Business groups welcome treaty Yes vote

IRELAND’S attractiveness as a location for foreign direct investment will be strengthened, as will trade relations with European countries following the passing of the Lisbon Treaty.

Business groups – such as the American Chamber of Commerce, IBEC, the Irish Exporters Association and Chambers Ireland – all welcomed the Yes vote, saying the Government must now get back to restoring the economy.

Employers group IBEC said the result is “an important step on the road to economic recovery and the restoration of Ireland’s international reputation”.

The Yes campaign attracted greater support this time around from such business leaders as Ryanair’s Michael O’Leary and Bord Gais chief executive John Mullins. Companies such as Intel, Microsoft and Pfizer also gave their backing to the Yes campaign.

The result is good news for Irish trade relations with Germany and Europe, according to the German-Irish Chamber of Industry and Commerce.

“This positive decision by the Irish people will now form the basis for a constructive rebuilding of the Irish economy and for creating new jobs in the country” said German-Irish Chamber CEO Ralf Lissek.

“It is now imperative that the Irish Government takes the right measures in its upcoming 2010 budget in order to achieve €4 billion savings, without imposing further burdens on the economy and especially the private sector.”

The American Chamber of Commerce said the endorsement will strengthen Ireland’s potential for foreign direct investment.

American Chamber of Commerce president Paul Duffy said, at a time when competition for foreign direct investment is very intense, voting Yes to Lisbon removes a shadow “which has been hanging over our international reputation”.

He said: “This result removes any doubt about our commitment to Europe and, from a US multinational perspective, this is very important.

“The Government now needs to be tactically smart, and develop the domestic policies that will ensure we continue to win our share of foreign direct investment.”

Meanwhile, the Financial Times reported that voters it had interviewed and who had switched from No to Yes said they were influenced by the near-collapse of Ireland’s financial system over the past year and the ensuing economic slump.

Some voters said they had been reassured by guarantees of national sovereignty negotiated with EU partners after the first referendum.