These words were spoken by US President Joe Biden to the House of the Oireachtas during his visit to Ireland in 2023 and encapsulate the success of Ireland’s strategy for promoting innovation and attracting foreign direct investment (FDI).

There are now more than 970 US companies operating in Ireland, directly employing 210,000 people, indirectly supporting a further 168,000 jobs, and spending more than €41 billion in the Irish economy annually. Ireland is home to the top 5 software companies globally, the top 5 industrial automation companies, 14 of the top 15 Med-Tech companies, and 8 of the top 10 global financial services companies. Notably, Irish companies also employ over 100,000 people across all 50 US states.

Ireland’s attractiveness as a location for FDI is underpinned by a myriad of factors. Ireland is ranked 1st globally for attracting and retaining talent, as the 2nd most competitive country in the world, and the 7th most innovative country globally. Ireland produces 4 out of 5 medical stents, 50 percent of all hospital ventilators, and 1 in 3 contact lenses used around the world. This is no small feat for a country that makes up only 0.06 percent of the world's population.

However, we must not become complacent.

As I begin my tenure as AmCham CEO, AmCham will continue to play a key role in supporting members and future FDI investment in Ireland, through our leadership development programmes, networks, events, and advocacy.

AmCham Leadership Development Programmes

In a recent AmCham FDI Insights survey, 100 percent of AmCham members said that certainty regarding the availability of highly skilled talent is important to maintaining FDI employment in Ireland.

A key focus of mine will be ensuring Ireland meets the current and future needs of business and talent by building on the impact of AmCham’s leadership and development programmes.

AmCham’s Emerging Leaders Programme supports individuals who display high potential for leadership by developing and testing their leadership skills whilst working with cross-sector and cross functional peers to expand their network. With an emphasis on empowering the leaders of tomorrow, AmCham is, and will continue to be, committed to ensuring members are equipped with the tools necessary to leverage opportunities and effectively address future challenges.

AmCham is committed to supporting gender balance. Through its Women in Global Organisations Peer-mentoring Programme, AmCham supports senior female leaders within member companies. In a recent AmCham survey, the vast majority of respondents said that more than 30 percent of senior leadership roles within their organisations are held by women. This Programme supports women in exploring best practices, sharing insights, and gathering new perspectives with an exceptional group of peers.

Finally, AmCham’s Mandate Leader Masterclass is specifically designed to support those in leadership roles in the multinational sector. The Masterclass works to equip participants with the tools they need to take their organisations, and their roles within their organisations, to the next level.

AmCham Networks

AmCham members may not all have the same day job, however, many of the challenges and opportunities that their businesses face apply to all organisations.

From hybrid working to taxation, there is significant opportunity for AmCham members to engage cross-sector.

With a focus on ensuring Ireland remains an attractive destination for investment, AmCham will endeavor to increasingly facilitate collaboration and sharing of best practice amongst members through our networks.

AmCham Events

AmCham’s extensive calendar of both in-person and virtual events provides great opportunities to bring members together to share experiences and to recognise the impact of their work and the two-way US-Ireland transatlantic relationship. Throughout 2023, over 3,500 individuals within member companies attended our events, and we look forward to engaging with even more members at key events in 2024.

AmCham’s Advocacy Work

As we look to AmCham’s advocacy agenda there are a number of priorities for AmCham members to ensure Ireland remains a top destination of choice for business and talent.

Ireland as a Regulatory Hub within the EU

Ireland is the lead-regulator jurisdiction for many US MNCs and global technology companies who have located their EMEA headquarters here. This status has allowed Irish regulators to develop world-class skills in regulation. Factors such as the ‘country of origin’ principle and the ‘one-stop shop’ under the General Data Protection Regulation (GDPR) have provided certainty to business in terms of the regulatory bodies they must engage with, and the legislative and regulatory ecosystem in which they will operate.

AmCham’s recent White Paper ‘Ireland: Regulating for Europe’s Digital Future’ outlines our vision for Ireland to strengthen its position as a digital regulatory hub. US businesses in Ireland have a key role to play in realising this ambition.

Ireland as a Centre of Research Excellence

AmCham members are already leading the way in global research. In a recent AmCham survey, 45 percent of respondents said they have a dedicated research function within their company structure in Ireland. In the same AmCham survey, 52 percent of respondents said their organisation is currently undertaking one or more research projects in Ireland with AI, sustainability, Med-Tech, cyber, pharmaceuticals and digital manufacturing being among the most popular areas for research.

The increase of Ireland’s R&D tax credit from 25 percent to 30 percent was a key ask in AmCham’s 2024 Pre-Budget submission. This highlights the impact of AmCham’s advocacy work in further supporting Ireland’s research eco-system.

By adopting a proactive and strategic approach to research, Ireland has the opportunity not only to solidify its status as a prominent research hub within the EU but also to chart a course towards a future where Ireland's influence on global research and development is both substantial and far-reaching.

Apprenticeships and Addressing the Skills Gap

Talent attraction and skills shortages have been consistently ranked among the top challenges for AmCham members. Businesses are working to solve this challenge by creating programmes that support re-entry into the workforce, by building partnerships with universities to develop new courses in emerging fields and offering practical on-site experience to students.

In a recent AmCham survey, 35 percent of respondents said they are offering apprenticeships in Ireland. AmCham believes that amid the global competition for talent, particularly in critical skills areas, priority should be given to the development and expansion of apprenticeships in fields related to engineering, digital and data, as well as machine learning and AI.

As we look to empowering talent, AmCham believes that apprenticeships can act as a complementary avenue to tertiary education, enhancing the routes available for skills development. This approach can assist in addressing skills needs for industry, while empowering individuals to realise their potential in an ever-evolving work environment.

I look forward to working with Team AmCham in continuing to enhance AmCham’s offering across our programmes, networks, events and advocacy to support our members and ensure Ireland remains a destination of choice for US FDI.