The Government will lobby Barack Obama’s new administration to keep almost 100,000 jobs in US multinationals in Ireland, it emerged tonight.
The president-elect warned during his campaign that he would help protect the domestic economy by ending tax breaks to American firms who shifted investment to other countries.
However Minister for Foreign Affairs Micheál Martin said today that Irish companies directly support about 80,000 jobs in the US and that Irish-US foreign investment was “a two-way street”.
Tánaiste and Minister for Enterprise Mary Coughlan is currently on a five-city tour of the US this week to attract US firms to Ireland.
“There needs to be a significant out-working of that principle that Mr Obama has articulated,” Mr Martin said.
“Ireland has been a good base for US companies selling to markets across Europe. On that basis, the Government will be lobbying hard with the new administration and with legislators and friends of Ireland on Capitol Hill.”
Fine Gael leader Enda Kenny said in the Dáil that Mr Obama’s economic policies had consequences for Irish jobs in US multinationals.
“Senator Obama has made comments about the taxation system in America and the consequences for American firms with investments abroad,” he said
“This obviously has clear implications for Ireland, where at least 100,000 people are directly employed in US multinationals here.”
Mr Martin said that Boston Scientific has credited its Galway operation as being key to penetrating markets in other countries.
“You’re back to multilateral economics, a free trade system which is fundamental to the global economy,” he told RTÉ Radio.
“Corporate America will engage with the new administration in terms of their own individual overseas operations.”
Ms Coughlan’s IDA-organised visit involves meetings with executives in Boston, San Antonio, Cincinnati, Minneapolis and Chicago.
She will target firms involved in the healthcare, medical devices, pharmaceutical, ICT and financial services sectors.
There are currently almost 500 US companies in Ireland employing more than 95,000 people.
PA