Ireland’s status as investment option for multinationals ‘should remain strong’

Ireland lacks skilled workers in some sectors of the economy but the country’s status as a leading investment option for US multinationals should remain strong, according to the new head of the American Chamber of Commerce in Ireland.

Speaking yesterday at the announcement of his appointment as American Chamber president for 2013, Peter Keegan — who is also Bank of America’s country executive for Ireland — expressed confidence in Ireland’s future as a location for US investment and for multinationals already based here continuing to be a major net contributor to the country.

He added, however, that the competitiveness improvements seen in Ireland’s manufacturing and services sectors must be replicated across the public sector.

Regarding the talent pool of workers here, Mr Keegan said that government initiatives aimed at making it easier for companies to recruit from abroad will help maintain Ireland’s attractiveness to overseas companies looking for a base in Europe.

“There are skills shortages in some sectors that in the short term cannot be filled within Ireland.

“We, therefore, need to ensure that Ireland remains attractive for skilled workers to relocate to.

“In addition, we support the review by Minister Bruton of the Employment Permit Scheme and we hope that it will result in a solution to make it possible and easier for companies to recruit candidates from abroad if the skills required are unavailable in Ireland,” he said.

Mr Keegan also noted that high business costs remain a challenge to doing business here and warned about increasing competition for foreign direct investment — notably from Britain.

“When it comes to competing for investment, we are seeing more and more countries strengthen their offering and attempting to replicate Ireland’s success.

“This reinforces the need for Ireland to continuously review and update the offering to foreign direct investors to retain the attractive environment and protect the 115,000 jobs that we have today as a result of hard-won competition for US foreign direct investment,” Mr Keegan said.