St Patrick’s Day is a big deal in the US – it’s used as an excuse to drink Guinness, wear copious amounts of emerald and carry a plastic shillelagh.  Oh, and dye rivers and waterways Kelly green.

And so with this in mind, the captains of Irish industry held a charm offensive at the New York Stock Exchange, as close to St Paddy’s day as it’s safe to get in NYC without suffering a hangover.

The event – ‘Ireland Day’, oddly enough was the first in the Stock Exchange’s 200-year history. Necessity, as the saying goes, is the mother of invention.

"The onus on the new Government is to get to work quickly and put in place a coherent job strategy. Their task now is to replicate the positive news on the export front with sustainable growth in the domestic sector."

Despite the upheaval, Ireland still has one thing the banks can’t take away – a fully commutable export-strength identity. No matter how stagy it might be, the popular notion of Oirishness is recognised, indulged, and adored on both sides of the Atlantic. It’s worth pointing out that 25,000 people brought central Munich to a standstill last month for a St Patrick’s Day parade.

And it is this goodwill that Ireland’s recovery will be rebuilt on – well, that and the fact that the Emerald Isle still has corporate tax rate of 12.5%; the lowest in the OECD, but we’ll return to that in a second...

Maeve Dineen writing in the Irish Independent nailed the mood of Ireland Day on Wall Street saying: “In contrast with the doom and gloom at home, the event portrayed Ireland as a country that is full of confidence that will rise again having experienced much tougher times in the past.”

The happening proved to be a huge draw with over 350 executives from America’s most prominent companies and venture capitalists in attendance. “More than anything,” says Dineen, “this American audience needed to be told that our corporation tax rate of 12.5pc is safe.

“They really couldn't care less whether we default on our loans, cut public sector wages in half or abolish Irish after the Junior Certificate. What they want is a stable tax regime, well-educated English-speaking workers, decent schools and hospitals and well-developed transport links with the rest of Europe. Funnily enough, that's what most ordinary citizens want as well.”

Investors are good and ready to return to Ireland, providing the rug isn’t going to be pulled from beneath them by an EU directive calling time on Ireland’s low tax regime. Indeed, the FT reported in March that Dublin is handling 20 percent more business today than it did pre-crisis, and most pundits agree that raising corporation tax would halt that growth overnight.

In real terms, Ireland has become 10 per cent cheaper for investors – anyone with the wherewithal to see past the inversely romantic photos of ghost estates, dole queues, and grey skies that picture editors have been routinely using to characterise Ireland’s economy since the bailout. According to the FT, the economic downturn has firmly improved Ireland’s standing as an attractive and competitive location: “one US executive described Ireland’s current parlous economic state as a “boon” for the funds administration industry,” a recent editorial stated.

John Bruton, Ireland’s former Taoiseach backed this up at the Wall Street Event, pointing out that Ireland is still home to many of the world's biggest financial services companies as well as a vibrant funds industry who’ve picked up business from the Caribbean in the last two years.

In their quarterly business sentiment survey released in March, the Irish business lobby group IBEC illustrates the promising improvements business sentiment in the first quarter of 2011. The organisation’s chief economist Fergal O'Brien backs up Bruton’s statement:

“Despite the turbulent external environment, businesses trading from Ireland have been able to sustain a relatively robust recovery,” he says. “Exporting companies are predominantly positive in their outlook with almost two-thirds expecting their export sales to grow over the coming three months.

"The onus on the new Government is to get to work quickly and put in place a coherent job strategy. Their task now is to replicate the positive news on the export front with sustainable growth in the domestic sector."

Dublin is the natural choice with its busy international airport and fast connections into the city, but there are endless alternatives around the country – the vibrant cities of Kerry and Cork in the West of Ireland both spring to mind.

Of course, Edna Kenny, Ireland’s new Taoiseach was only assumed office on 9th March, but he’s hit the ground running, and in the spirit of Ireland’s charm offensive made his first official visit to the White House on St Patrick’s day.

“Rebuilding Ireland’s reputation is at the core of the Government’s objectives for its first 100 days in office,” Mr Kenny said. “We will use the unique global platform that is St Patrick’s Day to give a clear message to the world that Ireland is open for business, that we have a bright future and that a historic process of political and economic renewal has begun.”

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