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Ireland and China search for more bilateral investments
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IRELAND and China are working together to create more opportunities for bilateral investment with the recent setup of a US$100 million fund, Irish Minister of Public Expenditure and Reform Brendan Howlin said in Shanghai today.
The China Ireland Technology Growth Capital Fund, launched in January of this year, targets companies from either Ireland or China operating in core technology sectors such as Internet, software, semiconductors and clean technology, while agriculture, food, medical and financial services are also included.
Supported by Ireland's National Pensions Reserve Fund and the China Investment Corporation, the fund represents Ireland's "substantial and strategic" interest in China, Howlin said.
"We are broadening our net beyond traditional investors like the United States to have more dialogue with a number of less traditional partners," Howlin said. "China is such a fast-growing economic giant in the world, and we obviously want to develop closer economic ties with China."
According to Howlin, there have been quite a few new projects, including one with China Construction Bank, which has set up an office in Dublin, capital of Ireland.
Also, the prospect of more collaboration in the dairy industry between the two countries is rising as a European Union rule curbing dairy production of its members will be abolished next year.
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