Boost US business contacts, urge groups

RE-ENERGISED trade with the US will be a key component in Ireland’s economic recovery according to the IBEC director general Turlough O’Sullivan.

The chief of the employers’ union said Ireland must build its business networks in the US now so its long-term unique relationship is strengthened.

“We are entering a new era of transatlantic relations with a new US administration, against a backdrop of global economic downturn,” he said.

Mr O’Sullivan was speaking at a joint Enterprise Ireland/IBEC conference in Dublin yesterday held to highlight business opportunities for Irish firms in the US.

Chief executive of Enterprise Ireland Frank Ryan said going into next year the US will not just be a critical market but one that will continue to offer enormous potential. The USA is Ireland’s second biggest export market. Indigenous exports to the US grew by 16% last year.

“Large Irish companies such as CRH, and Glanbia continue to grow and expand through acquisitions and strong sales.

“Newer entrants such as Creganna, NewBay, Multis and Vigitrust are demonstrating that opportunities exist and that significant sales can be secured with a focused strategy,” said Mr Ryan.

More than 200 Irish companies employ 82,000 people in the US and so far this year 25 Irish companies have opened offices there.

Ireland is now the 10th largest investor in the USA, investing over €25 billion last year.

Managing director of Goldman Sachs in New York Adrian Jones said the US market will always be a brutally competitive environment but for those who get their business strategy right it offers extraordinary opportunities for company transformation.

Also speaking at the conference was Glanbia managing director John Moloney who said that the USA is key to Glanbia’s growth strategy and that the company is focused on organic investments, sound acquisitions and joint ventures.