US Treasury head says Ireland significant for multinational investment

ANKARA

US Treasury secretary Janet Yellen said Monday Ireland is a significant location for investment for multinational corporations.

Stressing that President Joe Biden administration is committed to preserving and strengthening the trade and business relations with Ireland, Yellen said that more than 900 American companies have made Ireland their European and international headquarters.

"As this group knows well, these US companies directly employ over 180,000 people in Ireland and another 140,000 indirectly, while investing around $6 billion in capital expenditures in Ireland every year," she told in her remarks to the Business Roundtable hosted by American Chamber of Commerce Ireland.

The US spearheaded adopting a global minimum corporate tax rate of 15%, which was endorsed by G20 leaders on Saturday at the Rome summit.

The Organisation for Economic Cooperation and Development (OECD) announced on Oct. 8 that a total of 136 countries, representing nearly 95% of the world’s GDP, agreed to rewrite the international tax rules.

"Countries agreed that the post-pandemic world must be fairer, especially with regard to international taxation," Yellen said.

"And it will help the global economy thrive by leveling the playing field for businesses and encouraging positive competition among countries, competition judged by the talent and education of a nation’s workforce and the quality of its physical and technological infrastructure," she added.