China and Ireland work to keep trade ties on upward path

China is an important source market for IDA Ireland, and for Chinese companies, Ireland is an attractive entry point to the EU
China and Ireland work to keep trade ties on upward path

Ireland’s then Taoiseach, MichĂ©al Martin, and then IDA Ireland CEO, Martin Shanahan, at a meeting with TikTok CEO, Shouzi Chew, on June 10th, 2022.

Michael Lohan, CEO of IDA Ireland, outlines the strategic importance of Ireland's relations with China

Michael Lohan, CEO of IDA Ireland.
Michael Lohan, CEO of IDA Ireland.

For 75 years, IDA Ireland has been welcoming and partnering with global multinationals and high-growth scale-ups in Ireland. During this period of economic development, foreign direct investment (FDI) has been the bedrock of Ireland’s growth. 

We consistently rank among the best countries in the world in which to invest and do business with our workforce consistently being ranked amongst the world’s most productive.

Ireland, today, is an established hub of world-leading companies as the top global players across sectors such as biopharma, medical technologies, semiconductors, enterprise tech, financial services, engineering, and industrial automation have chosen to locate here.

In an era of continuous global uncertainty, Ireland offers a stable and pro-business environment where research and innovation, strategic partnerships, and access to exceptional talent, come together to fuel sustained growth opportunities for FDI companies. Multinational companies recognise these opportunities.

Last year, we had 248 new investments into Ireland, and we now partner with over 1,800 new and established global organisations across the island of Ireland, supporting their operational growth and strategic development. These organisations are heavily invested in innovation, cutting-edge technology, and driving the green agenda. They employ more than 300,000 people across the country, across every region of Ireland.

Ireland has longstanding cultural, political, and economic links with China and this year marks 45 years of diplomatic relations between our countries. China is an important source market for FDI from the Asia Pacific region, and a strong market for investment for IDA Ireland.

IDA Ireland has had a presence in China since 2006, operating from three offices in Shanghai, Shenzhen, and Beijing. Key target sectors for IDA Ireland in China are Business Services, Technology, Life Sciences, Financial Services, and Advanced Manufacturing.

For Chinese companies, Ireland is an attractive entry point to the EU — the world’s largest single market with a labour force of 215m. From Ireland, companies gain access to a highly-skilled, English-speaking, and flexible workforce. Ireland’s attributes include ease of doing business, political stability, a common law legal system, a dynamic R&D ecosystem and an attractive, transparent, and stable tax regime that continues to resonate with overseas investors. In addition, Ireland offers Chinese companies, in particular those in regulated industries such as pharmaceuticals, medical devices and financial services, access to the European regulatory system.

Currently, approximately 40 IDA client companies from China employ over 5,000 people directly in Ireland. Companies such as WUXI in Dundalk, TikTok in Dublin, and Huawei with a presence in Athlone, Dublin and Cork, add to Ireland’s regional development and skills uplift in technology, business services, and advanced manufacturing.

Foreign Direct Investment is crucial to the continued growth and success of Ireland's high tech sector, not only through substantial capital investments, but also technical expertise and innovation, which further drive economic growth and technological advancement.

In a highly uncertain global economic and geopolitical environment, Ireland offers a secure location for global business, with a politically stable environment, robust economic growth, and a global network of supply chains and tax treaties.

At this mid-way point of 2024, we recognise that we continue to face domestic as well as global challenges. It is acknowledged that Ireland’s carrying capacity and infrastructural development, particularly in housing and energy supply, needs to be accelerated. Under IDA Ireland’s current strategy, Driving Recovery and Sustainable Growth 2021-2024, our focus remains on winning investment for Ireland and sustained regional development.

IDA Ireland is currently developing a new strategy to underpin Ireland’s FDI offering. Paramount to that will be the partnerships that we build with our regional and national stakeholders and client companies to support them in their growth and transformation to deliver jobs, sustainable operations, and broader economic benefit to Ireland.

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