US-Irish alliance stays solid amid a world of unrest
An aerial view of Blarney Business Park, Cork, developed by JCD, where significant job creation is in the pipeline at several high profile companies.
Ireland's continued alliance with the US has shown resilience in the face of geopolitical instability, energy crisis, inflation, tightening monetary policy and climate change.Â
According to the Central Statistics office (CSO), the economy here grew by a staggering 12.2% in gross domestic product (GDP) terms last year on the back of multinational exports primarily from the MedTech and pharmaceutical sectors.
Expansions in manufacturing by US multinationals in the life sciences sector were the major driver and reflects the continued strength of this sector in Ireland. This growth was well ahead of Government forecasts and made Ireland the fastest growing economy in Europe.
Ireland's life sciences sector has a global reputation for operational and innovation excellence. Leading industry names including Novartis, AbbVie, Janssen, Pfizer, GSK and MSD have significant operations here.
Why are more than 85 pharmaceutical companies already located here? The necessary talent to grow these businesses, infrastructure, Ireland offers easy access to the EU market and international supply chains.Â
The economy is stable, secure, and pro-business, our membership of the EU single market being the fastest growing economy in the Eurozone and most importantly quality of life, work, a beautiful place to live and home to a host of sporting activities from hurling to football, rugby water sports, nature trails as well as equestrian pursuits.
From a Cork perspective, the city is set to become the fastest growing city in Ireland over the next 20 years and work opportunities will strengthen in multinationals already based here and others which set up operations here in the future. Cork has a young workforce and one that is increasingly multicultural.
International connectivity is of critical importance to business activities in Cork including to the FDI sector, new routes to key business locations will be key to continue to support growth in the region. A recent survey conducted by Cork Chamber of its members in conjunction with Cork Airport found 86 per cent of businesses stated that direct air access to Cork Airport is particularly important for overseas colleagues.Â
The Americas was the destination for 75% of all long-haul trips taken by businesses and respondents said that New York was their most desired airport for future connectivity from Cork and hopefully transatlantic flights from Cork recommence soon.
Recent announcements in Cork include AbbVie’s €60m expansion at its manufacturing base marking its 20th anniversary and includes a new state of the art facility which will create seventy new jobs. Construction will commence this year with manufacturing operations scheduled to begin in 2025.
Merck announced a €440m investment in Cork creating 370 new jobs with plans to expand its membrane and filtration manufacturing capabilities in Ireland. This investment will increase capacity at its base in Carrigtwohill and its new facility at Blarney Business Park in Cork.
Also, GE Healthcare will create 140 jobs at its manufacturing line at its facility in Cork. The new €30.5m production line will make injectable diagnostic imaging agents, which are used in X-ray and CT procedures around the world.
One of the world’s leading medical technology companies Stryker opened a new 156,000 sq. ft facility creating capacity for six hundred high tech jobs in the future.
These latest investments are testament to Cork and Ireland being an attractive and supportive location for continued investment by established and new companies setting up here in the future.
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