How Irish business is winning in the US: It’s not all butter and cheese
CNN
In 2010, Ireland was in the middle of a Great Recession-induced meltdown that required an emergency rescue by the European Union and International Monetary Fund to the tune of about $70 billion, or about 40% of Ireland’s total economy.
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. In 2010, Ireland was in the middle of a Great Recession-induced meltdown that required an emergency rescue by the European Union and International Monetary Fund to the tune of about $70 billion, or 40% of Ireland’s total economy. Since then, the country’s low corporate tax rate has lured large multinational tech and pharmaceutical firms to its shores, and their payments to the government have bolstered revenue substantially. Ireland is forecast to have a $70 billion budget surplus by 2027. How’s that for a comeback? Now the Irish government wants to expand the country’s own businesses abroad, especially in the United States. Just last week Ireland’s ClonBio group, an agribusiness company, said that it plans to invest half a billion dollars to reopen a mothballed factory in Jefferson, Wisconsin, supporting 1,000 local jobs.
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