Ladies and gentlemen, Distinguished guests,
I’m delighted to be here.
Happy St. Patrick’s Day a little late to you all.
I’m sure wherever you were yesterday you celebrated in style.
Irish Economy
As you know when we came to office we inherited an economy in tatters, our reputation in ruins, a country in crisis.
The challenge for the government was huge.
But the government and the people working side by side.
Two years on with a clear plan and the people’s pragmatism, patience and sacrifice is working.
After years of chronic contraction our economy has stabilised and starting to grow.
In fact it is entering its third, consecutive-year of growth. Competitiveness and exports are up.
Prices and costs have fallen back to 2003 levels.
During second-half 2012 the numbers at work in the economy rose over a six month period for the first time since 2008.
Last month we announced a new solution on legacy banking-debt that reduces our borrowing requirement by €20 billion over the next ten years.
We are continuing our phased and successful return to the bond markets.
Long-term Government bond yields are now at 4 per cent, down from a peak of more than 14 per cent.
International confidence in Ireland has been restored.
Consequently we’re on a new and this-time sustainable path to growth.
Sure we have significant challenges ahead, our economy remains fragile.
But, it’s clear that the most difficult aspects of our correction are in the past.
Harnessing Growth / Action Plan for Jobs
Central to my Government’s approach is our annual Action Plan for Jobs.
Last year we implemented close to 250 separate actions.
Each designed to improve supports for businesses that give us those all-important jobs.
And to remove the barriers to job-creation across the economy.
One year in the outcomes are encouraging.
We’ve restructured our cost base. Our competitiveness is rebounding in fact
Our competitiveness vis-à-vis our trading partners it’s up by over a fifth since 2009.
We’re ranked number one in the world for the availability of skilled labour.
Only last month we announced a €200m landmark investment by the Government in scientific research which as you know is closely aligned to industry and enterprise needs.
Industry partners will contribute over €100 million both in cash and in-contributions in-kind.
Making this the largest-ever combined state/industry co-funding announcement of its kind in the research field in Ireland.
All these actions have one goal and are already generating results: more jobs work for our people.
FDI
IDA is really ploughing away.
Over 12,700 jobs in 2012.
That’s the highest level of job creation in a decade.
Still in Quarter One 2013 we have already seen a number of highly-significant, foreign-direct investments from a number of companies.
Including Quantcast, Facebook, eBay and Sanofi.
These come hot on the heels of investments last year from companies for example Apple, PayPal, Northern Trust, EA Games, Fidelity, SAP, Amgen, Cisco, Arvato, Allergan and Eli Lily.
A notable feature of this last year is the growth and range green-field investment for example Clear Stream, part of the Deutsche Bourse Group, Hubspot, Dropbox, Aspen and Nuance.
We’re working equally now with the fast-growth companies who aspire to be the multinational companies of the future.
In terms of the FDI the world is looking at Ireland and liking what it sees.
Ireland ranks as the top-destination country for FDI by IMB Trends Report while the IMD World Competitiveness Year Book rates Ireland the most attractive country to foreign investors.
Government policy in relation to the 12.5% rate of corporation tax is clear and consistent.
That is our absolute commitment.
As a Government we’re making your business our business.
Exports and indigenous companiesAs you know we’re a small open economy.
We export 80 per cent of everything we produce.
Sustaining and growing those exports then is critical to our recovery. The United States is our largest merchandise-and-services trading partner - with a combined value of over $40 billion a year.
In 2012 Ireland was the 14th biggest overseas supplier to the US ahead of Brazil and Russia.
Irish companies have developed unique strengths and capabilities to compete globally across a range of sectors.
In the US, our indigenous Enterprise Agency - Enterprise Ireland- is forging business partnerships in key growth areas such as Lifesciences, Green Construction, Information Technology, Telecommunications, ELearning and Higher Education. The exports of Irish owned companies to USA increased by 16% in 2011.Sectors traditionally strong are thriving.
In 2012, the value of Irish food-and-drink exports exceeded €9 billion for the first time.
This consolidates and improved the food industry's exceptionally strong performance over the past three years with exports currently valued 28%, ahead of 2009 levels.
The prospects for Irish food and drink exports in 2013 remain positive, with increased output in some key sectors combined with more stable global commodity prices expected.
But the economic relationship between the US and Ireland is not, it needs to be said, at all one way!
Irish companies are also contributing to the current US economic recovery.
There are over 300 Irish companies in all 50 states employing more than 82,000 people.
Right across the United States, Irish companies are setting up US- based offices and employing US citizens.
For example Global Shares announcing a new US office that will bring jobs to the East Coast.
All you exporting companies here you are the heroes you grow the businesses you create the jobs and in doing so you add greatly to Ireland’s standing and reputation here in the US.
We value these partnerships and thank you for your continuing engagement with Irish business.
EU Presidency and EU-US Free Trade AgreementGiven our focus on trade we’re using our current Presidency of the European Union to advance the external trade agenda.
It is no secret that within the broader EU trade-agenda Ireland has prioritised the EU-US trade relationship.
I was pleased to see President Obama’s State of the Union address, announce the launch of talks on such a comprehensive Partnership with the European Union.
Noting how trade that is free and fair across the Atlantic can support millions of jobs. We’re on track to reach our Presidency goal of launching Trade and Investment negotiations by the end of our tenure in June.
As Taoiseach I will be pushing that.
International education
Today I want to extend a special welcome to the Irish universities and colleges and their US partners.
Last year 8,000 American students chose to study in Ireland, making us the 9th most popular destination for study abroad.
Through the work of Education in Ireland and Irish universities and colleges, we want to see more of them on our island of Saints and Scholars.
Tourism & Gathering
Signs are that 2013 the year of the Gathering will be a record year for tourism to Ireland from the United States and Canada.
Every carrier flying direct to Ireland is introducing new routes or increasing capacity.
I’m especially delighted to note new and more services operating to Shannon airport in the West of Ireland.
Before I leave let me thank you again for your magnificent friendship and loyalty to Ireland.
Time now to get your green skates on for the Gathering.