Currently the space and satellite sector accounts for almost 2% of Luxembourg’s GDP, having grown from essentially nothing three decades ago.

China’s growing value and importance for the Irish economy was further underlined, this week, by pharmaceutical giant WuXi Biologics choosing Ireland — and Dundalk, in particular — as the location for its first manufacturing site outside of China.

After years of having insufficient organisational strength, a major push is on to bolster the ranks of the naval service’s reserves — the only section of the Defence Forces which will see a significant increase in numbers in coming years.

World stocks rebounded yesterday helping to pare some of the worst January losses since the crash, but experts warn that underlining concerns about the Chinese economy and global economic health will likely persist.