Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

Ireland continues to be an attractive location for foreign direct investment, with strong FDI results in recent years, despite Covid-19 and a downturn in global FDI. I have not been notified of companies leaving because of changes to corporation tax or any other costs to businesses. In fact, the trend has been very positive, with IDA Ireland recently announcing that the number of people employed in multinational companies in 2021 grew by 29,000 new jobs to reach a total of 275,384, the highest FDI employment level. In 2021, the IDA won 249 investments, 104 of which were new name investments.

On corporation tax, while Ireland has agreed to introduce a 15% rate, nothing will change for the overwhelming majority of enterprises. This corporation tax change came as no surprise to the small number of multinational corporations that will be affected. In fact, the decision has brought the clarity that is required for long-term planning when considering investment. To these would-be investors, Ireland offers more than just a competitive tax rate. Our skills, our people and our commitment to the European Union are significant advantages.

In respect of business costs, it is clear Covid-19 has created challenges for companies across the world. There has been an enormous economic upheaval as a result of the pandemic and we are still living with the aftershocks. A rapid recovery, along with rising energy prices and international supply chain bottlenecks, have been driving prices and inflation. Rising inflation is not a challenge that is unique to Ireland. It is a pattern repeated around the world as the global economy recovers from the shock of the pandemic. Despite these challenges, Ireland remains a resilient and stable platform for companies choosing to invest here.

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