Largest Irish trade mission to China confirmed

One of the largest trade missions organised by Enterprise Ireland will accompany the forthcoming State Visit by President Mary McAleese to China.

Approximately 127 people from 77 companies and educational institutions representing a cross-section of Irish business and education will participate on the mission, which will take place between October 9 and 15.

The move comes as total trade with China grew by 42% and Irish exports to the market grew by 62% in 2002. Exports to China amounted to €547m in 2002 while imports were €1,493m, according to the Central Statisitcs Office.

Highlighting the importance of the Chinese market to Ireland, the Tánaiste Mary Harney said: “The Asia Strategy Committee which was set up in 1998, identified that our relationship with China at all levels needed to be improved.”

Enterprise Ireland now has offices in Beijing, Shanghai and Hong Kong. Trade and technology centres have been opened in Beijing and Hong Kong to provide space for Irish start-ups.

China’s economy has boomed over the past decade with average growth in excess of 8% per annum.

Gross Domestic Product growth in 2003 is forecasted to be 7-8% which includes a 1% reduction for the SARS virus that hit the Asia Pacific region earlier this year.

Foreign Direct Investment in China exceeded US$50bn (€44bn) in 2002 making China the number one destination for FDI in the world.

"The forthcoming Trade Mission to China will provide valuable opportunities for a large number of Irish companies to further develop export markets," Mary Harney said.

The Tánaiste was speaking today at the launch of an Enterprise Ireland booklet, ‘Doing Business in China – A Guide for Irish Companies’.