US-Irish relations on a high with Covid-proof transatlantic trade 

Gareth Lambe, President of American Chamber of Commerce Ireland and head of Facebook Ireland, looks ahead to the promise of another great year for US-Irish business

Friends and Irish relatives of Joe Biden attend a special event in Carlingford ,Co Louth, to celebrate his victory in US Presidential election. Picture: Brian Lawless / Maxwells/PA Wire

The onset of Covid-19 has brought huge challenges to our economy and society. But in counting our reasons to be hopeful in 2021, we can look to the anticipated performance of Ireland’s FDI sector. Shining a light on the contribution of the sector - and US companies more generally to their communities - will be an exciting challenge as I represent our dynamic and innovative membership in AmCham’s 60th year.  

Gareth Lambe, head of Facebook Ireland and newly appointed president of American Chamber of Commerce Ireland for 2021.

A decade ago, the financial crisis created record unemployment levels and sent our deficit and debt spiralling. Slowly but surely, we recovered and before the pandemic, our economy was thriving. 

FDI played a central role as part of the backbone of the recovery, helping Ireland to move forward and transform its economy for future investment. Today, Ireland is home to the world’s top 5 global software companies, 14 of the globe’s 15 top med-tech companies and all of the top pharma companies. In 2011, US companies employed around 100,000 people in Ireland - today they employ 180,000, a remarkable figure.

Despite the negative global outlook today, IDA Ireland won 246 new investments and 20,123 new jobs in 2020, a considerable achievement. 52% of these projects were won in the regions, a shining example of how FDI is impacted every community up and down the country. I want to commend the work done by my fellow board members Seamus Fives, AmCham Southern Chair and Site Leader at Pfizer Pharmaceuticals, Ruth McCarthy, CEO of Fexco and Liam Hore, Senior Director of Operations at Waters Technologies for their tireless work in representing the FDI community in the Southern region.

We believe the ambition by the IDA to secure 800 investments and 50,000 new jobs over the next four years shows how high Ireland can set its sights. 94% of our members recently said that their corporate headquarters had a positive view of Ireland as a place for future investment. Seven in ten investments worldwide come from the United States and are located across every region.

As the FDI sector looks to play its part in the wider economic recovery, we look forward to working with Ireland’s vibrant SME sector, and exciting higher-level institutions such as the recently established Munster Technological University. I will be using my platform as President to amplify some important messages:

Firstly, to measure the economic contribution by US companies we must do so in its entirety. US companies create jobs and pay tax, and they generate income in the wider economy too. Each year US companies spend almost €10bn on payroll, over €6.3bn on goods and services and invest €5.3bn on capital expenditure. This has an enormous spill over into the local economy. 

Throughout 2020 AmCham ran a #SupportYourLocalBusiness Campaign to encourage employees of our member companies to buy from local Irish businesses within their communities badly impacted by Covid-19. Ireland’s ability to bounce back depends on all sectors of our economy working together. It is estimated that for every 10 jobs created by a multinational company in Ireland, a further 8 jobs are created indirectly.

Secondly, our members make a strong non-economic contribution to local communities. Four years ago, independent research conducted on behalf of AmCham showed that the employees of US companies contributed over 600,000 work supported volunteer hours to 7,300 community projects nationwide. US companies take pride in the strong bonds formed with the communities in which they operate. 

We are proud of the diverse group of people in our member companies who are engaged socially, civically and culturally in programmes and initiatives that cover education, social justice, the environment and much more. When it comes to tackling the global issues of our time, such as carbon neutrality, these links will serve an even greater purpose.

Thirdly, the number of multinational leadership roles in Ireland should be harnessed as a competitive advantage for Ireland. We are fortunate in Ireland to have many global roles and international leadership teams based here. These critical roles in Ireland help to futureproof the pipeline of inward investment into the future. The networks and leadership development programmes available to AmCham members offer unique learning that will support those leaders who fight hard to win and deliver projects for the Irish operations of US Multinationals.

Behind numbers and roles are people. We are fortunate so many of our people are defined by attributes like agility, adaptability and innovation – they are our greatest asset.

We take great pride in the determination and grit of our teams in the face of uncertainty, coping with huge changes in demand levels and a seismic shift in balancing work and home-life considerations such as caring duties and home-schooling on a daily basis.

It has been impressive during the pandemic to see so many member companies support those most impacted. This includes those teams in companies whose medicines, treatment and technologies have been central to combating Covid-19. It is for all their efforts that we must build on this year to safeguard Ireland’s reputation as a world-leading location for inward investment, as we rebuild back a better and safer economy and society for the future.

• Gareth Lambe is President in 2021 of the American Chamber of Commerce Ireland. He has spent ten years at Facebook and is the VP of Business Planning & Operations.