Ireland ‘represents exceptional and unique opportunity for investment’

The Taoiseach Enda Kenny yesterday told US business leaders the tough economic adjustments made by his government means Ireland now “represents a truly unique and exceptional opportunity for investment”.

But he warned opponents at home against the tendency to succumb to “troughs of despair”.

Mr Kenny was speaking at the Invest in Ireland Forum in New York University after an earlier roundtable meeting aimed at encouraging investment in Ireland’s economic recovery was hosted by Bill Clinton.

“Some people in Ireland seem to believe an appropriate response [to the crisis] is the troughs of despair. We refuse to countenance that.”

Asked later to clarify, the Taoiseach said: “I’m an optimist myself by nature, but week after week in the chambers of our own parliament I hear very little evidence among opposition parties of confidence — a confidence that is seen and replicated in a European sense.”

“People understand that it’s difficult at the moment, but they also know this [austerity] has to be done to secure their children’s future. They say, ‘I am not worried for myself, but I want my children to enjoy prosperity’.”

Yesterday’s meeting, suggested by Mr Clinton at the Global Irish Economic Forum in Dublin in October, was attended by a broad range of CEOs as well as the Tánaiste Eamon Gilmore and Minister for Jobs, Enterprise and Innovation, Richard Bruton.

It took place against the backdrop of a modest jobs boost in Sligo, Cork and Kildare and the Taoiseach said he was keen to attract the next wave of potential investors in the country.

“This is not a talking shop,” he said prior to the meeting. “This is an opportunity to open new doors to potentially very serious investment in our country which will grow our economy, which will provide jobs for young people. It is part of the ongoing signs of confidence and continued investment in Ireland,” he added.

Among those in attendance was Denis O’Brien, despite controversy at the October meeting when former Esat chief executive Barry Maloney refused to attend due to his presence.

Speaking to a forum for business leaders, Mr Kenny continued his attempts to rally investors. “The combination of our underlying national traits as a people and a nation, together with the tough but necessary adjustments we are making to our economy and our operating environment, in my view represents a truly unique and exceptional opportunity for investment.”

He also welcomed Greece’s deal on new austerity cuts. “I understand that the politicians have reached a deal which has to be voted. I hope that it’s concluded and that we can move on to a point where Greece can draw down the funding and we can move to focus on the ratification of the treaty.”