Report says this is a \u2018one-off event\u2019 as it points to Irish investment in America\n<\/p>\n
Stressing that Ireland continues to attract more than its fair share of global business, the chamber\u2019s new US \u00adIreland Business Report does point out investment from America \u00addeclined last year due to firms moving money back, although it stated: \u201cWe believe this was a one-off event.\u201d<\/p>\n
Cross-border FDI has slowed in \u00adrecent years due to de-globalisation of manufacturing, a push to produce at home and the rise of investment protectionism, the report says.<\/p>\n
Between 2020 and the third quarter of last year, more US capital left \u00adIreland than arrived, with a net outflow of $10.5bn (\u20ac9.1bn). Among the countries that saw big US investment in-flows in that time were the \u00adNetherlands and UK.<\/p>\n
Just over 1,000 US companies \u00ademployed 245,000 people here last year. There are over 90 pharma companies and nine of the top 10 tech and software firms. The report is keen to stress FDI is a two-way street and that Ireland is among the top five countries investing in America.<\/p>\n
To address this skills deficit, Ireland needs to take decisive action<\/p>\n
Paul Sweetman, chief executive of the American Chamber, said: \u201cIrish companies employ over 200,000 people across all 50 US states. Ireland is now the fifth largest source of foreign \u00addirect investment into the US, with Irish companies having invested close to $390bn in the US economy.\u201d<\/p>\n
Energy security has become a key consideration for the boards of big US companies when they are considering investments and they regard grid capacity and connection timelines as important factors.<\/p>\n
In an article in the report, Dana \u00adKendall, general manager of AbbVie Ireland, warned the country cannot become complacent and recent trends need to be considered with urgency.<\/p>\n
\u201cIn Ireland, the average time for patients to access new medicines is 645 days which is significantly higher than the European average of 578 days,\u201d she pointed out.<\/p>\n
\u201cAdditionally, Ireland has the lowest rate of availability for new cancer medicines in western Europe, with just a quarter of 56 European Medicines Agency-approved oncology drugs since 2020 available to patients. This gap is particularly concerning as cancer is projected to become the leading cause of death in Europe by 2035.\u201d<\/p>\n
The AbbVie Ireland boss said Ireland must foster an environment where innovation thrives.<\/p>\n
\u201cThat means ensuring regulatory predictability, rewarding innovation that addresses patient needs, and strengthening the talent and skills needed to keep pace with evolving technologies.\u201d<\/p>\n
Tara Tibbs, general manager of Eli Lilly in Kinsale, said in another article in the report that \u201cthere is room for improvement\u201d in Ireland and staying at the forefront of innovation and growth will require continued investment.<\/p>\n
\u201cWe hope that the medical innovations that companies like Lilly bring to society are valued and are able to reach patients rapidly,\u201d she added.<\/p>\n
Antony Jancic, country executive for Bank of America, warned economic growth will be stymied if Ireland doesn\u2019t have enough skilled people.<\/p>\n
\u201cTo address this skills deficit, Ireland needs to take decisive action,\u201d he said. \u201cWe need to focus on scaling programmes that equip people with the right technical skills, but just as importantly, we must foster a culture of continuous learning. The education and training system must adapt, providing opportunities for upskilling and reskilling workers at every stage of their careers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Report says this is a \u2018one-off event\u2019 as it points to Irish investment in America Stressing that Ireland…\n","protected":false},"author":2,"featured_media":343742,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,60,5243,43,812],"class_list":["post-343741","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ireland","tag-ie","tag-ireland","tag-john-burns","tag-news","tag-usa"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/343741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=343741"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/343741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/343742"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=343741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=343741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=343741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}