Micheál Martin (Cork South Central, Fianna Fail)

Successive Presidents and their Administrations and Ireland's many friends on Capitol Hill from both sides of the aisle have made an enormous contribution to bringing peace and economic prosperity to this island. The Government attaches the highest importance to strengthening the unique relationship between the two countries.

I welcome the commitment of the Obama Administration to overcoming the manifold challenges posed by the current economic climate worldwide. President Obama has made it clear that the recovery and re-investment plan is his top priority. The legislation, as currently developing, is focused on stimulating the domestic US economy, an undertaking which is central to restoring wider confidence in the US and globally, and as such is of particular significance for an open trading economy such as Ireland. The legislation is currently before the US Congress, with the Senate and House versions shortly to be brought to convergence. The Government will continue to follow its progress and assess its possible implications for this country.

The aim of the Government is to promote consolidation and growth of the economic partnership between the United States and Ireland. This partnership has been enormously valuable in the development of the significant trade and investment ties between our two countries. It is worth noting that the US was Ireland's second largest merchandise trading partner in 2007, with bilateral trade valued at $31.5 billion. Trade in services between Ireland and the US was worth $36.9 billion in 2006. These ties are mutually beneficial: just as US companies employ 95,000 people in Ireland, Irish companies in the US now employ more than 80,000 people. A strong US economy serves all our interests. The need to constantly update and renew these links will be a central theme of our contacts with members of the Administration and other key figures in the United States in the period ahead.

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