The Irish Connection

For some folks, St. Patrick's Day was about more than just parades and green beer.

On Wednesday, a number of businesses based in Ireland announced they had banded together to form the Irish American Business Association to foster more connections between businesses in the U.S. and Ireland. The new group, based in Washington, will promote Ireland as a location for U.S. entrepreneurs and lend support to Irish companies seeking to enter and expand in the U.S. marketplace.

The group transcends political boundaries. It is an all-Ireland commercial organization dedicated to promoting business interests on the Island of Ireland.

“This is a very exciting initiative, and, now more than ever, brand Ireland has the chance to redefine its position and image across the world—and nowhere more importantly than with our greatest corporate partner, the United States,” Ian Hyland, founder of the new group, said in a prepared statement.

According to the U.S. Census Bureau Foreign Trade Statistics, U.S. exports to Ireland in 2009 were valued at $7.52 billion, while Irish exports to the U.S. totaled $28.1 billion. U.S. exports include computers, pharmaceuticals, electrical components, and equipment. Irish exports to the U.S. include alcoholic beverages, chemicals, electronic data-processing equipment, electrical machinery, textiles, and clothing and glassware.

Currently, there are about 600 U.S. subsidiaries in Ireland, including firms which manufacture goods for the European Union market. U.S.-based firms operating in Ireland account for over half of that country’s total exports, according to the U.S. Department of Commerce.