Part of complete coverage on
Kerry CEO: Ireland as Europe's 'gateway'
January 17, 2013 -- Updated 1734 GMT (0134 HKT)
- Kerry CEO McCarthy says the Irish economy will be "much wiser" once it recovers
- Ireland has a corporation tax of 12.5%, which is lower than many of its European partners
- McCarthy says that Kerry Group and Ireland have benefited from EU membership
(CNN) -- Multinationals see Ireland as the "gateway" to Europe, says the boss of the country's largest food company.
Stan McCarthy, chief executive officer of Kerry Group, told CNN that the Irish economy is "very progressive."
He added: "I think it [Ireland] recognizes that it cannot rely totally on its own market and it has to look internationally to develop an economy. We have been very successful at attracting multinationals into Ireland."
This attraction is mainly the result of Ireland's low corporation tax, which currently stands at 12.5% and has led to a number of companies becoming headquartered in Ireland.
The tax rate is far less than France's, at 33%, and the United Kingdom's, at 24%. This is an issue that has riled Ireland's European partners, given the country's request for sovereign aid from the eurozone's rescue funds in 2010.
Prior to the financial crisis of 2008, Ireland was described as the "Celtic Tiger" of Europe, due to its rapidly expanding economy and booming property sector. But following a collapse in its banking sector, the country fell on hard times.
McCarthy is confident the Irish economy will come back "much wiser" and "pragmatic" than before, with a focus on prudence.
He told CNN: "I hope the Celtic Tiger does not come back in terms of legacies that still exist."
On Europe, McCarthy told CNN that Kerry Group is not "turning its back" on the continent and insists that European Union membership has been very positive for the food company and Ireland.
He added: "Prior to Ireland joining the EU we didn't have exposure to the international markets that we enjoy today, we were somewhat insular in our thinking and it has certainly provided us with the opportunity to take a much more global perspective."
CNN's Oliver Joy contributed to this report.
Part of complete coverage on
November 14, 2013 -- Updated 1706 GMT (0106 HKT)
Peer at the windows and you'll spot big colorful chairs, plastic plants and a huge bed, but this is no department store.
November 19, 2013 -- Updated 1006 GMT (1806 HKT)
There once was a time, many years ago, when the sounds of bagpipes struck fear into the stomachs of Englishmen.
November 11, 2013 -- Updated 1116 GMT (1916 HKT)
Greece is on the way to economic recovery as investor faith returns to the recession-ridden eurozone nation, an executive at Greece's largest bank has told CNN.
November 8, 2013 -- Updated 1200 GMT (2000 HKT)
Could Greece's famous spice help the country's farmers through a four-year long economic crisis.
November 1, 2013 -- Updated 1307 GMT (2107 HKT)
One of the masterminds behind the euro says Europe would have suffered a far worse fate if the single currency had never been created.
October 31, 2013 -- Updated 1741 GMT (0141 HKT)
Nina Dos Santos visits the Dutch city where the European treaty carrying the city's name came into force 20 years ago.
October 25, 2013 -- Updated 1510 GMT (2310 HKT)
As Spain continues its drive to slash budgets and cut spending, one of the nation's favorite pastimes is under threat as ministers look for ways to boost productivity.
October 24, 2013 -- Updated 1617 GMT (0017 HKT)
The high commissioner of Brand Spain talks about getting the country back on its fee and attracting business.
October 17, 2013 -- Updated 1632 GMT (0032 HKT)
Jim Boulden looks at countries that have come to the brink, and even defaulted on their debt in the past.
October 17, 2013 -- Updated 1625 GMT (0025 HKT)
The head of the International Monetary Fund is warning European governments against complacency after growth returns to region.
November 7, 2013 -- Updated 1659 GMT (0059 HKT)
Portugal will avoid a second bailout when its current financial aid program expires in the spring of 2014, according to the boss of the country's largest energy provider.
October 11, 2013 -- Updated 1122 GMT (1922 HKT)
Could the Portuguese staple of sardines become one of the hooks which would lift the Iberian nation out of recession?
September 26, 2013 -- Updated 1720 GMT (0120 HKT)
Isa Soares sits down with the CEO of Henkel Kasper Rorsted for his take on what Merkel's win means for German businesses.
September 28, 2013 -- Updated 1406 GMT (2206 HKT)
As Germany's switchover from nuclear power gathers pace, concerns are mounting over the cost to the country's already squeezed consumers.
September 20, 2013 -- Updated 1655 GMT (0055 HKT)
The financial crisis has driven a wedge through Europe, with two economies emerging and -- more dangerously -- a psychological split between the north and the south, European leaders have told CNN.
September 26, 2013 -- Updated 1224 GMT (2024 HKT)
German Chancellor Angela Merkel seems the antithesis of a modern-day politician. Nina dos Santos explains why this works.
September 9, 2013 -- Updated 1250 GMT (2050 HKT)
The use of chemical weapons in Syria is a "tragic mistake" but Italy will only participate in military action with the approval of the United Nations Security Council, according to the country's finance minister.
September 13, 2013 -- Updated 1018 GMT (1818 HKT)
What a difference a year makes. Last year, delegates at the Ambrosetti Forum in Italy had a lot to contend with. The air feels a little different now.
Today's five most popular stories