US Ambassador Says Young Workforce In Ireland Will Attract US Firms

by Amanda Banks, Tax-News.com, London

22 August 2002

Speaking at a press conference held on Tuesday to promote a forthcoming trade summit, US Ambassador to the Republic of Ireland, Richard Egan suggested that the advantages presented by a young, skilled workforce are likely to outweigh the disadvantage of rising wage costs in the eyes of US companies looking to locate to or invest in the region.

The trade summit due to be held in Washington next month is designed to foster investment between Ireland and North America, and to reinforce business links.

Also speaking at the press conference was Martin Naughton, Chairman of InterTrade Ireland, a body which was established under the terms of the Good Friday agreement to foster trade and business development in both Northern and Southern Ireland.

Dr Naughton told reporters that the September summit will provide a major opportunity for Ireland to present itself to US businesses as a viable and attractive location in which to invest and do business, revealing that there are currently only 'small amounts' of trade between the US and the RoI.

However, the Irish Independent reported on Wednesday that he lamented the fact that there are two different currencies in circulation on the island, suggesting that if Britain had decided to adopt the euro, investment and trade opportunities for the Republic and Northern Ireland would now be even greater.

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