Cork delivers for US business, says Pfizer and AmCham leader

Ireland is in world's top 10 for universities meeting the needs of a competitive economy, plus 25-34 year-olds with a third level qualification above the EU average

Sun, 13 Feb, 2022 - 13:43

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Seamus Fives, American Chamber vice president and VP of API Operations for Pfizer Pharmaceuticals, explains the reasons why Cork remains an important hub for US foreign direct investment

Since its founding in the 7th century, Cork has been a hub for education, talent, manufacturing, and infrastructure, leading to its well-deserved reputation as a city with a unique ability to adapt and respond to emerging economic and societal trends.

From its establishment as a monastic settlement and a place of learning by the famous educator St Finbarr, to the prosperous walled town that was established by the Anglo Normans.

From the Viking era where Cork served as a busy port city, to the docks and warehouses that sprung up amid the industrial revolution, Cork has experienced significant growth and change throughout the centuries, with its abundant resources and ability to adapt to change making it an attractive location for settlers.

Fast-forward to 2022 and Cork’s reputation for having a highly educated and skilled workforce, high-quality infrastructure and an ability to adapt to change, remain some of the core reasons that US companies choose to invest in Cork, creating significant employment.

As the American Chamber of Commerce Ireland (AmCham) 2022 Vice President and Chair of AmCham’s Southern Region I am proud that across the South-West and South-East, multinational companies employ over 62,000 people.

It is also estimated that for every 10 jobs created by a multi-national corporation in Ireland, a further eight jobs are created in the wider community. This investment reflects the strengths and assets of the southern region, while also helping to further enhance its regional development.

The jobs provided by the multinational sector in Ireland are not only well paid, but are predominantly in cutting-edge sectors such as ICT, pharmaceuticals and medical sciences. Over the past number of decades, the southern region, and Cork in particular, has gained a well-deserved reputation in these areas and is now home to clusters of AmCham member companies who are leading the way in the pharmaceutical sector.

Boston Scientific, Cork, a global leader in pharmaceuticals and a significant investor in its Irish operation.

This reputation has contributed to the quality of investments that Ireland and Cork have won in these cutting-edge sectors. Ireland is home to all 10 of the world’s top pharma companies and 14 of the world’s top 15 med-tech companies.

One out of every two hospital ventilators used globally and four out of every five medical stents used around the world are created in Ireland. Throughout the Covid-19 pandemic, Ireland has also been the fifth largest producer of treatment and therapies for fighting the virus.

This investment and innovation in Ireland is due in large part to our talented workforce. Ireland ranks in the top 10 globally for universities meeting the needs of a competitive economy and the number of 25-34 year-olds with a third level qualification is significantly above the EU average.

In a recent survey, 63% of the Irish general public said they believe that the quality of the workforce is the main reason US multi-national corporations locate in Ireland. AmCham is working to further enhance the quality of this workforce through our programmes, such as the Emerging Leaders Programme and the Women in Global Organisations Programme as well as through networking opportunities for our member companies.

Many of our US multinationals are also collaborating with second level and higher education institutions both in the southern region and around the country to provide courses and develop partnerships in areas including technology, pharma and STEM education and research.

For example, the Science Foundation Ireland (SFI) partners with AmCham members, facilitating collaboration with academic researchers from Irish universities.

Furthermore, US multinationals are increasingly collaborating with Irish SME’s, providing our indigenous companies with exposure to knowledge, technology and critical information on global value chains. AmCham is supporting this collaboration between SME’s and multinationals through our SME masterclass programme, in partnership with Enterprise Ireland, which facilitates the transfer of knowledge and expertise from multinationals companies to Irish SME’s.

Sustainability continues to be a strategic priority for many businesses with many of our US multi-nationals adopting new sustainable technologies to support the transition to a zero-carbon Irish economy through significant investments including notable partnerships in solar farm developments.

AmCham supports the Government’s commitment to a carbon-neutral economy by 2050 as well as the EU’s target of reducing greenhouse gas emissions by at least 55% by 2030.

The positive impact that US multinationals have on our society and economy are many and varied and as AmCham’s 2022 Vice President and Chair of AmCham’s Southern Region I look forward to continuing to promote this investment in the southern region and across the country.