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Minister Bruton departs on 5-day, 4-city investment & trade mission to east coast USA

IDA Ireland mission includes one-on-one meetings with 17 target and client companies considering new job-creation projects in Ireland Programme also includes meeting with lead negotiator on EU US trade deal which could have major benefits for Ireland

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, departs this weekend to lead a 5-day investment and trade mission to east coast USA.

This is Minister Bruton’s 23rd major investment/trade mission since his appointment 44 months ago. As part of its strategy to support increased exports and jobs, this Government has more than doubled the number of trade missions since taking office.

The Minister will be accompanied by IDA Chief Executive Martin Shanahan on the investment mission to Boston, Washington DC, Philadelphia and New York, which involves a total of 27 meetings and events.

These include 17 one-on-one meetings with target and client companies considering new job-creation projects in Ireland. These 17 companies, mainly in the financial services, technology and healthcare sectors:

  • Employ approximately 500,000 people globally
  • Have total annual revenues of over €200billion
  • Include multimillion dollar established companies as well as start-ups less than one year old
  • Include companies who already employ thousands of people in Ireland but are considering new investments, as well as companies considering locating operations here for the first time

The programme also includes:

  • A bilateral meeting with Mike Froman, US Trade Representative leading negotiations on the EU-US trade and investment negotiations, which were commenced during Minister Bruton’s presidency of the EU Trade Council, and which could bring major benefits to the Irish economy (see notes for editors)
  • Meetings with dozens of other IDA target and client companies, as part of round-table and lunch events
  • 5 Enterprise Ireland meetings and events, seeking to partner Irish exporting businesses with US companies who might buy their products and services

This will be the first Ministerial investment mission since the changes to corporation tax announced in this month’s Budget. It forms part of a programme of engagement by the Government with multinational companies on corporation tax issues, aimed at communicating to investors the certainty and enhanced competitiveness that now characterises our tax system. Minister Bruton will lead a further IDA Ireland investment mission to the West Coast and Mid West in mid-November as part of this programme.

Speaking before departing this weekend, Minister Bruton said:

“Foreign direct investment is at the heart of our jobs plan. Since we took office, multinational companies have added more than 18,000 direct jobs in Ireland – with major knock-on employment across the country – and our aim is to deepen and broaden that impact even further.

“On this investment mission to east coast USA we will be discussing specific job-creation projects in Ireland with 17 leading global companies, from fast-growing start-ups to some of the most established global corporate brands. I am confident that the discussions held this week will lead to jobs being created in the near future in cities and towns right across the country.

“I also look forward to discussing with these senior executives the recent changes to our corporation tax system announced in the Budget. Since 14th October, IDA and I have had a lot of engagement with investors on these changes, and the reaction we are getting is overwhelmingly positive. Investors now know what Ireland’s tax system will look like post-BEPS, and they know that this tax system will be highly competitive. The same cannot be said about the countries we are competing with for these investments. I am confident that, by continuing this programme of engagement, we can ensure that the impact of these changes is to increase the number of jobs we create in multinational companies in the coming years”.

ENDS

For further information please contact:

Press Office, D/Jobs, Enterprise and Innovation press.office@djei.ie

NOTES TO EDITORS

Negotiations between the EU and the USA on a proposed free trade deal, the “Transatlantic Trade and Investment Partnership” (TTIP), commenced in April 2013 after the EU agreed a mandate, under Minister Bruton’s Presidency of the EU Trade Council, to commence talks. Negotiations are now proceeding, led by the US Trade Representative and the EU Trade Commissioner on the respective sides.

The purpose of the meeting with Mike Froman for Minister Bruton is to seek to inject fresh impetus into the talks. Ireland stands to benefit disproportionately from a comprehensive deal , due to our close relationship with the USA and the open, trading nature of our economy – 1.1% could be added to GDP, and an extra 8,000 jobs created here, according to projections by Copenhagen Economics http://www.djei.ie/press/2014/20140620.htm . The deal would also bring major, much-needed benefits to the EU economy.

Schedule:

Sunday October 26th

19:20 Arrive into Boston

21:00 Briefing Dinner with IDA Ireland/ Enterprise Ireland

Monday October 27th - Boston

07.30 – 09.00 IDA/Enterprise Ireland Client Breakfast

09.30 – 10.15 Meet with Enterprise Ireland client company, construction/engineering sector

10.30 – 11.30 Meet with Enterprise Ireland client company, pharma sector

12.00 - 14.00 Meeting with IDA client company, financial services sector

16.00 Depart Boston Logan Airport for Washington DC

Tuesday October 28th – Washington DC

09.00 Meeting with IDA client company, technology sector

10:30 Meeting with IDA target company, technology sector

12:30 European Institute / Embassy / IDA Ireland Lunch Event

15.15 Meeting with Mike Froman, US Trade Representative

16.30 Meeting with World Bank re competitiveness issues

19.00 Depart DC for Philadelphia

Wednesday October 29 - Philadelphia

9:30 Meeting with IDA client company, financial services sector

11:00 Meeting with IDA client company, financial services sector

12:30 Meeting with IDA client company, technology sector

15:00 Meeting with IDA client company, healthcare sector

17:00 Meeting with IDA target company, healthcare sector

19:30 IDA/EI Client Dinner

Thursday October 30– Pennsylvania, New Jersey

09:00 Enterprise Ireland round Table Breakfast with companies

11:00 Meeting with IDA client company, technology sector

13:30 Meeting with IDA target company, biopharma sector

16:00 Meeting with IDA client company, healthcare sector

Friday October 31st – New York

07.00 Breakfast Meeting with IDA client company, financial services sector

08.00 Meeting with IDA client company, financial services sector

10:15 Meeting with IDA client company, financial services sector

12.00 Lunch meeting with IDA client company, financial services sector

15:30 Meeting with IDA target company, technology sector

19:10 Depart Newark Airport

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