AmCham survey finds cost competitiveness ‘key’ to attracting investment

A large proportion of American Chamber (AmCham) of Commerce in Ireland members have identified housing as the “most important challenge” for the Irish economy when it comes to attracting foreign direct investment and talent from abroad.

Some 30 per cent of respondents said housing is a key issue for them when considering whether to grow their company in Ireland.

Over 95 per cent said they are satisfied that Ireland’s talented workforce is currently meeting the skills requirements for their organisation, the same proportion of AmCham members who said they have a positive view of Ireland as an investment or growth location.

Almost a quarter of members said their organisation had grown in the past year, while 79 per cent of companies said they will increase their headcount in the next 12 months.

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Meanwhile, 100 per cent of survey respondents said maintaining cost competitiveness is important to maintaining investment and employment, with 50 per cent saying it was “very important” and almost 38 per cent “extremely important”.

Addressing a July 4th event in Dublin on Friday, AmCham president Catherine Duffy said the decision-makers in America’s boardrooms “trusted” the Government in its approach to the OECD-led global corporation tax reform talks. “That trust must also be matched by Ireland’s steadfast commitment to making affordable homes available to those who want to work here; delivering a childcare, healthcare, and education system that meets people’s needs,” she said.

“Ireland is a key and trusted partner of the United States in ensuring critical supply chains are maintained, Ireland is the ninth biggest source of inward investment for the US, and Ireland is the only English-speaking, common law gateway to the European Union for US business,” said Ms Duffy, who is general manager of Northern Trust in Limerick.

She said “just 10 multinationals account for over half of Ireland’s corporate tax receipts and €1 out of every €8 tax collected in total” as well as one-third of income tax receipts.

Ms Duffy said she recognised why “in some quarters” these figures are seen as a vulnerability and why some who take that view also “recommend a broadening of the tax base”. But she said “this broadening should be done in a way that does not damage our international competitiveness and our ability to attract and retain jobs and investment in innovation”.