Susan Danger
CEO of American Chamber of Commerce EU
In May 1972, more than 80% of the Irish population voted yes in the referendum that led to the country’s membership of the European Union. It has now been more than fifty years since the country began seeing the vast economic, social and political benefits of this decision.(1)
Before Ireland became an EU Member State, it had been coping with five decades of transformation after its independence from the United Kingdom. Its agriculture-led economy was highly dependent on the UK, and it suffered from high poverty levels, mass unemployment and emigration.
As the country joined the EU in 1973, it gained unhindered access to a market of almost 450 million people and to funds that enabled a rapid diversification of its economy.(2) The Irish economy transformed from highly dependent and agriculture-based, to a diverse model with life sciences, technology and finance at its core. As its economy developed, its migration levels stabilised and its population was able to reap the benefits of free movement across the region.
But the benefits of its membership expand beyond European borders. As a country with a common language and history to that of the US, Ireland has become one of the EU’s key transatlantic players. More than 950 American companies in Ireland currently employ almost 400,000 people and invest more than 31 billion per year in the country. It is the United States’ ninth foreign direct investment (FDI) recipient.(3)
Why?
Because, since its EU accession, the Irish isle has become one of the fastest growing economies in the world. Because its population has reached education levels 10% higher than OECD average. Because its governments have insisted on establishing open trade and investment policies. Because it demonstrates political stability, ease of doing business and a highly competitive tax regime. And because it enables direct access to the EU’s market.(4)
This year, the EU will hold elections. This is an opportunity for Europeans to make their voices heard. It will be important to foster an open debate on European issues, one that empowers citizens to make informed choices about the direction they want the EU to take. American companies continue to be the staunchest advocates of European integration, as we witness first-hand the tremendous benefits of the Single Market and tap into Ireland’s workforce, network and capital.
More than 950 American companies in Ireland currently employ almost 400,000 people and invest more than 31 billion per year in the country.
https://ireland.representation.ec.europa.eu/about-us/benefits-eu-membership-ireland_en
https://ireland.representation.ec.europa.eu/about-us/irelands-eu-membership_en
AmCham US-Ireland Business Report 2023
AmCham US-Ireland Business Report 2023