Ireland and Business

by Mark Esper

Yesterday, the Chamber's Europe & Eurasia team had the pleasure of hosting a luncheon for Mary Coughlan, T.D., Tánaiste and Minister for Enterprise, Trade, and Employment of Ireland. The purpose of the luncheon was to learn more about Ireland's role in the global economy, discuss transatlantic issues in general, and promote economic relations between our two countries.

Ms. Coughlan has an impressive resume and quite a broad (and challenging) portfolio. During her remarks, Ms. Coughlan noted that 45% of all FDI into Ireland comes from the U.S. This should come as no surprise, she added, since Ireland offers a highly pro-business environment: flexible workforce, low taxes, and limited bureaucracy, to name a few things. Ms. Coughlan commented that the government of Ireland is working on all necessary fronts to maintain this pro-business momentum, including an enhanced focus on the need to sustain employment by investing in science, technology and innovation.

In addition, she spoke of recent economic reforms that Ireland has taken in light of the current global financial crisis. These include pursuing smarter regulations, expanding government investment in infrastructure and education, and creating a clearer and simpler tax system. Ms. Coughlan's comments, as I noted during the luncheon, aligned with the business priorities that espoused here at the U.S. Chamber.

Our members in attendance, representing a variety of sectors, spoke with Ms. Coughlan on issues such as how the global financial crisis impacts labor migration, incentives for investment in Ireland, and the ratification of the Lisbon Treaty.

It was a real opportunity and privilege to host Ms. Coughlan, who is a quite capable politician and articulate advocate for the Irish people. Ireland is one of America's best friends and strongest trading partners—--due in large part to our shared values, mutual interests, and familial ties—--and for these reasons it is vital that we continue to strengthen this relationship.