Ireland not to blame for cash hoarded overseas by US tech firms, says FDI chief

by Dramelin 6:30 AM 0 comments

"I do not envisage a situation where U.
S.
multinationals are not internationalizing and I think if they`re going to internationalize in Europe, Ireland is the place where they`re going to do that," posited the IDA Ireland chief.
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Ireland boasts one of the world`s highest ratios of FDI to gross domestic product (GDP) and the country`s achievements in luring overseas firms to its shores will undoubtedly be high on the agenda during Irish prime minister Enda Kenny`s widely anticipated visit to President Trump in mid-March.
As the emerald isle gears up for Brexit and the challenges that will pose, above all, to its domestic economy, namely in critical sectors such as agribusiness which rely enormously on the U.
K.
as a borderless export destination, the ability of Kenny`s team to convincingly sell Ireland`s story abroad as an attractive trade partner will be under close scrutiny.
"The presence of American multinationals in Ireland has been good for Ireland but has also been good for American multinationals and therefore for the U.
S.
U.
S.
multinationals need to be in Europe because they want to access the market, they want to access innovation that`s there, they want to access the skills that are there and that in turn makes them stronger and it makes them stronger in the U.
S.
as well as around the globe," contended Shanahan.