Ratification of the Nice Treaty is not only crucial for the future economic growth of Ireland but also to secure direct investment from abroad and maintain exports, according to Mr John Cashell, president of Cork Chamber of Commerce.
Speaking yesterday at the launch of the chamber's campaign for a Yes vote, Mr Cashell said Ireland's interests were best served through continued active participation in the EU.
"Our exports contribute 95 per cent of our GDP, which has grown from 58 per cent of the EU average during our membership to 117 per cent, the second-highest in the EU. Enlargement will bolster our economy by increasing the size of this common market by 75 million consumers, thereby providing enormous investment and export opportunities for Irish companies," he said.
The Cork Chamber of Commerce's Nice campaign emphasises the importance of international investment in the Irish economy. It says that Ireland is home to 1,384 overseas companies employing more than 149,000 people. Cork alone has 120 multinational companies with 20,000 employees.
Mr Cashell added that Ireland was the only English-speaking member of the euro currency, which was a distinct advantage when attracting foreign investment. "This advantage would be threatened if we were seen as less than fully committed to membership of the EU," he said.