Cork: A gateway for US businesses in EU and beyond
US President John F Kennedy leaving Collins Barracks during his visit to Cork in 1963. Photo: Irish Examiner Archives
, managing partner, EY Cork Office, reflects on 60 years of positive US-Irish relations since the Irish State visit of US President John F Kennedy
Over 60 years ago during his Irish State visit, President John F Kennedy spoke about the unique relationship between our island of Ireland and the United States, that bond of freedom and how similar we are in our outlook.
A vision of what we want to be and the grit and determination it takes to get there is the hallmark of this shared identity and is evident across the business landscape of both countries to this day.
In the 62 years since JFK’s visit to Ireland, the country has undergone a profound transformation — and nowhere is this more apparent than in Cork city and the wider region, which has grown into a vibrant, successful and innovative hub of enterprise and opportunity.
Cork has experienced significant economic growth over the past few decades in particular, driven by foreign direct investment, particularly from American enterprises. The region has transformed into a dynamic centre for industry, technology, and innovation. Key sectors such as pharmaceuticals, biotechnology, information technology, and financial services have flourished, supported by pro-business policy settings and a well-educated workforce.
The city and region’s economy is bolstered by a mix of indigenous companies and multinational corporations (MNCs), creating a diverse and resilient business environment. Cork has consistently demonstrated an extraordinary capacity to attract substantial foreign direct investment while maintaining an economic environment that can serve as a launchpad for Irish private enterprises eager to expand and make their mark on the international stage.
It has a vibrant startup and scale-up ecosystem across a range of sectors — in fact many of the founders have worked for a time with the region’s multinational employers, demonstrating the positive ‘flywheel effect’ of MNCs in the region.
The IDA and Enterprise Ireland have played a pivotal role in fostering these relationships and growth stories. Ireland is now one of the world’s most competitive countries, an innovative technology-driven, service-focused, and open trading economy.
In 2024, IDA Ireland reported 234 investments nationally which will lead to the creation of 13,500 jobs over the next few years. Ten of the 36 key announcements in 2024 listed by IDA Ireland related to companies with Cork bases.
The competition for talent and demand for specialist skills remains high across all industries and thankfully we are blessed here with brilliant people and top tier universities. However, continued Government support for the higher education sector is essential to ensure the ongoing success of University College Cork (UCC), Munster Technological University (MTU) and educational bodies across the country, fostering a deep and diverse talent pool which further enhances the region’s profile.
Cork’s infrastructure has also been vital in attracting U.S. businesses, and ongoing improvements are particularly welcome. According to the latest EY Attractiveness Survey of FDI decision makers international investors cite transport, energy and connectivity as critical factors, underscoring the need for continued investment in housing, transportation and digital infrastructure to further enhance Cork’s appeal.
The completion of the M28 is key to the Port of Cork becoming a global hub, unlocking its city centre facilities for redevelopment. Additional support of the green transition in areas such as renewable energy, particularly offshore wind will also be important. This continued investment is essential to safeguard and enhance Cork’s future attractiveness to live, work, visit and invest in.
In this thriving environment, EY Cork is well-positioned to assist businesses in navigating these opportunities. Located on Lapps Quay in the city, EY Cork offers a full range of professional services in its core areas including assurance, tax and law, consulting and strategy and transactions. It also hosts a National Pensions Centre of Excellence and has a rapidly growing footprint in the areas of AI, data analytics, sustainability and life sciences.
With the vast potential of Artificial Intelligence, the need to meet ambitious decarbonisation and sustainability targets, and ongoing global macroeconomic uncertainty, businesses require rapid access to top-quality advice and support. EY Cork has the expertise, capacity and industry knowledge to deliver solutions for our local and global clients at speed and scale, helping to shape the future with confidence.
Cork’s rise as a hub for U.S. businesses is testament to its strategic vision and ability to adapt to a rapidly changing global economy. The city’s economic growth, coupled with support from IDA Ireland, positions it as an attractive destination for foreign direct investment. As U.S. companies continue to expand their presence in the region, they not only contribute to the region’s prosperity but also deepen the longstanding transatlantic ties between Ireland and the United States.
