I welcome the visit by the Chinese Vice President Mr. Xi Jingping. It is a very important visit and I believe this presents a key opportunity for Ireland.

“The public procurement market in China is hugely lucrative, with significant opportunities for foreign multinational corporations. US multinational corporations have $2 trillion of reserves sitting on their balance sheets looking for market opportunities and investments. But many international firms are hesitant to invest directly in China because of its lax enforcement of intellectual property rights. I believe this presents a key opportunity for Ireland.  

“Ireland can create the environment that matches the requirements of multinationals and the Chinese market. We could provide a secure location for multinationals where their intellectual property would be strongly protected by creating innovation clusters in industries where Ireland enjoys a competitive advantage. These sectors include pharma and life sciences, ICT, financial services and processed foods.

“Ireland is in an ideal position to develop these innovation clusters, thanks to the open nature of our economy, the high level of multinationals already operating here and our strategic location between the Eurozone and North America. This makes Ireland very attractive to China. In order to achieve a successful and sustainable flow of investment, we would need to negotiate a Bilateral Investment Agreement with China. The UK, Germany and France already have successful agreements with China in place bringing substantial investment, employment and economic benefits.

“Irish-based innovation clusters would provide the required infrastructure to accelerate the development and deployment of products and services for the Chinese markets, while facilitating the development of global expansion of Chinese companies in Europe.  They would also allow existing FDI companies to maintain their competitive advantage by partnering with other firms to access to the Chinese public procurement market.

“Working with a Dublin and Galway-based group, I have been involved in setting up the China-Ireland Initiative. It aims to create meaningful business and cultural links between the two countries. We will be rolling out this further when we hold our inaugural event in NUIG on March 23^rd. A high-level Chinese delegation will be in attendance, including the Economic and Commercial Counsellor.  We have shared our proposal with An Taoiseach, Enda Kenny. There are huge opportunities within the Chinese marketplace. I intend to encourage the Government to do all it can to capitalise on them.”