sales of foreign affiliates by American firms are taken into account “we get a different picture of who our most important partners are.”
He said: “Ireland is a showcase of this relationship.” Dr. Hamilton, director of the Centre for trans-Atlantic Relations at the School of Advanced International Studies at Johns Hopkins University, was addressing the American Chamber of Commerce in Ireland.
Citing official US Government statistics, he said that between 2000 and 2006, American direct investment into Ireland totalled $44.3 billion, compared to just $15.4 billion into China and $5.3 billion into India.
American Chamber of Commerce CEO Joanne Richardson told members the US-Ireland economic relationship is an enduring one. “The climate for investment remains strong. However, as one of the most open economies in Europe, Ireland is impacted by global events and we have seen investment shifts which cannot be ignored.”
She added: “Trends can and do change very quickly, and the onus is on the Government to ensure that Ireland is ready to counteract any emerging issues which might impact on the ability to attract and retaining foreign direct investment.”
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