President Donald Trump deserved to be congratulated for the recent changes to the U.S. tax system, according to the chief executive of Europe's largest industrial company.

Speaking on the sidelines of the Munich Security Conference, Siemens CEO Joe Kaeser told CNBC he believed the U.S. tax policy changes would be a "net positive" for job creation. He also defended his move to compliment Trump on his tax overhaul during a dinner held at the World Economic Forum in Davos last month.

"There is a very, very good chance that a lot of jobs are being created because the companies have more money to spend on innovation and growth," he said Thursday.

"That's why I've been congratulating the American president for his tax reform. I didn't congratulate him for his first year in office or anything else but that I believe was a job well done," Kaeser said.

An overhaul of the U.S. tax system was approved late last year and has been broadly viewed as a legislative victory for Trump. The changes saw the corporate tax rate fall to 21 percent from 35 percent and are predicted to lift consumer spending and U.S. growth.