Do research and science strengthen the US-Ireland’s trade and investment relationship?
How did the Irish economy change throughout recent years?
What areas are suitable for the US-Irish trade development?
The US-Irish ties are based on shared values, according to political and economic interests. The US and Ireland have partnered in various cultural and financial sectors. US-Ireland’s trade and investment relationship is a central pillar of both countries’ partnership. US-Irish trade ties are essential facets of partnership during an uncertain financial period.
Ireland Is a Trusted Partner
The global economy has experienced many shocks in recent years that led to financial instability at a high level. As economic uncertainty looms worldwide, Ireland remains a safe and trusted partner. After Brexit and Covid, US-Ireland’s trade and investment relationship has developed. In 2021 more than 900 US companies were operating in Ireland. They employed 342,000 people directly and indirectly and spent €27 billion in the Irish economy.
US-Irish Trade Cooperation Is Vast
Ireland has vital air, sea, and road connectivity to link the US to Europe. This country is a competitive location for inward investment. The US multinational companies can benefit from the aptitude and innovation in one of the most advanced EU countries. US-Ireland’s trade and investment relationship is growing and flourishing. Investment in the advanced digital sector, housing, and transport infrastructure are critical sectors for both countries to cooperate.
Ireland Is a Positive Trade Destination
US-Irish trade is a central facet of the relations between the two countries and is essential to Ireland’s national interest. The US-Irish trade exceeded $1 trillion (€0.9 trillion) in 2021, which is significant for a country of five million people. The Irish government pursues economic recovery, housing and contracting rising, and job retention after the Covid pandemic. Around 95% of US investors have had a favourable view of Ireland as an investment location.
Ireland Links US to Europe
US-Ireland’s trade and investment relationship strongly connects both sides of the Atlantic. Ireland is highly receptive to US products and is a good market for American brands and businesses. Its strategic geographical position links the US to a European market containing 742 million people. The Republic of Ireland is a member of the EU and Eurozone, while it is an English-speaking country.
Irish Economy Is Growing
American companies accounted for around 70% of the multinational investments in Ireland in 2022. The US-Ireland’s trade and investment relationship is of great interest for both sides while the global economy faces uncertainty. Besides, the outlook for Ireland’s economy is positive as it has been the fastest-growing European economy. The growth contributes to a continuous demand for US products and services.
American Firms Grasp the Opportunity
US products exported to Ireland include pharmaceutical products, optical and medical instruments, electrical components and equipment, computers, peripherals, and aircraft. The European bases of the US high-tech firms such as Google, Facebook, and Twitter are in Ireland. This country also has become a research and development hub for American companies in Europe. Ireland is one of the top global hubs for Research, Development, and Innovation.
Ireland Is an RDI Center
The country provides a significant commercial and social environment for US companies to conduct successful research. Ireland accounts for only 1% of the EU population, but it has an 8% EU share of US RDI spending. The Irish government disperses large amounts of money into research and development. It aims to establish Ireland as a global innovation leader, which has an essential role in the US-Irish trade partnership.
Research, Innovation Are Important
Ireland plans to be considered an innovation leader and a global RDI destination. US-Irish trade and research ties improve Ireland’s international reputation as a valuable destination for business and talent. Ireland’s scientific ranking is among the top 12 countries, making it a world-leading knowledge economy. The Irish government aims to keep this country on the world stage as a research and innovation hub.
The US Is a Main Export Destination
The US-Ireland’s trade and investment relationship is a two-way economic partnership, and about 30% of Irish exports go to the US. Ireland’s top export destination is the United States, where products and services are highly received. Exports include products such as medical instruments and organic chemicals and services like insurance and information services. Moreover, Irish businesses are among the top investors in various sectors in the US.
Economic Growth Makes Ireland Attractive
Ireland will remain an attractive destination for US multinational firms with all its capabilities and recent fast economic growth. The country’s output grew above the predicted numbers in recent months. Besides, its trade surplus increased by over €60 billion after 50 years in the EU. It creates robust connectivity with mainland Europe, enjoying trade ties with both sides of the Atlantic.
Irish Economy Performs Better than EU
According to Irish Central Statistics Office, the Irish economy grew by 12.2% regarding the GDP in 2022. Despite Irish inflation hitting high in 2022, it dropped by 1% at the end of the year. Irish inflation rate in January 2023 dropped to 7.7%, under the 8.5% inflation of the Eurozone area. The Eurozone economic growth at the end of 2022 owes to Ireland’s expansion.
Investment Competition Intensifies
The continuous boost in manufacturing and global export in various areas positively impacted its economy. The quality of life is among the top 10 globally, and companies want to go where people want to live. Investment decisions are based on life quality and political and financial stability. Ireland possesses a reasonable ground for investments, and the Irish government plans to support trade opportunities.
Trade Opportunities Will Increase
Trade and investment are essential to Ireland’s economic well-being and play important roles in protecting Ireland’s values. The competition for investment in Ireland will intensify, and the country can attract many multinational firms. US-Ireland’s trade and investment relationship is capable of expansion. US-Irish trade has grown yearly, providing both nations with possibilities, growth, and profitability.
