When Micheál Martin – Ireland’s taoiseach, or prime minister – visits the White House on Wednesday, geopolitics will likely be discussed, but so may the business benefits that flow both ways between the countries.
“It’s a relationship that goes both ways,” Michael Lohan, CEO of IDA Ireland, the country’s agency that promotes foreign investment, told FOX Business ahead of the event. “If we look at the enterprise, the economics of the relationship, Ireland is a small open economy. We benefit from having that partnership, that trusted partnership with the U.S.”
Lohan, who will accompany Martin to the White House, also noted that U.S. states are home to Irish companies, including the largest, Kerrygold USA, maker of the famed pure Irish butter and Dubliner cheese.
“Ireland is now the sixth-largest investor in the United States of America,” Lohan said. “It’s an incredible journey for us as a small nation that we have received FDI [foreign direct investment] independence in the Irish economy, but also, we’ve brought back that benefit to the U.S., not just in terms of Irish companies investing in the U.S., but also the contribution the subsidiaries are making to their parent companies” in the U.S.
IDA counts 1,800 client companies, of which 800 are in the U.S. and employ about 210,000 Irish workers across multiple industries, including tech, health care and finance.
Earlier this month, Microsoft celebrated 40 years of business in Ireland, being honored with a special recognition award by IDA.
TREASURY SEC. SCOTT BESSENT LEAVES POWERFUL TWO-WORD MESSAGE IN IRISH AIRPORT’S WELCOME BOOK
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 380.45 | +0.29 | +0.08% |
| GOOGL | ALPHABET INC. | 164.04 | -1.83 | -1.10% |
| INTC | INTEL CORP. | 19.78 | -0.15 | -0.75% |
| PFE | PFIZER INC. | 25.99 | -0.65 | -2.44% |
“For four decades, Microsoft has shared a special relationship with the people and government of Ireland,” said Microsoft President Brad Smith upon accepting the award. “From our first European operations center that shipped software in boxes to customers, to one of our most advanced cloud datacenter campuses delivering AI solutions, Microsoft Ireland continues to play a pivotal role in driving innovation and transformation across the EU.”
Google, Intel, Fidielity and Pfizer also have operations in the country.
The tech giant announced in November a new investment in operations that will create 550 new country-based engineering and R&D roles dedicated to AI.
Last week, President Donald Trump signed a proclamation making March Irish-American Heritage Month.
“We commemorate the special bond of friendship between the United States and Ireland – and we honor the extraordinary contributions of Irish-American citizens past and present,” the proclamation reads.
Read the full article here
