Trump or no Trump, the United States remains a critical market for Ireland Inc. It does so both in terms of exports and, even more importantly, the foreign direct investment that has, through bumper corporation tax receipts, delivered the exchequer surplus all parties will be coming up with ways of spending in manifestos and policy documents over the next three weeks ahead of the general election.
It is hardly surprising, therefore, that American Chamber of Commerce Ireland (AmCham), which represents the interests of the 970 US businesses that operate across the State, has a view on what the priorities for any incoming government should be.
Top of the list – as it is for all of the business lobby groups – is infrastructure. For all the many initiatives of recent years we simply are not building enough houses, as repeated Government tinkering with targets testifies. As elsewhere with shortfalls in water and sewerage, energy, transport and wider regional development, the common theme is a planning system that seems designed to stymie rather than develop.
AmCham notes that while Ireland is ranked fourth in the IMD World Competitive Rankings for 2024, it is in a more modest 17th position for infrastructure. And in terms of basic infrastructure – those items listed above – Ireland ranks a lowly 38th out of the 67 countries covered by the report.
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“Tackling capacity constraints and infrastructural challenges represents a necessity in delivering economic growth for Ireland in the decades to come,” AmCham’s “election manifesto” says. “Ireland’s infrastructure needs are predominantly related to housing, the planning system, water and wastewater, energy, and transport”, it says, adding that those issues impact other areas “including talent attraction and skills capacity”.
It’s not the chamber’s only ask. Talent attraction and skills development – including enhanced investment in research skills and a revamping of visa/work permit and personal tax systems – as well as business taxation and investment in digital and cyber also feature on the wishlist. But everything stems from housing.
“Future economic investment will be as much about where people want to live as where businesses wish to locate,” the chamber warns. “Ensuring adequate housing availability will be fundamental in attracting and retaining talent, and subsequently FDI, in Ireland.”
Just in case any of our aspiring TDs need reminding.
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