Mr. Paul Sweetman:

Good afternoon. I thank the Chair and members of the committee for the opportunity to appear before them today to discuss the two-way transatlantic relationship between Ireland and the United States. I am CEO of the American Chamber of Commerce Ireland and am joined by my colleagues Colm O’Callaghan, director of public affairs and advocacy, and Aoife O’Brien, communications manager.

AmCham is a not-for-profit, non-partisan organisation focused on supporting the transatlantic business relationship. We support our members through networking, leadership and advocacy. Our members are the Irish operations of US companies in every sector present in Ireland, Irish companies with operations in the United States and organisations with close linkages to US-Ireland trade and investment. In many cases, the Irish operations of US companies represent global headquarters or Europe, the Middle East and Africa, EMEA, hubs for certain aspects of their business.

In working to strengthen the transatlantic relationship, we are building upon strong foundations. Almost 1,000 US companies have operations in Ireland, spending over €40 billion each year in the Irish economy. Notably, our economic relationship with the US is clearly two-way in nature. Ireland is the fifth largest source of foreign direct investment into the US, with Irish companies employing almost as many people in the US as US companies employ in Ireland. Over 200,000 people are employed by Irish companies in the US across all 50 states.

In our most recent member insights survey, 92% of AmCham members stated they plan to increase or maintain employee numbers over the next 12 months, while nine in ten said their corporate headquarters have a positive view of Ireland as an investment location.

What is clear from our conversations with the business community is that there is a real sense of optimism emerging, and that they are ready to grow their footprint and impact in Ireland by accelerating innovative projects and strategic investments.

To support investment and growth in the future, Ireland’s competitiveness at a national level is key. Ireland is now the seventh most competitive country in the world, according to the 2025 IMD World Competitiveness Index. We are second in the world when it comes to attitudes and values, an essential component in driving business growth, talent development and innovation. However, when it comes to delivering basic infrastructure, Ireland ranks 44th. We know from surveying our members that housing and infrastructure represent some of the most pressing challenges to their growth and expansion, with these factors ranking above tariffs as the greatest risk to continued US FDI in Ireland over the next five years. Cost competitiveness is also a foremost concern for business, with 100% of respondents identifying it as important in supporting and maintaining FDI employment in Ireland. Tackling these challenges will also enable Ireland to double down on its competitive advantages. A total of 63% of AmCham members identify Ireland’s highly educated and skilled talent pool as the country's number one competitive advantage. Delivering needed infrastructural and housing capacity to attract and retain talent in Ireland will be crucial to supporting business investment in the years ahead.

From engaging with members across the country, we have a prevailing optimism that a new era of growth and success for Ireland is within reach. A total of 70% of respondents to our latest survey said their corporate headquarters plan to invest and expand in Ireland over the next five years, with no responses in the negative. For instance, with regard to AI, 82.5% of respondents stated that they think AI will cause their organisation to increase or maintain investment in Ireland in the next five years. This is already evident, with 92.5% saying they have increased or maintained AI investment this year alone. The potential for Ireland in this regard is significant. In this context, 40% of respondents to AmCham’s member survey identified the adoption of AI or emerging technologies as the biggest business opportunity for their firm in Ireland in the next five years.

Further, Ireland, as the primary gateway into the European Union for American business, sits at the heart of the EU-US transatlantic economy, which is worth $1 billion every six hours. A significant opportunity exists with the upcoming EU Presidency to showcase Ireland’s vital role as the key bridge between the EU and the US. The EU Presidency also represents an opportunity for Ireland to be to the forefront of strengthening the EU’s competitiveness, thereby enhancing Ireland’s competitive edge as a location for business to invest and grow.

As we look to the future, it will be the countries with the strongest contender attitude and those that have delivered on national competitiveness that will succeed. Given the enduring strength of the US-Ireland relationship, we are confident that we can secure an impactful economic future built on a thriving transatlantic relationship. In AmCham, we are committed to doing everything possible to support and strengthen the Ireland-US two-way relationship and ensure Ireland’s potential is fully realised. I thank the committee and we would welcome any questions members may have.