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HIGH rents in Dublin and rising energy bills need to be kept down to encourage US multinationals to invest in Ireland, the new president of the American Chamber of Commerce Ireland has warned.

PayPal chief executive Louise Phelan said renewed price pressures in the capital's property market need urgent attention.

"Even before the recovery began, there was a debate around the need for a greater supply of high quality office accommodation for modern technology-driven businesses establishing here," she said.

"If this shortage is compounded by significant price rises we will be sending the wrong message to potential investors."

Ms Phelan raised concerns over Ireland being the fifth most expensive place in the eurozone for electricity for industrial use.

She also insisted Ireland's controversial 12.5pc corporate tax rate was critical and non-negotiable for US investors.

The US chamber represents 700 multi-nationals which employ more than 115,000 people nationwide.