Chinese investment ‘a key to our recovery’
A faculty of Asian studies or Chinese studies could also be created “as a way of planting an acorn for Docklands development, to get one project going”, he told a breakfast briefing of the Construction Industry Federation (CIF) in Cork.
Ireland needed investment from overseas as the finance just is not in this country at present, he said, outlining possible overseas investors for a 30% share in the ESB and other state assets which are to be offered for sale.
“The Olympics in London is basically going to be fired by Chinese companies in London. What’s wrong with a Chinese company coming here and investing their bonds in Ireland? Open the door, I say, and let them in, because we don’t have the money ourselves; let them in and give us access to that finance.
“The domestic economy absolutely needs finance. If it is not going to come from the banks then it’s going to have to come up by recycling the value there is coming out of state assets and putting it back into our people, and putting it back into our construction companies so that they have the infrastructure that provides a better and competitive economy in this country, so we can sustain jobs in the medium to long term.”
Ireland needs private infrastructure ownership and private equity, via sovereign wealth and pension funds, to take stakes in existing and new infrastructural assets, said Mr Mullins.
He also argued for a National Infrastructure Finance Company for state assets and other projects, and also said Chinese investment could be made into Ringaskiddy Port’s upgrade.
“Why would we do that? So that you guys [CIF] would be busy, and our agri-food sector would actually have a suitable port to export through when harvest 2020 kicks in,” he said.
He also said there was an urgent need to tackle the black economy, as “cowboys and cash purchases” affected quality and quality assurance.
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