Minister for Enterprise, Trade and Employment Peter Burke is leading a joint Enterprise Ireland and IDA Ireland Trade and Investment Mission to New York and Boston to boost trade relationships and promote Irish companies in the US.
Irish exports to North America reached a record high of €6.48 billion in 2023, while a record number of 210,000 people are employed by US multinational companies in Ireland.
North America now accounts for 19% of all exports by Enterprise Ireland backed companies.
Several Enterprise Ireland companies are set to announce new market presences and expansion plans in the US during the visit, including Version 1, Novum, Tines, Uniphar, Intact Software, Apple Green and Waterwipes.
80 new market presences have been established by Enterprise Ireland clients in the US in the last year and a half.
There are currently over 900 Irish owned companies exporting to the US, with an estimated 73% of these having a full-time presence in the market, ranging from sales offices to manufacturing operations with thousands of employees.
IDA Ireland clients from North America have 972 operations in Ireland, employing over 210,000 people directly. Most recent figures available show that US companies spent about €16 billion on payroll in Ireland in 2022, €10.8 billion on goods & services and invested €14.2 billion of Capital Expenditure.
The travelling delegation this week will have meetings with top executives from some of the most innovative companies in the world, such as Analog Devices, BD, Citi, JP Morgan, PepsiCo and State Street which employ a significant number of people across Ireland.
Peter Burke said that trade missions to key cities on the East Coast, such as New York and Boston, play a pivotal role in promoting thriving entrepreneurship between the US and Ireland.
“Irish companies already make a significant impact to the US economy, with exports to North America exceeding €6 billion in 2023. I look forward to promoting Ireland as both a source of world-class products and services and as a world-leading destination for FDI on my visit,” he added.
Enterprise Ireland CEO Leo Clancy said the expansion of Irish companies into the US market is a testament to the robustness and competitiveness of our home-grown businesses.
“Enterprise Ireland are proud to support these companies as they continue to innovate, grow, and create jobs both in Ireland and the US. Demand for Irish innovation in North America is at an all-time high and today’s announcements are a great reflection of the market opportunity that the United States represents, with North America being Enterprise Ireland clients’ third largest export market in 2023,” he stated.
IDA Ireland CEO Michael Lohan said that 2024 marks the centenary of the economic relationship between Ireland and the US, adding that he will use this trade mission to remind investors of Ireland’s global position as a stable location for investment and expansion.
“Throughout the week, we will be meeting with some of the largest and most dynamic companies in the technology, financial services and life sciences sectors, both existing and new, who are seeking a pro-business location to grow their businesses,” he said.
“Competition for foreign direct investment has never been as intense and trade missions like this enable IDA Ireland to increase awareness of Ireland’s offering as an attractive place to invest and to grow. I will use the opportunity to highlight how IDA Ireland is partnering with clients on delivering competitiveness-enhancing, transformative investments with a focus on R&D, digitalisation, sustainability and talent development,” he added.
