Ireland Hopes To Double Trade With China In 5 Years

by Mary Swire, Tax-News.com, Hong Kong

21 January 2005

Bilateral trade between Ireland and China, currently worth EUR4 billion annually, could double over the next three to five years, according to Irish Prime Minister Bertie Ahern.

The Taoiseach made his prediction in Beijing on Wednesday after signing fifteen new contracts between Irish and Chinese firms as Ireland’s largest ever governmental and business delegation to China and Hong Kong continued.

"We identified specific areas where we can build and develop our relationship in the future across education, across trade, across high-tech industry and many other areas," Mr Ahern commented.

However, Ahern added that he is keen to redress the balance in trade between China and Ireland. While bilateral trade (which includes Hong Kong), reached a record EUR4bn last year, figures for 2003 reveal that the balance of trade is heavily in China's favour, with Irish imports from China totalling EUR2.2 billion and its exports totalling EUR584 million.

To help redress the balance, Ireland is attempting to sell itself as an ideal location for regional headquarters for Chinese enterprises, and Enterprise Minister Micheal Martin, also a part of the Irish delegation, stated that the country should position itself as “a door to Europe for Chinese manufacturers."

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