China is Ireland’s market of the future

CHINA is the market of the future for Irish business, Tánaiste Mary Harney stressed yesterday.

Ms Harney said that China is rapidly becoming a very important player in Ireland's foreign trade.

"It is expected that in future years China will become even more important on three fronts as a market for Irish products and services; as a source of raw materials, parts and components for our manufacturing industry; and as a location for outsourcing," she said.

The Tánaiste was speaking at a business breakfast hosted by Enterprise Ireland for the Premier of the People's Republic of China, Wen Jiabao.

Commenting on the excellent trade opportunities for Irish companies in China, the Tánaiste said that Ireland was keen to expand on the pattern of two-way trade growth between the two countries.

"There has been a significant growth in the number of Irish companies doing business, exploring the market and establishing representation in China.

"New business opportunities exist for Irish companies in a number of sectors, but in particular in Software & ICT for Mobile telecoms, eGovernment and financial sectors, Medical Devices, Engineering and Environmental services and Education.

Enterprise Ireland has offices in Beijing, Shanghai and Hong Kong and has recently expanded representation by opening a new office in Guangzhou in South China and will open an office in ChengDu in West China later in the year.

"I would encourage Irish companies to use these offices as a first step to accessing information about the Chinese market," she concluded.

The event was attended by about 140 representatives of Irish business and education in the National Gallery of Ireland, Dublin.

Trade between Ireland and China has been increasing rapidly.

Two-way trade is up over 100% since 2000. According to 2003 Central Statistics Office (CSO) statistics Ireland-China trade is at €2.8bn, with exports amounting to €€584m and imports amounting to €€2,216m.