Cathal Crowe
Question:37. Deputy Cathal Crowe asked the Minister for Enterprise, Trade and Employment if the IDA has a presence in China; and if he will make a statement on the matter. [44149/23]
View answerThursday, 12 October 2023
Questions (37)
Written answers
One of the aims of the Growth pillar of IDA Ireland’s current strategy "Driving Recovery and Sustainable Growth, 2021-2024", is to diversify its source markets for investment to enhance resilience of Foreign Direct Investment (FDI) in Ireland.
In this regard, IDA Ireland’s Growth Markets team continues to build awareness of Ireland’s value proposition in locations with significant potential as FDI source markets. IDA Ireland is aiming to grow the base of clients from Asia-Pacific in Ireland, building upon the strategic projects secured in recent years and on the international ambitions of target clients. To this end, IDA Ireland has a network of offices in the Asia Pacific region that manage investor and client relationships including in Australia, China, India, Japan, and Singapore.
China is an important FDI source market for IDA Ireland. IDA established its first office in China in Shanghai 2006 and now operates from 3 offices in China - Shanghai, Beijing and Shenzhen.
Top Chinese firms have operations in Ireland to serve the European and International markets including Wuxi, Huawei, Tik Tok, Travelsky and Tencent. In addition 4 of the top Chinese banks have set up international centres in Ireland (ICBC, Bank of China, Bank of Communications and China Construction Bank). Other leading Chinese Financial Institutions with aviation leasing operations in Ireland include Avolon, China Merchant Bank, Ping’an Group, China Development Bank and CALC.