US firms ‘will find Republic attractive after Brexit’

UP to 700 US multinationals can provide a “buffer” to economic shocks after Brexit and they may find Ireland more attractive when the UK leaves the European Union, according to the American Chamber of Commerce in Ireland.

Chamber president Mark Gantly said while Brexit poses many threats there are still opportunities.

Speaking at the launch of the lobbying group’s Pre-Budget 2020 report, Mr Gantly said: “While there is acute awareness of the Brexit threat, we view foreign direct investment (FDI), and US FDI in particular, as a potential buffer for the Irish economy which needs to be protected and nurtured.

“Notwithstanding all of the Brexit negatives, it is important for Ireland to recognise and act upon the opportunity that Brexit presents for FDI in Ireland,” he added.

“We have a unique offering and we must not lose sight of this among all of the Brexit uncertainty.”

Mr Gantly said the Republic could claim advantages including “our location, our position as the only English-speaking country left in the EU, the depth of our talent pool, and a long and proven track record as a base for US companies to trade into EMEA (Europe, Middle East and Africa) — these are all the strengths which Ireland needs to play to”.

The group’s report called on the Irish Government to address quality-of-life weaknesses, including housing, transport, healthcare, education and utilities from water to broadband.