Irish Trade Minister Simon Coveney is today leading a weeklong U.S. trade mission to New York and Boston, this to meet with key FDI clients and build on record high Irish exports to the U.S. in 2022.
Minister Coveney is leading a joint Enterprise Ireland and IDA Ireland Trade Mission to New York and Boston to boost trade relationships with key IDA client companies and promote world class Irish companies with leading market positions in the U.S., stated a release.
The release said the mission is taking place on the back of record Irish exports to North America of $5.5 billion in 2022. North America now accounts for 17% of all exports by Enterprise Ireland backed companies.
There are currently 900 Irish owned companies exporting to the USA, an estimated 73% of these having a full-time presence in the market, ranging from sales offices to manufacturing operations with thousands of employees.
Irish companies employ over 100,000 people across the 50 states, 78,000 of these are employed by EI client companies. Priority sectors in the USA for EI companies include financial software, life sciences, telecommunications, tech solutions, digital media, oil and gas, international education, cleantech, consumer goods and food FDI.
Continued the release: "U.S. companies choose Ireland as an entry point to Europe, the world’s largest single market area. From Ireland, they gain access to a highly skilled, English speaking, flexible work force which shares many cultural and historic ties with the US. In 2022 IDA clients from the US had almost 950 operations in Ireland, employing over 210,000 people directly.
"In 2022, IDA Ireland secured a total of 242 investments, of which 167 investments came from North American investors, accounting for over 18,500 new jobs, and including 64 first time investments from new name companies.
"The established partnership across a diverse base of US corporates has driven ongoing growth and expansion with investments in research & innovation, sustainability, and future skills development in Ireland. US companies will have a continued need to have an international presence, and IDA will continue to position Ireland as the number one location from which US companies can internationalise their businesses."
Commenting on the trade minister, Coveney, whose full title is Minister for Trade Enterprise, Trade and Employment, said: “I am delighted to lead this trade visit to the U.S. to build on existing trade relationships and highlight the leading Irish companies that are blazing a trail in the U.S. market, in particular on the East Coast. In 2022, exports by Enterprise Ireland client companies to North America increased by 13%, reaching €5.5 billion. Visits to key trade cities such as New York and Boston, which have a strong legacy of Irish enterprise and innovation, play a key role in promoting thriving entrepreneurship between both nations.”
Leo Clancy, Enterprise Ireland’s CEO said: “We are delighted to visit New York and Boston this week to celebrate the achievements of world-class Irish companies in the US. It also acts as an opportunity to promote continued Enterprise Ireland client growth through connecting with current and prospective business partners in this diverse and sophisticated economy through targeted sectoral meetings and events. As the largest economy in the world with long established relationships between USA and Ireland, this Trade Mission reflects the innovation and resilience of both markets and the opportunities that exist in a range of sectors from life sciences and technology to consumer goods and energy.”
IDA Ireland CEO, Michael Lohan added: “The Trade Mission represents an opportunity to reinforce Ireland’s global position as a stable location for investment and expansion despite economic headwinds and an ever-changing global environment for investment flows. As part of this investment mission, we will be meeting with some of the largest and most dynamic companies in the world of financial services, technology and business services and life sciences. These companies continue to seek stable, pro-business locations for their businesses.
"This week is about deepening our relationships at the highest levels, and convincing new target companies that Ireland is the place for their investment. The East Coast of the USA is diverse in industrial output. It is home to some of the world’s leading Financial Services, Technology, Life Sciences, and Consumer, Content and Business Services companies. This trade mission offers an opportunity to showcase the sectoral spread of companies from the east coast which choose to locate in Ireland and to build on recent success stories.”
