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ECONOMY

US INVESTMENT in Ireland jumped by 9pc last year rising to $30.5bn (€23.6bn).

A report commissioned by the American Chamber of Commerce Ireland has identified the keen economic relationship between the two countries.

The economic output of US multinationals in Ireland is estimated to be $57.5bn, representing 26.5pc of Ireland's GDP.

The Irish-US Economic Relationship 2012 study was written by Wall Street economist and strategist Joseph P Quinlan, and was launched this morning by Jobs, Enterprise and Innovation Minister Richard Bruton.

Mr Quinlan said that "despite the stiff headwinds", the ties that bind Ireland and the US together have generally become stronger, not weaker over the past year.

"Ireland has done an admirable job of differentiating itself from other financially impaired countries within Europe and this hasn't gone unnoticed by the US investment community," Mr Quinlan said.

Although Ireland's foreign direct investment stock in the US dropped by around 4pc during 2011, Irish affiliates remain the country's tenth largest overseas employer of American workers, employing around 120,000 people.

He added that maintaining its links with corporate America -- combined with planned budgetary adjustments -- should see Ireland emerging from the economic crisis "stronger and more competitive".


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