Question

What is the current status of Ireland in the world marketplace? Write at least 2 paragraphs including citations.

Answer 1

The U.S. and Ireland share strong cultural connection and deep political, fiscal, and trade ties. The strong trade (trade and investment) relationship between the U.S. and Ireland, worth $825 billion, is important by international standards and is especially remarkable relative to the 4.8 million people in the country.

With $383 billion in GDP in 2018, Ireland is one of the world's most transparent, FDI-driven, and export-led economies. Ireland remains a prosperous country and a net exporting nation with a $78,790 per capita GDP in 2018, on the back of a growing economy.

However, it is difficult to forecast future growth, as the country lies in the shadow of the expected exit from the EU from the United Kingdom and is likely to be the country most affected by its departure. The effect on the economy of Ireland will depend on whether the UK does. withdrawal arrangement with the EU or, if no Brexit deal happens, raises confusion for both Irish and U.S. businesses operating in Ireland.

In 2018, U.S. goods exports to Ireland reached $10.8 billion and included chemicals and pharmaceuticals, computers and software products, aircraft and transportation equipment, power generation systems, medical devices, electrical and travel and tourism equipment. The most recent 2017 business figures show the value of U.S. business exports to Ireland at 49.8 billion dollars.

Particular interest is the over-sized investment relationship between the U.S. and Ireland. In 2018, U.S. gross investment capital in Ireland exceeded $442.2 trillion. In Ireland there are over 700 U.S. companies that currently employ 155,000 workers representing 20 per cent of the country's overall jobs.

Ireland is an excellent test market for the first time American small and medium-sized companies to sell into Europe. Ireland's strategic geographical location also places the country as a gateway to Europe with 741 million people entering a wider market. Innovative U.S. companies have opportunities to conclude collaboration agreements with Irish companies, especially in cybersecurity, ICT and Smart Cities, LNG and SmartGrid electricity, healthcare / medical devices and eHealth services plus Travel & Tourism.

Land rights are well secured and property values are recognised and enforced. Contracts are safe, and rarely are expropriated. The judiciary is autonomous but success on an index measuring the efficiency of judicial procedures is only average. Corruption is not a major concern. Antibribery and anti-corruption laws are sufficiently implemented and make it illegal for Irish public servants to take bribes.

Reference- Book on A view of the present state of Ireland- Edmund Spenser