Irish investment from US doubles to $350bn in five years
The cumulative value of foreign direct investment by US companies into Ireland doubled in five years from $158bn (€148bn) in 2010 to $350bn (€329bn) in 2015, according to new figures from the US Department of Commerce.
The surge in US FDI into Ireland means that the value of investment is now almost two-times the cumulative level of US FDI investment into both France and Germany combined.
In 2015, US FDI into France stood at $78bn (€73bn), while the value for Germany was $108bn (€101bn), totalling $186bn (€176bn). The corresponding figures for US FDI levels in France and Germany in 2010, however, were relatively unchanged at $78bn (€73bn) and $103bn (€97bn) respectively.
The explosion in US FDI into Ireland since 2010 comprises both the traditional type of FDI - money invested in factories and offices - as well as FDI related to financial engineering practices such as corporate inversions.
Meanwhile, last year Ireland exported almost €40bn (€37bn) worth of goods and services across the Atlantic to the US.
Ireland's huge trade and investment links with the US are highlighted in a recent economic study by Citibank.
In a study of how President Donald Trump's proposed protectionist measures might affect Ireland, the report found that Irish exports to the US as a percentage of GDP, at 10pc, is the highest in Europe. Globally, only Mexico and Canada are more dependent on exports to America.
Meanwhile, concerns have been raised by Irish economists over President Trump's plan to encourage US pharma giants to return production stateside.
"If even a chunk of these activities, say 20pc, were relocated back to the US, the impact on the Irish economy would be large - the wider pharma and chemicals sector accounts for more than half of all industrial output and goods exports, and directly for more than 30,000 jobs in the economy," writes economist Dan O'Brien in this week's Sunday Independent.
Sunday Indo Business