Secretary General Declan Hughes

Secretary General Declan Hughes

Department of Enterprise, Trade and Employment

I am delighted to welcome this 2025 edition of the US-Ireland Business Report by the American Chamber. Ireland-US relations have long been based on common ancestral ties and shared values and both countries now share a mutually beneficial excellent business relationship too. Our strong and enduring trade and investment relations are founded on collaborative engagement to promote mutual competitiveness and prosperity, strengthening research, technological and industrial leadership and boosting innovation.

With a burgeoning base of globally scaling indigenous businesses and innovation-intensive multinationals, Ireland is one of the most globally integrated economies in the world, deeply embedded in global value chains and providing access to the EU market of over 450 million consumers. According to the World Bank, Ireland’s trade as a percentage of GDP at 237% in 2023 was the 6th highest in the world.

Internationally trading firms supported by the development agencies of the Department of Enterprise, Tourism and Employment, Enterprise Ireland and IDA Ireland, employed a record 535,000 in 2024, accounting for 21% of total employment and approximately 25% of all business employment in Ireland.

According to US Bureau of Economic Analysis data, Irish FDI in the US reached $322.6bn in 2023. Ireland is the 6th largest source of FDI into the USA and the 3rd largest EU investor.

And while we have an overall trade deficit with the US, Enterprise Ireland supported deep-tech start-ups and client companies are scaling rapidly across all 50 American States. The US is now the second largest export market for indigenous Irish firms with over 900 exporting directly and an estimated 650 having a full-time presence in the market employing over 100,000. And our people-to-people links continue to deepen, with our two-way tourism reaching over €3bn in 2023.

Similarly, US companies now account for over half of IDA Ireland’s client portfolio. There are more than 1,000 US operations based in Ireland directly employing over 213,000 people throughout the country, with an estimated 170,000 jobs indirectly supported by these investments. The benefit of US multinationals based in Ireland goes beyond jobs and exports, with these companies’ sourcing materials and fostering innovation in partnership with our indigenous companies and our higher education and research ecosystem.

For decades, Ireland’s talent base has made the country a prime destination for many of the US’s top companies. Their continued substantial investment is testament to their ability to successfully scale, develop and evolve their operations here. Ireland continues to offer a stable political and business environment with agile policies that respond to business needs. We have developed a reputation for innovation and excellence in sectors from software, ICT and media services, pharmaceuticals and medical technologies to financial services. We are not complacent and continue to adapt and evolve Ireland’s offerings to ensure Irish based firms can continue to increase their competitiveness and productivity through innovation and transformation and respond to opportunities in emerging growth areas.

We look forward to deepening our valuable collaborations and our people-to-people connections and to growing trade and investment even further to the benefit and prosperity of both our countries in the years ahead.