Speech by Tánaiste and Minister for Finance Simon Harris T.D. at the American Chamber of Commerce Ireland Annual Dinner

Check against delivery

Good evening, everybody and thank you Paul.

President of the Chamber - Mark, Deputy Geoghegan, distinguished guests, ladies and gentlemen - thank you for the invitation to join you here this evening at the AmCham annual dinner.

And firstly can I begin by recognising the remarkable contribution of AmCham in strengthening one of the most important economic relationships anywhere in the world – the relationship between Ireland and the United States.

To everyone in this room representing American enterprise in Ireland: thank you.

Thank you for your investment. Thank you for your confidence in Ireland. And thank you for continuing to back our talented workforce.

To Graham, congratulations on your achievement and well-deserved Global Leadership award this evening, recognising your significant leadership contributions to Workday in Ireland – thank you.

Now, I know dinner speeches are always a delicate balancing act.

You want enough economics to reassure the business community.

Enough optimism to reassure policymakers.

And short enough remarks to reassure everybody waiting for their starter

So, I promise to try and strike the right balance this evening….and only speak for an hour and a half!

And speaking of balance – I often say Ireland and America have built something quite remarkable together.

I suspect there are now many Irish households where terms like “FDI”, “AI”, and “R&D tax credits” are discussed almost as often as the Sunday Game or the Traitors!

That may be an exaggeration.

But only a slight one.

Because what we have built together matters.

And it matters because our relationship has never simply been transactional.

This year, as America marks the 250th anniversary of the Declaration of Independence, we have an opportunity to reflect not only on history – but on what that history has made possible.

For two and a half centuries, the United States has been one of the great engines of innovation, enterprise and renewal.

A country founded on bold ideas.

A belief that tomorrow could be better than today.

And a confidence that through ingenuity, entrepreneurship and hard work, societies could continually reinvent themselves.

From manufacturing to medicine.

From finance to frontier technologies.

From the industrial revolution to the digital revolution – and now the AI revolution – the United States economy has repeatedly shown an extraordinary ability to innovate, adapt and lead.

That spirit of innovation has not only transformed America.

It has transformed the world.

And Ireland knows that story well.

Because the story of Ireland and America has always been, above all else, a story about people.

About connections.

About never forgetting your values – a point I will return to later.

And about a belief in opportunity.

Indeed, history reminds us just how deep those bonds run.

Three of the 56 signatories of the Declaration of Independence were born on the island of Ireland.

Approximately 45 per cent of the Continental Army was comprised of soldiers of Irish birth or descent.

Irish hands and Irish hearts helped shape the American story from the very beginning.

And America, in turn, has stood with Ireland through defining moments in our own national journey.

Including our long and hard-won journey towards peace.

What this tells us is something important.

Ireland’s relationship with the United States is not incidental.

It is foundational.

It is unique.

And it is enduring.

And perhaps that is why the relationship between our countries continues to feel so strong – because while economies matter, and investment matters enormously, ultimately relationships endure when they are rooted in people.

Earlier this year, I had the opportunity to visit San Francisco and the West Coast of the USA.

And, like many who spend time there, you leave with a real sense that the future is not something abstract.

The future is being built - Right now - In real time.

I met innovators, entrepreneurs, researchers and global leaders who are not simply imagining the next generation of technology – they are creating it.

And nowhere is that clearer than in the field of artificial intelligence.

We are living through a moment of profound technological change.

An AI moment.

One that will shape how we live, how we work, how we learn and how economies compete.

And what struck me during my visit was not simply the pace of change.

Though the pace is extraordinary.

It was the sense of possibility.

The understanding that technological change, if embraced responsibly – and that is an important point - it can unlock extraordinary human potential.

That is a lesson Ireland understands well, and this year Ireland will host an AI Summit that will focus on the positive deployment of AI and the benefit to our economy and its people.

Because throughout our modern economic story, Ireland has succeeded when we have been open.

Open to ideas.

Open to talent.

Open to investment.

And open to change.

For generations, America has shown an unrivalled capacity to turn ideas into industries.

To take risk.

To scale ambition.

And to create entirely new sectors of economic growth.

As we look to the future, Europe must match that ambition.

And Ireland intends to play a leading role in making that happen.

In 34 days’ time, Ireland will assume the Presidency of the European Union – not that we are counting!

We will place growth and competitiveness at the core of our Presidency.

Because a competitive Europe is one that remains a global home for innovation and enterprise.

