President Barack Obama has promised to closely analyze and explore the possibilities of improving economic investment between the U.S. and Ireland.

Obama and Irish Prime Minister Brian Cowen discussed issues surrounding Ireland's economy and the Northern Irish peace process when they met yesterday.

Speaking at a joint press conference after the talks Obama said: "On both sides of the Atlantic we are seeing stabilization of the economy, but obviously we want more than just stabilization.

“There are a lot of people out there that are still hurting, still out of work. And so we will continue to co-ordinate in internationally as well as bilaterally to see how we can spur investment and private sector growth on both sides of the Atlantic.”

Cowen said he hoped the resurgent US economy would indicate a return to prosperity in Ireland.

"How we can ensure that our economies recover as quickly as possible is something that’s very important to both our countries. And certainly in Ireland’s context, the resurgent US economy will be a strong indicator of our return to prosperity,” said Cowen.

Obama also expressed his gratitude towards Ireland for agreeing to send several members of the Irish police force to Afghanistan to help police training there.

Obama also thanked the 36 million strong Irish American community for shaping America's culture and political economy.

"America has been shaped culturally, politically, economically by the incredible contributions of Irish Americans."

The President took a moment to remind everyone that his Irish rots come from the Taoiseach’s native county.

 "I’ve got the Taoiseach here to vouch for me. My first thought was, ‘Why didn’t anyone discover this when I was running for office in Chicago?’ I would have gotten here sooner," he said.

Obama also thanked Cowen for allowing US troops to use Shannon airport as a stopover on their way to Iraq and Afghanistan.

Cowen then said on behalf of the people of Ireland they were “deeply grateful for the continuing and deep commitment shown by the Obama administration” to the North.