Bernard Durkan (Kildare North, Fine Gael)
Link to this: Individually | In context | Oireachtas source

159. To ask the Minister for Enterprise, Trade and Employment to what degree he anticipates trade with the US to improve; and if he will make a statement on the matter. [40907/24]

Peter Burke (Longford-Westmeath, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Deputy,

In line with my departments Trade and Investment Strategy – Value for Ireland, Values for the World, Ireland’s openness to trade, investment, people and ideas is a key national strength that has helped transform our economy and society into what it is today.

As Minister for Enterprise Trade and Environment I led two joint Enterprise Ireland and IDA Ireland Trade Mission to the United States’ East and West coast visiting New York, Boston, Los Angeles, San Diego, Silicon Valley, San Francisco and Seattle.

These Trade Missions took place on the back of record Irish exports of €34.57 billion in 2023. North America now accounts for 19% of all exports by Enterprise Ireland backed companies in 2023. In 2023, IDA Ireland secured a total of 248 investments of which 156 investors came from North American investors accounting for over 13,000 new jobs.

The US market, representing €5.9 billion in Enterprise Ireland client exports across various sectors in 2023, is crucial to Ireland's economic strategy. Irish companies are not only exporting products but also contributing to the US economy through foreign direct investment (FDI). With over $240 billion in FDI from Ireland to the US, Irish companies are making a substantial impact, creating jobs and generating significant economic activity.

The United States is our largest trading partner with the value of trade between the two countries at €301 billion in 2022. I can assure the deputy that my department working with our agencies will continue to work to strengthen and consolidate key strategic partnerships in the region with key IDA client companies and promote world class Irish companies with leading market positions in the US.