Multinationals lift Irish labour market Employment at foreign companies in Ireland has returned to levels last seen before the financial crisis struck, following the fastest rate of net job creation for a decade in the country's multinationals. More than 12,700 jobs were created by foreign companies in 2012, boosting total employment in the sector to almost 153,000, according to IDA Ireland, the Irish state investment agency. Total employment in the country stands at 1.8m. With job losses at foreign companies in 2012 at just under 6,200, the country saw the highest multinational net job gain in more than a decade. There were 145 new foreign investments last year, nearly half of which were green field projects by companies investing in Ireland for the first time. Barry O'Leary, IDA Ireland chief executive, said the technology sector performed strongly last year, with US investment continuing to dominate the multinational sector. International financial services and life sciences are two other important sectors for Ireland. US companies with existing operations in Ireland, including Apple, PayPal and Cisco Systems, made new investments in 2012, while Dropbox, Aspen and Clearstream announced green field investments in the country for the first time. After a property bust and banking crisis which began in 2008, Dublin was forced to accept a €67bn international bailout that shook investor confidence in the country. But after a change of government in 2011 Ireland has enjoyed an export-led recovery driven by a base of more than 1,000 multinational companies. Ireland announced plans on Monday to raise money through a bond sale in the "near future" - another step towards economic and financial rehabilitation after its bailout. Ireland's skilled workforce, English-speaking population and falling labour and property costs have encouraged inward investment. Corporate taxes at 12.5 per cent are set at one of the lowest headline rates within the EU, which has been criticised by politicians in the EU and US. Many foreign multinationals operating in Ireland supply goods and services throughout the European region and book their profits and pay tax on these in Dublin. Other companies, including Google, use legal tax avoidance strategies known as the "Double Irish" and "Dutch Sandwich" to book revenues in Ireland but shift these through the Netherlands and Bermuda to reduce their tax bill. Records filed with Ireland's Companies Office show Google Ireland generated turnover worth €12.5bn in 2011, gross profit of €9bn, pre-tax profit of €24.4m and paid €22.2m in tax. "The performance of our export oriented sectors are absolutely crucial to our recovery strategy," said Richard Bruton, Ireland's minister for enterprise. He defended Ireland's 12.5 per cent corporate tax rate and said the country did not employ harmful tax practices. Lots of people have criticised it because they don't like what we do but it has always been clear that it does not breach any rules in terms of harmful tax competition. It is fair transparent and uniform across all companies," he said. Mr Bruton said Ireland's corporate tax rate was of "absolutely crucial national interest" and a "red line" issue for the government. After Ireland's international bailout in November 2010 France and Germany both pressed Dublin to lift its corporate tax rate, arguing it represented unfair tax competition.