The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD today (Saturday) departs on a 5-day, 4-city trade and investment mission to China, aimed at supporting more jobs in Ireland by delivering more exports for Irish companies, as well as extra multinational investment into Ireland.
This is Minister Bruton’s 28th major trade/investment mission since taking office 4 ½ years ago, and his 4th to China. As part of its strategy to support increased exports and jobs, this Government more than doubled the number of trade missions since taking office.
The mission, organised by Enterprise Ireland and IDA Ireland, involves a total of 36 Irish companies, and comprises 44 meetings and events. 4 cities will be covered – Beijing, Shanghai, Shenzen and Hong Kong. Minister Bruton will be accompanied on this trade and investment mission by Julie Sinnamon CEO Enterprise Ireland and Martin Shanahan CEO IDA. Among the programme is included:
- 21 meetings and events aimed at supporting increased exports by Irish companies to China
- 6 one-on-one meetings with multinational companies considering investments in Ireland
- 7 engagements with media, aimed at communicating Ireland’s economic story in the countries involved
Speaking before departing, Minister Bruton said:
“At the heart of our jobs plan since taking office has been growing employment in the exporting parts of the economy. Key to this has been growing the performance of companies supported by my Department through Enterprise Ireland and IDA, and in particular targeting high-growth markets like China and India. In order to achieve this we have put in place a range of new measures including doubling the number of Ministerial led trade missions, extra staff for Enterprise Ireland and IDA in overseas markets, and tax incentives to make it easier for exporting Irish companies to grow their sales overseas
”This will be my fourth trade mission to China in just over four years in office, reflecting the importance of this market for Ireland, both as a source of foreign direct investment and as a destination for our own Irish exporting companies.
“I look forward to a productive week helping Irish companies to develop relationships with the Chinese State Agencies and companies who might buy their goods and services, and meeting Chinese companies considering investing in Ireland. I am confident that out of this week we can deliver concrete results in the form of additional jobs in Ireland”.
Julie Sinnamon, CEO, Enterprise Ireland who is accompanying Minister Bruton on the trade mission said: “China is the largest and fastest growing market in Asia for Irish companies. Over 300 Enterprise Ireland clients are currently exporting to China. In the last 12 months alone we have seen over 50 new Irish exporters to China. This trade mission will put a spotlight firmly on the range of great products and services coming out of Ireland. It will also highlight the significant opportunity that exists within the Chinese market for innovative Irish companies. Enterprise Ireland is focused on working with our client companies to help drive their export sales – ultimately creating and sustaining jobs in Ireland”.
Notes for Editors
- China has the world’s largest population - over 1.4 billion people & world’s third largest country. It has 8 cities with population of >10 million, 93 cities with population of >5 million, 263 cities with population of over 1 million. Its growing middle class is forecasted to expand to 700 million by 2020
- Irish goods exports in 2014 to China were €1.491billion, representing 5% growth on the previous year’s figure.
- Irish services exports in 2013 to China (the latest year for which complete figures are available) were €2.307billion, representing 4% growth on the previous year’s figure
- China is Ireland’s 12th largest export destination for goods, and 10th largest for services
- The sectors accounting for the largest volumes of our goods exports to China include medical and pharmaceutical products (28%), infant foods and other miscellaneous food products (16%), organic chemicals (mainly for pharma sector) (12%), medical devices (7%) and electronic components (5%)
- China is critical to Enterprise Ireland’s strategic objective of supporting client companies to deliver 40,000 new jobs and €22bn exports by 2016. In 2014, exports by Irish companies to Greater China surged 45% to reach €631.4m
- Under IDA’s current strategy “Winning: Foreign Direct Investment 2015-2019” China will continue to be the key growth market for IDA Ireland. Chinese companies currently employ well over 2000 people in Ireland and IDA is targeting significant growth from Chinese companies as part of hitting the targets laid out in “Winning”.