The Irish government Friday hosted a gathering of Irish-American business leaders, which it calls the Global Irish Economic Forum, saying it plans to tap an influential network of the Irish diaspora to help the country recover from its worst ever debt crisis.
"We are determined that the Ireland that emerges from this crisis is one that is economically stronger, leaner and more sustainable," deputy prime minister Eamon Gilmore told about 300 business leaders. "There is now a far greater appreciation of the fact that the global Irish, in all its diversity, constitute a vast source of soft power for this country."
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Since 2008 Ireland has been engulfed by a deep debt crisis after the government could no longer bear the monumental costs of supporting its banks. When government debt markets effectively refused to lend the country more money, the Irish authorities were forced to turn last year to the European Union, International Monetary Fund and the European Central Bank for a €67.5 billion bailout deal.
But the new coalition government is now hoping that initiatives such as the Global Irish Economic Forum will boost its message that the country is winning back its economic sovereignty and will get back to market funding in the coming years. The government has cited cuts in the costs of its European bailout loans as a major achievement since it was swept into power in March.
Analysts say Irish exports are helping the economy grow for the first time in three years, but that the domestic-focused economy is flat on its back as households struggle with home-loan debts and fear for their jobs. And consumer demand is unlikely to recover any time soon as the government has committed to its bailout lenders to introduce more austerity of spending cuts and tax rises. The government is required to reduce a huge budget deficit of about 10% of annual economic output this year to below 3% through 2015.
To build on its recovery initiatives, Gilmore said he will tap an international network of Irish business leaders first set up two years ago. The Irish government also plans to honor the achievements of the Irish diaspora.
On Thursday, Irish Prime Minister Enda Kenny told an audience of U.S. business leaders organized by the U.S. embassy that Ireland's competitive corporate tax rate will remain unchanged. Ireland is home to many European head offices of U.S. computer and pharmaceutical companies.
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