Noonan heads to the US to drum up some business

Minister for Finance Michael Noonan has travelled to the United States for a week-long visit that will include trips to Washington, DC and Silicon Valley in California.

The trip was planned following the outcome of the UK referendum on EU membership in June, which presents a serious challenge for the Irish economy.

On the west coast, Mr Noonan is set to meet with a range of companies and investors, including a number of large US companies based here.

He is expected to use the opportunity to highlight the attractiveness of Ireland as a destination for foreign direct investment and it is understood that IDA chief Martin Shanahan will also be in the US during the visit.

Mr Noonan will also meet with US treasury secretary Jack Lew and with officials from both the IMF and the World Bank.

‘Strong ties’

Commenting on his visit, Mr Noonan said: “Ireland has strong ties with the US and this is most evident in terms of inward investment from American companies. I meet regularly with current and prospective investors from the US and this visit will allow me to emphasise Ireland’s attractiveness as a destination for foreign direct investment following the UK’s decision to exit the EU.

"Companies invest in Ireland for a broad range of reasons, not least to access the world's largest economic block, the European Union. As a common-law, English-speaking and business-friendly jurisdiction, we will continue to be an attractive destination for US companies."

He said the Government would continue to engage with investors with a view to encouraging “substantive investment” in Ireland that would create high-quality employment.

Some 700 American companies have invested in Ireland. Collectively, US investment in Ireland amounts to $343 billion and directly supports 140,000 jobs here.

On the other side of the Atlantic, Irish companies directly employ roughly the same number, in all 50 states across the US.