Bernard Durkan (Kildare North, Fine Gael)
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187. To ask the Minister for Enterprise, Trade and Employment the extent to which he remains satisfied that Ireland remains an attractive location for foreign direct investment notwithstanding changes to corporation tax levels; and if he will make a statement on the matter. [44182/21]

Bernard Durkan (Kildare North, Fine Gael)
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189. To ask the Minister for Enterprise, Trade and Employment the extent to which he and his Department can address any issues arising from any lack of competitiveness for foreign direct investment in the wake of changes in corporation profits tax; and if he will make a statement on the matter. [44185/21]

Leo Varadkar (Dublin West, Fine Gael)
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I propose to take Questions Nos. 187 and 189 together.

Ireland remains committed to global tax reforms as the best way to resolve global tax challenges. Ireland has expressed broad support for the agreement reached by OECD countries in July 2021 to address tax challenges arising from digitalisation and globalisation.

While Ireland is not yet in a position to join the agreement and, specifically, a global minimum effective tax rate of ‘at least 15%’, the Government remains committed to the process and aims to find an outcome that Ireland can support.

The OECD proposals are of significant economic importance to Ireland and so my colleague, the Minister for Finance, and his Department, recently launched a public consultation on the OECD proposals.

Despite the changes that global tax reforms will bring, as the results of 2020 and 2021 have shown, Ireland remains a highly competitive place to do business and has much to offer prospective inward investors.

The challenges of 2020 have demonstrated the remarkable resilience of Ireland’s economy. In GDP terms, Ireland was one of the best performing economies in the world.

Even with the challenges faced in 2020, owing to both Brexit and the COVID-19 pandemic, Ireland saw significant increases in foreign direct investment. In the first half of this year, with the continued hard work of IDA, Ireland has won 142 FDI investments, accounting for 12,530 jobs; this is an increase of 31% on the same figures in 2020.

Companies establishing in Ireland get the benefits of a young and highly educated workforce, a stable, business-friendly environment, and an unwavering commitment to EU Membership as well as access to the European Single Market. To complement our competitive tax rate, we will also ensure that we continue to play to our traditional strengths, including a forward-looking business environment, a whole-of-Government approach to ensure we remain agile and competitive, and importantly recognising the value of an educated and dynamic workforce who have consistently delivered innovation and profitability over many decades for businesses that have made Ireland their home.