Cowen in New York: Let's not talk down economy

The Taoiseach Brian Cowen has said that bemoaning the economic slowdown in Ireland will turn it into a "self-fulfilling prophecy".

Mr Cowen was speaking in New York where he rang the opening bell of the city's stock exchange.

The Taoiseach later told a gathering of business leaders that they needed to remember that for two decades Ireland has given them a greater return on their investments than any other nation.

New York Mayor Michael Bloomberg told Brian Cowen that the wobble caused by the US's mortgage crisis will continue until the end of this year at least.

Speaking on Wall Street, the Taoiseach avoided the question on whether Ireland's recession will last until 2010 as predicted this week.

Meanwhile, Irish companies tied up €12m of new contracts with American customers today as the Taoiseach Brian Cowen promoted the Irish economy.

Despite the gloom which has surrounded the sector over the last few months, Mr Cowen insisted the country was a good place to invest with 450 US companies operating out of Ireland.

He also told the Enterprise Ireland breakfast in the New York Stock Exchange the deals showed the true strength of the Irish business environment.

“These deals are significant and demonstrate the faith US industry has in the capability and potential of Irish owned companies,” the Taoiseach said.

He praised Irish firms for securing business with some world leading companies such as Intel, Microsoft, Pfizer, Bank of America, Fidelity, Citibank and Cartoon Network.

“I would encourage those present here today to follow their lead and look to Ireland for innovative, leading edge products and services spanning many industry sectors and verticals,” the Taoiseach said.

The business chiefs were told US firms have invested more than €55bn in Ireland over the years.

He told the audience the Irish influence on business in the US was continuing with homegrown companies employing more than 80,000 people in the states, a ten-fold increase in the last ten years.

Mr Cowen is on a three-day visit to the US, his first official visit to the country since taking office.

After the Stock Exchange engagement the Taoiseach went on to meet New York Mayor Bloomberg and visit the World Trade Tribute Centre – set up in memory of the victims of the September 11, 2001 terrorist attacks.