Irish-US trade 'a two-way street', says AmCham report

Report shows 970 US companies employ 210,000 people in Ireland but notes Irish companies support 200,000 jobs across the US

The US Ireland business relationship has helped Ireland to become leaders in innovation and research and development, driving economic expansion and job creation in both Ireland and the US, said AmCham chief executive Paul Sweetman. Picture:  Conor McCabe  

Ireland is now the sixth largest investor into the United States, a new report launched by the American Chamber of Commerce Ireland states, declaring the transatlantic relationship is "a two-way street". 

As Taoiseach Micheál Martin meets with US president Donald Trump in the White House on Wednesday, the AmCham 2025 US Ireland Business Report aimed to highlight the reciprocal nature of the transatlantic business relationship, now valued at more than €1 trillion. While the report shows 970 US companies employ 210,000 people in Ireland, it also notes investment by Irish companies in the US supporting 200,000 jobs across 50 states. 

“The strength of the US Ireland business relationship has helped Ireland to become leaders in innovation, research and development, driving economic expansion and job creation in both Ireland and the US," said AmCham chief executive Paul Sweetman. "It has allowed us to create strong and resilient global supply chains between the US and Europe, supporting the transatlantic economy."  

Enterprise Ireland client exports to the USA in 2023 were worth €5.9bn in 2023, the report says, a 5% increase on 2022. In the past six years, direct employment by US multinational companies in Ireland has increased by 32%, to 210,000 people.  With fears that the Trump administration will push more US companies to consider investing domestically rather than in Ireland, the report said Corporate Ireland’s total investment stock in the United States— $322bn (€295bn) in 2023 — was greater than the total stock of Spain's $81bn (€74bn), Belgium's $73bn (€67bn) and China's $28bn (€25bn). The report notes this "is a reminder that Irish-US bi-lateral engagement is a two-way street".

The report said that Ireland ranks as the fourth most competitive location in the world for investment but had a word of caution that Ireland's infrastructure needs to improve considerably. "We are currently ranked 46th for prices, 20th for scientific infrastructure and 38th for basic infrastructure, highlighting some of the areas requiring continued investment from Government. As such, the provision of critical infrastructure, particularly housing infrastructure, remains a key priority for AmCham and our members," said the report. 

An AmCham survey found 59% of its member businesses believe that housing is the area of infrastructure development that requires the most urgent investment from Government. Additionally, 20% of respondents said that housing is the main barrier to filling vacancies in their operations here.

AmCham president Liz Cunningham said that establishing Ireland as a global centre for research excellence will be critical to the future success of the US-Ireland investment relationship. "Ireland’s R&D tax credit has been pivotal in encouraging many companies to consider Ireland as an investment location in recent years. More than half of respondents to our latest AmCham FDI Insights Survey said they have availed of the R&D tax credit in the last five years, and 50% of respondents said their organisation is currently undertaking one or more research projects in Ireland. AI, software, pharmaceuticals and sustainability are among the top research areas for our members. However, AmCham members all agree that enhancing the R&D tax credit is crucial to maintaining Ireland’s competitiveness for FDI."

AmCham southern chair Paul Kelleher said seven out of top 20 pharmaceutical companies and technology companies are located in the southern region, such as Pfizer, MSD, Eli Lilly, Johnson & Johnson, Meta, Apple, IBM, and Qualcomm.

The report was launched by health minister Jennifer Carroll McNeill and Irish consul general, Helena Nolan, American Chamber of Commerce Ireland vice president Mark Cockerill, and AmCham members in the Consulate General of Ireland New York on Park Avenue.