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Strategic alliance with China vital for upturn
By Joe Gill
This week the probable future leader of China — vice president Xi Jinping — is visiting Ireland. This is, arguably, as important if not more than the visits of Queen Elizabeth II and President Obama in 2011.
It is, firstly, remarkable that the leaders of three global powers choose to come to an island with a population of 4m people. It says something about the standing of Ireland in the world, and vividly underscores the nonsense of those who describe Ireland as a “kip” or a “dump”. Ireland has a shot at developing an economic junction box connecting Europe, the Americas and Asia. Each of these power blocks has an interest in fostering and encouraging world trade.To do so they need experts in international trade who manage the cultural nuances that exist in all of these regions. The Irish are uniquely placed to do that.
Because we never invaded anyone, have not held any militaristic ambitions and eschew the arrogance that scale can often produce, we tend to avoid offending sensibilities. Never under-estimate that asset in the Irish psyche. It means we can navigate around Europe where deep wounds are below the surface. In the Middle East we are seen as honest brokers in business.
The UK and US have long been friends and the developing world, particularly in Africa and Asia, is receptive to our overtures.
This is where China comes in. Mr Xi Jinping represents a population of 1,300m so he is in high demand given his economy is the go-to hotspot in the world. Taking almost three days to explore Ireland is a huge coup for our country.
China has an exploding tourism industry, a mammoth food requirement and it is gradually building a global services sector. In all three Ireland can provide commercial value.
Our education system has the capacity to develop a world class English speaking centre of excellence targeted at China. There are more Chinese learning English today than the entire population of England.
Our agrifood industry offers clean, grass based foods that have the potential to grow scale dramatically after 2015 once milk quotas are abolished. And our services industry shows how to structure a global infrastructure using talented labour, competitive legal treaties and advanced IT scaffolding (cloud technology being the latest) to win international contracts.
For China, Ireland offers commercial opportunities but we also have strategic value. Inside the eurozone, Ireland is the only English speaking country. We have important diplomatic links in the US and our standing in Africa is high for obvious historical reasons.
In all three regions, Irish talent could augment China’s investment aims. By combining a relationship that crosses over manufacturing, education and services, Ireland can build a multi faceted interface with China that supports the creation of jobs while minimising sector specific risks.
This potential could manifest itself in a number of ways, including; (1) Chinese investment in Irish manufacturing and distribution assets; (2) a flow of Chinese tourists in to Ireland; (3) a rise in the number of Chinese students attending Irish institutions, and; (4) higher levels of investment by Irish corporates and semi-state organisations in China.
Irish literature and music is highly valued in Chinese society and finding ways to open up linkages between our two cultures is also an avenue full of potential.
So, if you come across Mr Xi Jinping, give him a warm welcome. He represents a people who appear to have a higher regard for Ireland’s abilities than do some of our own. By harnessing a strategic relationship with China, Ireland can continue its painful but progressive path to economic recovery.
* Joe Gill is director of research with Bloxham Stockbrokers
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