US companies aid in Ireland’s economic recovery

Companies from the United States hare playing a key role in Ireland economic recovery.

Speaking at the American Chamber’s 50th Anniversary in Ireland, Henry McGarvey, Chairman of the American Chamber of Commerce North West Region and Managing Director of Pramerica Systems Ireland said "Today we have over 600 US companies employing 100,000 people in Ireland. A study published last week by Keith Walsh, an economist with the Revenue Commissioners points to the importance of this investment for Ireland’s economic recovery.

"His study found that in the past 10 years, US multinational companies contributed roughly one third of the corporation tax take. US companies also pay a significant proportion of revenues collected from VAT and Excise Duties while income tax revenue is generated from the 100,000 people employed by US companies here. These revenues generated for the Irish state by US Multinational companies is vitally important as the country seeks to rectify its current fiscal difficulties.”

During the first two months of 2011 800 new jobs have been announced in Mayo, Dublin, Galway, Kildare, Cork and Westmeath. McGarvey said "These jobs are very welcome news and build on the very successful year for foreign direct investment into Ireland in 2010 when IDA Ireland secured 126 new investments and 11,000 new jobs were created by IDA Ireland companies."