“Transformative impact” of US-Ireland business relationship highlighted at AmCham Awards

The ties between the US and Ireland are “many and deep,” and this relationship has had a “transformative impact” on the Irish economy, outgoing Minister for Finance Micheal McGrath said. Mr McGrath has been nominated by the Government as Ireland’s next European Commissioner.

Mr McGrath was speaking at the 2024 American Chamber of Commerce Ireland (AmCham) Annual Dinner and US-Ireland Business Awards, which celebrate the extraordinary US-Ireland business relationship and the incredible impact that businesses are having from here in Ireland.

Mr McGrath said at the event last month: “As Minister for Finance I have no hesitation whatsoever acknowledging the transformative impact on the Irish economy of the sustained investment we have had in our country over a number of decades by US multinational companies.

“The Irish economy is in good health,” he said, and added that the latest labour force survey shows once again an increase in employment levels in Ireland to 2.7 million people with more than 50,000 jobs added in the last 12 months, a “considerable achievement” amid a tight labour market.

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Mr McGrath attributed much of Ireland’s success in attracting US foreign direct investment (FDI) to the quality of the workforce here. He noted that Ireland’s diverse population came up repeatedly in his engagements with multinationals in Ireland who said it brings with it “tremendous vibrancy, fresh thinking and innovation.”

However, he said we must not be complacent as other countries are now trying to replicate Ireland’s success in this regard. He added: “US companies invest in Ireland, put down deep roots and reinvest because generally speaking they have had a very good experience here.”

“But the bottom line is that future success cannot be taken for granted. Past performance is not a predictor of what will happen in the future. We have to earn it, and we have to work together to ensure that our offering is competitive and attractive, and we enhance it at every opportunity.”

He also acknowledged some of the key challenges which are outlined in AmCham’s 2024 US-Ireland Business report, Building Ireland’s Transatlantic Impact; including housing, competitiveness and skills, and reassured AmCham members that addressing these challenges is a key priority for Government.

Speaking on improving Ireland’s competitiveness he said, “continuing to invest in our infrastructure is vital.” He continued: “That is why we have a multiannual national development plan which has an envelope of €167 billion, the largest investment plan in the history of the state. This year we will spend at least €13 billion in public capital investment.”

Global impact award

As part of the event AmCham presented its US-Ireland Business Awards under three categories: the global impact award, global community award and global leadership award. These awards celebrate the individuals, teams and projects that contribute to the US-Ireland business relationship. AmCham’s 2024 US Ireland Business Awards and Annual Dinner were in partnership with BT Ireland and EY, with The Irish Times as the official media partner.

The global impact award was presented to Intel Corporation Ireland for its Fab 34 manufacturing facility. Fab 34 is the first in Europe to harness extreme ultraviolet lithography (EUV) for high-volume manufacturing and is a key player in bolstering Europe’s competitive edge in the global semiconductor manufacturing sector. With the launch of Fab 34, Intel has commenced high-volume production of its Intel 4 technology which will power the most demanding computing applications, such as artificial intelligence (AI), autonomous driving, and new cloud applications.

Speaking about the Global Impact Award and the importance of businesses here in Ireland working on innovative projects, for the benefit of society globally, Feargal de Freine, assurance partner and head of FDI at EY Ireland says: “At EY our purpose is to build a better working world, supporting organisations to make a meaningful impact for their stakeholders including the communities in which they operate. The American Chamber’s global impact award celebrates projects that have had a significant positive, global or international impact on markets or society. This year’s finalists were particularly strong, with projects spanning a range of fields including research, development and innovation, talent development, advanced manufacturing/industry 4.0-5.0, digitisation/artificial intelligence, sustainability, and supply chain innovation.

De Freine added: “Foreign direct investment has been at the heart of Ireland’s economic success for decades and US companies continue to be central to this, with almost 60 per cent of new FDI investment last year originating from US companies. Ireland continues to perform particularly strongly in the areas of software and IT, business services, finance, medical devices and pharmaceuticals. Strength in these knowledge-intensive sectors will position Ireland to compete in the changing and competitive landscape of global investment.”

Global community award

The global community award was presented to Bank of America for the Mná na hÉireann, Women of Ireland Fund. The Mná na hÉireann, Women of Ireland Fund was a €2.2 million four-year fund created by Bank of America and Rethink Ireland, in partnership with the Department of Rural and Community Development. It has supported a network of charitable and social enterprise organisations focused on providing training, upskilling, work experience, education and other services to disadvantaged women in Ireland, including single-parent women, refugees and women experiencing socio-economic disadvantage. By 2023, the fund had surpassed its goals and 1,088 women had secured sustainable jobs. A further 747 were supported to enrol in accredited education programmes. Participants ranged in age from 18 to over 65 and represented more than 30 nationalities.

Speaking to the global community award and the importance of business supporting communities, Shay Walsh, managing director of BT Ireland, said: “In the business world, society must come first and should be a top priority. Multinationals must keep showing leadership by making ethical decisions, from how we treat our employees to where we invest and who we partner with. Today, it’s not just about the finances. As leaders, it’s all about making the world a better place than we found it and giving back whenever we can. Pushing forward with an environmental, social, and governance agenda is crucial – not just because it looks good on paper, but because it’s the right move for future generations.”

In terms of the work that BT is doing in this area, Walsh said: “At BT, our mission is to connect for good, which keeps us looking outwards for ways to benefit communities and the environment. Our initiatives are diverse, stretching from fundraising for causes close to our employees’ hearts, to investing in future generations. As sponsors of BT Young Scientist and Technology Exhibition we encourage fostering talent in young people in Ireland. Leveraging our technology for good also means a hyper-focus on sustainability – internally, and through delivering solutions that help customers be more socially conscious. We’re on the road to net zero, with the goal of getting there by 2031. And we know that by joining customers and suppliers together on a shared sustainability journey, we’ll all get there faster.”

Walsh added: “And yet we can do more. If businesses can continue to work together, with governments and industry groups, we can create a brighter future. We’re delighted to support the Global Community Award and recognise the great initiatives organisations are implementing to better society and the communities they support.”

Global leadership award

The global leadership award was presented to Gerry Kilcommins, former Medtronic vice-president of global platform manufacturing and Medtronic Ireland Country Director, for his significant contribution to US-Ireland business relations. Through innovative and strategic leadership in the medical technology industry and his contribution to business associations and policy issues, Kilcommins has strengthened the economic and diplomatic ties between the United States and Ireland. Kilcommins has actively engaged in diplomatic efforts to strengthen US-Ireland relations. Through participation in trade missions, business forums, and bilateral meetings, he has advocated for stronger economic and commercial ties between the two nations.

Speaking at AmCham’s event AmCham President Elaine Murphy spoke about the impact of this relationship on Ireland’s jobs market and economy, noting that US multinationals support 378,000 jobs directly and indirectly in the State, and in 2022 US multinationals spent €41 billion in the Irish economy.

She said: “We know that Ireland’s attractiveness as a location for FDI is underpinned by a myriad of factors. Ireland is ranked first globally for attracting and retaining talent and is the seventh most innovative country in the world.”

However, she noted that there are a number of key challenges and opportunities for Ireland, particularly in areas such as housing and cost competitiveness, that much be leveraged and addressed to ensure that Ireland remains a top destination for US FDI.