A number of Chinese enterprises see Ireland as an ideal gateway to the European market and a solid base for technology innovation, said Martin Shanahan, CEO of the Industrial Development Agency Ireland, or IDA Ireland, the country's inward investment promotion agency.
"We see more and more Chinese companies internationalising. We want to ensure that if they are thinking about Europe as a destination, then Ireland is the first location they think of," Shanahan said. Once Chinese enterprises set up establishments in Ireland, a stable European Union member, they can operate without impediment within the whole EU market, Shanahan said.
According to IDA Ireland's report Facts of Ireland released in September, the country has a young and educated population, about one-third of whom are under 25 years old. In Ireland, 56.3% of people in the 30-34 age-group have tertiary educational qualifications, versus 40.7% for the EU on average, the report said.
In late November, Chinese biomedical company Wuxi Biologics announced its subsidiary Wuxi Vaccines was planning to invest US$240 million to build a vaccine production facility in Dundalk, Ireland. This followed Wuxi Biologics' US$359 million greenfield project announced last year. Looking ahead, the biggest growth potential for Chinese investors looking at Europe lies in Ireland's pharmaceutical and technology sectors, particularly medical technologies, Shanahan said.
Ireland is wonderful country!
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