Global economy is facing challenges that require us all to rethink how
we do business
Over the decades, our two nations have strengthened this partnership – described by President Joe Biden as “a partnership for the ages”.
As US Ambassador to Ireland, I have witnessed first-hand how this relationship continues to thrive, driven by shared values, mutual trust, and a commitment to building a more prosperous future.
John F Kennedy was the first US president to visit Ireland when he travelled here in 1963. During his address to the Joint Houses of the Oireachtas, President Kennedy spoke of how Ireland had “undergone a new and peaceful revolution, an economic and industrial revolution, transforming the face of this land while still holding to the old spiritual and cultural values”. A revolution that would not end, the President said, “until a fully modern Irish economy fully shares in world prosperity”.
Today, Ireland is both a modern and prosperous country that has undergone an economic and industrial revolution rarely seen in the world. It does not simply share in world prosperity, but drives it.
US Ambassador to Ireland Claire D. Cronin
The economic relationship between the United States and Ireland is one of the greatest success stories of our relationship. Ireland and the United States have a trade and investment relationship worth more than $1trn (€920bn).
Not only is the United States the single biggest investor in Ireland, but Ireland is now the seventh largest investor into the United States.
In August, the United States was Ireland’s top export destination; more than 30pc of all Irish goods exports go to the United States. These exports include pharmaceutical products, organic chemicals, optical/medical instruments, food and beverages.
Irish companies are significant investors in the United States, employing over 100,000 Americans across all 50 states and investing over $322bn.
More than 209,000 people in Ireland are employed by US companies, making a significant contribution to the Irish economy. The presence of these firms helped transform Ireland into a global hub for technology, life sciences and financial services.
More than 209,000 people in Ireland are employed by US companies
While staggering, these figures are more than mere statistics. They tell a story of two nations working hand-in-hand, fostering growth, innovation, and opportunity across both sides of the Atlantic. This economic relationship would have been simply unimaginable when Timothy Smiddy and Calvin Coolidge met in Washington in 1924.
Toward a prosperous future
Today, in honour of this milestone anniversary, I am hosting an economic summit where we will look ahead to the next 100 years of bilateral relations, particularly our economic partnership. The global economy is facing challenges that require all nations to rethink how we do business.
Our century-long relationship has been underpinned by shared values. Our economic relationship shares commitments to free, open, fair trade and investment; creativity, innovation and ingenuity; and to addressing the world’s most pressing challenges through cooperation, multilateralism and dialogue.
Our century-long relationship has been underpinned by shared values
As we think about our shared economic future over the next century, we must consider how we can together ensure our economies are resilient enough to face the coming challenges. Supply chain disruptions, inflationary pressures, and geopolitical shifts present hurdles that cannot be solved by any one country alone.
We must encourage cooperation and accelerate the green transition to meet the defining challenge of our generation, climate change. The United States and the EU must stand together against actors using their economic power for malign purposes. We must harness one of the greatest achievements in Ireland and Northern Ireland’s journey to peace, the Good Friday Agreement, to deliver even greater prosperity for all the people of this island.
In an increasingly fragmented global landscape, the world is relying upon countries like Ireland and the United States to chart the course, now more than ever.
At the US-Ireland Economic Summit we will discuss these challenges, as well as the shared opportunities they present. Critical emerging technologies across clean energy and cybersecurity enabled by artificial intelligence present exciting new opportunities for mutually beneficial collaboration.
This will require a pragmatic approach toward large energy user connection policies
In today’s data-driven world, companies across various sectors require fast, reliable, and scalable IT infrastructure. Ireland is a major destination for leading technology companies such as Google, Meta, Amazon and Microsoft, all of which operate significant data centre operations in the country. These companies bring substantial foreign direct investment, generating jobs, boosting the local economy, and strengthening Ireland’s global tech reputation.
By fostering a conducive environment for continued growth in the digital economy, including for data centres, Ireland can secure not only the jobs and industries of today, but those of tomorrow as well. This will require a pragmatic approach toward large energy user connection policies and diversifying Ireland’s energy portfolio.
Please join us for this economic summit online at www.independent.ie where we will discuss these issues – together with Taoiseach Simon Harris, US Deputy National Climate Advisor Mary Frances Repko, US Ambassador to the European Union Mark Gitenstein, and Special Envoy for Northern Ireland Economic Affairs Joe Kennedy III.
In a world that is constantly changing, the trade and investment relationship between Ireland and the United States is a beacon of stability and growth. By nurturing this partnership and embracing the opportunities that lie ahead, both nations can continue to thrive in a global economy that rewards collaboration and innovation. By continuing to invest in each other’s success, we are not only strengthening our economies but also building a brighter, more prosperous future for generations to come.
Claire D. Cronin is US Ambassador to Ireland