Clinton: You'd Be Nuts Not To Invest In Ireland

Former US president Bill Clinton told a gathering of high level business executives, "You'd be nuts not to invest in Ireland right now" at a specially organized conference in New York last week, aimed at promoting foreign investment in Ireland.

The "Invest in Ireland" meeting was attended by Taoiseach Enda Kenny, Tanaiste Eamon Gilmore and Minister for Jobs Richard Bruton.

It was first suggested by President Clinton when he attended the Global Economic Forum in Dublin Castle last October.

And true to his word, Mr Clinton gathered a who's who of US boardrooms together to sell Ireland's message to them.

Among those in attendance were: Henry Kravis and Richard Roberts, co-chief executives of the investment firm Kohlberg, Kravis Roberts; Rich Ross, chairman of Walt Disney Studios; Brian Moynihan, chief executive of Bank of America, Wilbur Ross, the private equity investor who has already helped recapitalize Bank of Ireland to the tune of $1.5bn, Robert Rubin, the former treasury secretary and former chief of Citigroup; and a senior executive from the world's most successful investment fund, Warren Buffett's Berkshire Hathaway.

In his opening remarks to the conference, President Clinton told the heavy hitters that Ireland represented a major opportunity.

"Now is the time to invest in Ireland where property is relatively a steal. You have the best educated workforce in the world and a lot of people all dressed up and no place to go. It is a huge opportunity," he said.

"You'd have to be nuts not to take advantage of the unique investment opportunity presented by one of the most business-friendly countries in the world, with the youngest, best-educated workforce in Europe and an unemployment pool of 14%."

"The Irish Government will do its job on the public finances, but others must step up to the plate to help on the jobs front."

The fact that Ireland has a large young population meant that "demographics will play a key role in investment decisions," he added.

"If you think the US economy and the global economy will recover, Ireland is the place to invest. It is the only sophisticated economy in Europe with an average age lower than that of the US."

The Taoiseach, in his remarks, drove home the message that Ireland is open for business and that its corporate tax regime was here to stay.

"You know how determined we as a nation can be once we put our mind to something," he said.

"You too can play your part. Whether it is by increasing investment, or creating new jobs, or buying from Irish suppliers, or encouraging your colleagues, your friends, your business contacts to think Ireland and think Irish, every little counts."

Mr Kenny said the economy was more competitive now, wages had fallen and he was refusing to join those in Ireland "in troughs of despondency and despair."

"I'm not pessimistic by nature," he said.