One that attracts investment and talent.

One that equips citizens with skills, embraces new technologies, and maintains confidence in an open economy – while staying true to the European values that define us.

And I believe Ireland is uniquely placed to help lead that conversation.

Too often, ‘competitiveness’ and ‘simplification’ can sound abstract – a term reserved for economists or policymakers.

But at its best, competitiveness is ultimately about people.

It is about creating societies where ideas can flourish.

Because when economies are competitive, innovation accelerates.

New solutions emerge.

Productivity rises.

Opportunities expand.

And when done right – and done fairly – competitiveness is not remotely a race to the bottom.

It is a race to improve lives.

A country that believes innovation and enterprise matter.

And a country that understands that Europe and America are strongest when we work together.

We also all know the trade relationship with the United States has been more challenging recently.

This Government has been clear that we believe tariffs are bad, for Europe and for America.

The EU-U.S. trading relationship is the most valuable in the world, with €4.6 billion in goods and services traded across the Atlantic each day. We want to protect and enhance that partnership.

The Irish position remains that cooperation, engagement and dialogue is the best way forward to address the challenges facing both the EU and US.

The EU-U.S. Joint Statement, agreed in August 2025, confirmed a single 15% tariff on EU goods, and provided much-needed clarity for EU and U.S. companies. Implementation of the Joint Statement remains our immediate priority.

I welcome political agreement at EU level on implementation of the trade deal last week.

It is important that we begin to implement what was agreed in the Joint Statement with the US if we are to explore further opportunities to reduce tariffs and address non-tariff barriers.

And why is this so important because today Ireland is home to more than 800 US companies – many represented in this room this evening.

Companies that run their European operations, research and development, data, AI, engineering, clinical development, manufacturing and global functions from our island.

That is an extraordinary vote of confidence in Ireland.

And it is one we never take for granted.

Ireland’s offering has, of course, evolved over the decades.

When companies invest in Ireland today, they gain access to the scale of the European Single Market.

Regulatory certainty.

A highly skilled and talented workforce.

And something I believe matters enormously – a collaborative relationship between government, industry, education and research.

Of course, this relationship goes both ways.

Sometimes we speak about investment as though it only moves in one direction.

It does not.

Today, more than 200,000 people in the United States are directly employed by almost 800 Irish companies.

Ireland is now the fifth-largest source of foreign direct investment in the United States, with investment valued at approximately $390 billion.

Irish companies are committed to growing further in America.

Whether it is Kingspan developing manufacturing facilities in Maryland and Oklahoma…

Or Kerry Group expanding operations in Pennsylvania…

Irish investment can be felt right across the United States.

And perhaps that tells us something important.

This is not a relationship built on convenience.

It is built on confidence.

Confidence in one another that transcends any one person or administration.

As Minister for Finance, I want Ireland to continue to perform strongly as a location for high-value investment.

The Government and IDA Ireland remain focused not simply on attracting investment – but on helping existing investors grow and evolve here.

That is particularly true in relation to research, innovation and advanced technologies.

Our R&D tax credit remains one of the most significant supports in our corporation tax system.

For more than two decades, it has helped underpin cutting-edge scientific and technological research.

Following a detailed review undertaken by my department in 2025 – and extensive engagement with stakeholders - Budget 2026 introduced an increase in the rate of the tax credit to 35 per cent.

And our work continues.

Guided by the recently published R&D Compass, I will continue to examine the R&D tax credit with a particular focus on the subcontracting provisions during the term of this government.

Because we understand something fundamental:

If we want innovation to happen, we must create the conditions in which innovation can thrive.

And we want to continue working in partnership with business, educational institutions, researchers and entrepreneurs as that work progresses.

Conclusion

Ladies and gentlemen,

As America marks 250 years since the Declaration of Independence, we are reminded that optimism, courage and ambition have always mattered.

The willingness to take risks.

To imagine something better.

To believe that progress is possible.

The relationship between Ireland and the United States has endured because it has always been bigger than economics.

Though economics matter enormously.

It has endured because it is ultimately about people.

About friendship.

About partnership.

About shared endeavour.

Ireland has always been a bridge between America and Europe.

And as we prepare to assume the Presidency of the European Union – we will continue to be that bridge.

Confident in our European future.

Proud of our transatlantic partnership.

And ambitious for what we can achieve together.

Thank you very much – and thank you for all that you continue to do for the relationship between our two countries.

Go raibh míle maith agaibh go léir.

ENDS