Clinton Offers To Host NYC Summit On Irish Investment

Former US president Bill Clinton has offered to host a special summit on investment in Ireland in New York in the near future.

Mr Clinton made the offer during the Global Irish Economic Forum, which took place in Dublin Castle at the weekend.

The forum brought together leading figures in the Irish diaspora from the worlds of business, finance, sport, culture, entertainment and media.

During his keynote speech, Mr Clinton said that Ireland has "a lot going for it" and most of the world thinks more highly of the country than its own people do.

"I know a lot of people in Ireland are discouraged, but the rest of the world thinks Ireland is pretty great," he said.

The New York summit will be hosted by Teneo, of which Mr Clinton is the advisory chairman.

It will bring together senior business leaders and economic experts aimed at promoting foreign investment in Ireland, and hear advice on Ireland's recovery.

The summit will target those who do not already have a connection with Ireland, and will try to widen the country's contacts beyond the Irish diaspora.

Mr Clinton recommended that Ireland needs to focus on emerging markets like India and Brazil and also hit-up large US multinationals with significant cash reserves.

Following his address Mr Clinton took part in a panel discussion with a number of guests including the Taoiseach Enda Kenny, Tanaiste Eamon Gilmore, the CEO of International Airlines Group Willie Walsh, the chairperson of the America Ireland Fund Loretta Brennan Glucksman and U2-lead singer Bono.

Mr Clinton suggested that the government establish as system of "crowd-sourcing" funding, whereby thousands of middle income earners could invest smaller amounts in a fund aimed at financing start-up firms.

He also saw potential for Irish growth in the area of eco-energy.

Mr Clinton said it was important that the generation of young Irish businessmen who had not known anything but success over the past two decades, did not wallow in despondency now.

He praised the current efforts of the Irish government in tackling the major economic crisis and said he supported some form of mortgage debt relief.

But he said there was no "silver bullet" to solve Ireland's problems, it would require dozens and dozens of different things.