U.S. Chamber President Reaffirms American Businesses Support for Ireland’s Economic Recovery

In Address to Dublin’s Business Leaders, Donohue Urges Ireland to 'Maintain Its Low Tax Rate and Other Competitive Strengths’

DUBLIN, IRELAND—During an address to the Institute of Certified Public Accountants (CPA) today, U.S. Chamber of Commerce President and CEO Thomas J. Donohue offered the American business community’s support for Ireland’s economic recovery, saying “The Irish economy is proving its resiliency in the face of extremely difficult circumstances.”

“We believe in the Irish economy and the Irish people. You will rise again,” Donohue said while speaking to the dinner of Dublin’s top business leaders. “The trading relationship between our countries might originally have been built on the historic ties binding Ireland and the United States, but today it is very much a relationship of strong economic ties.”

Donohue pointed out that as of 2009, the United States had $235 billion invested in Ireland—more than our total investments in Brazil, Russia, India, and China combined. In the United States, Irish companies directly employ an estimated 82,000 Americans at more than 2,600 locations in all 50 states.

“Given the pressures you have been under, it would have been very easy to throw overboard the favorable tax climate that has helped transform this country into a sophisticated hub of innovation, technology, and services,” he said. “But instead Ireland has rightly said no, we’re not going to squander our most important competitive strengths.”

Adding to this point, Donohue said, “U.S. firms will remain committed to Ireland if the country remains committed to its competitive strengths." The Chamber President will meet with Prime Minister Enda Kenny and other senior ministers on Thursday.

Donohue’s remarks, as prepared for delivery, are available here:
http://www.uschamber.com/press/speeches/2011/america-and-ireland-common-purpose-common-goals-remarks-thomas-j-donohue-preside

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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