AmCham 2025 Annual Dinner & US - Ireland Business Awards - Minister Paschal Donohoe Speech

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Good evening, it is a pleasure and privilege to be here with you today to recognise and mark the contribution of some of the people, teams and organisations that have built and nourished the US-Ireland business relationship across many years and many sectors of the Irish economy and society.

Let me first take a moment to thank the team in the American Chamber of Commerce Ireland for their remarkable work and dedication, in particular the Chamber’s President, Liz Cunningham, Vice-President, Mark Cockerill and CEO, Paul Sweetman. I would also like to thank the sponsors of this event, Ernst and Young and the IDA.

I would also like to acknowledge some fellow public representatives. Firstly my Oireachtas colleague, Senator Mark Daly. Mark is one of the founders of the American Irish State Legislators Caucus to facilitate engagement between parliamentarians in both our countries. And I’d also like to welcome West Virginia State Delegate Mike Hornby.

My sincere congratulations Martin [Cotter from Analog Devices], on your award tonight. I have had the opportunity to visit Analog Devices in Limerick and see the amazing, cutting edge work that you do. In fact, on the wall of my office is a framed wafer chip that was given to me by Vincent Roche, your CEO and Chair.

That chip is a daily reminder to me of the contribution of companies like Analog to the Irish economy, not just in terms of the jobs you create, but also in the innovation and technology you develop, and the knowledge spill-overs for the entrepreneurial ecosystem here in Ireland. Thank you.

Irish-US economic relationship

The Irish American business network is not just a business association; it is a dynamic network that bridges two vibrant cultures, enhancing bilateral trade and investment. At a time of significant turbulence in the global trading environment, it is important to remember that Ireland and the US enjoy a significant and mutually beneficial economic relationship. The economic benefits flow both ways, creating prosperity and jobs for large numbers of people on both sides of the Atlantic.

And the numbers are large.

Our overall economic relationship is valued at more than one trillion euros. Ireland is the 6th largest source of foreign direct investment into the US, with investment by Irish companies worth more than $350 billion.

More than 200,000 people are employed by 770 Irish companies across all 50 States. Many Irish companies are also major customers of US manufacturers (For example, Irish aviation companies are Boeing’s biggest customers with more than 900 planes on order, worth some $120 billion).

I think you will agree these are hugely significant facts and figures, and the government & I will remain highly focused on maintaining and enhancing this relationship into the future.

Ireland remains attractive as a destination for inward investment, thanks to the efforts of everyone in this room and the valuable ecosystem that we have carefully cultivated together in recent decades.

Unfortunately, uncertainty is the dominant feature of the global economy at present. In particular, there is considerable uncertainty regarding the future of the rules-based, multilateral trading system.

As Minister for Finance, I want to protect and deepen the Irish - American economic relationship, not disrupt it with tariffs and uncertainty. Tariffs are counter-productive; they drive inflation hurting consumers on all sides. There are no winners in this, least of all the US taxpayers who will bear the burden of higher costs. Even a 10% tariff could have a significant effect on Irish investment and the wider economy. It represents a huge challenge to Irish exporters to the US.

I welcome the direct contact between President von der Leyen and President Trump this week. Contacts at the highest political level present the opportunity for negotiations to move forward. This is our priority. We want to see meaningful and substantive talks. We also welcome that the higher US tariffs which were threatened are paused until 9 July.

Our response, together with the EU, is calm, strategic and measured. We will continue to seek negotiated solutions with the goal of achieving frictionless and mutually beneficial trade.

In an uncertain global economic environment, Ireland and the EU will continue to focus on factors that we can control, including improving our competitiveness and investing in infrastructure.

The global economy is changing in ways that are making trade more important than ever before. As a small, open economy, Ireland fully supports balanced international trade and the suite of EU Free Trade Agreements, including the Comprehensive Economic Trade Agreement with Canada (CETA), that seek to underpin this.

Tax policy

It was one of the Founding Fathers of the US, Benjamin Franklin, who said “in this world nothing can be said to be certain, except death and taxes.” As Minister for Finance, I can assure you that taxes are certain but I also want to provide you with certainty.

I remain fully committed to ensuring a stable tax environment for businesses operating in Ireland, an environment that attracts investment and allows businesses to plan and promote economic growth.

The Research & Development tax credit is one of a suite of corporation tax measures that ensures Ireland remains an attractive location for both domestic and inward investment and building an innovation-driven domestic enterprise sector. Today over 1,800 companies benefit from our R&D scheme, and this continues to grow.

In the Programme for Government, I committed to examining options to enhance the R&D tax credit, to reward innovation and digitalisation. Receiving direct feedback from industry, informs policy considerations, and ensures that the support we offer to businesses evolves alongside the sector, to respond to current challenges and help them remain competitive in a hugely uncertain world. We greatly value the feedback we are receiving, including as part of our recent Public Consultation, and this remains a key focus for my officials and I ahead of the Budget later this year.

Our reputation as a business friendly, pro-growth and stable is key to the longstanding fruitful relationships we have enjoyed with industry leaders sitting here today. Fostering these relationships and nurturing our domestic companies has allowed this growth to happen in tandem, and keeping these relationships strong remains a priority for Government.

My officials and I continue to engage with stakeholders on priority issues for business in terms of Irelands domestic tax code, including through public consultations and the business tax stakeholder forum. I would like to reiterate my thanks to you and your members for this continued constructive engagement.

Ireland is also proud to stand as a friendly voice in the EU, ensuring the best possible EU-US economic relationship, building on this strong and mutually beneficial relationship as well as deep cultural ties.

We do this because this work is the essence of the Irish-American relationship today.

Conclusion

Ladies and gentlemen, last year we celebrated the 100th anniversary of diplomatic relations between Ireland and the United States. As we look forward to the next century in this remarkable partnership, we will be looking to business to continue to play a leading role in that story.

I know that the Chamber will continue to do its part.

So I want to conclude by acknowledging that valuable relationship, by thanking all of you in this room who are involved in keeping it strong, and say how optimistic I am for the great things we can achieve in the future by continuing to work together.

Many thanks to you all and enjoy the rest of the evening.