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raditionally the USA has been Ireland’s great friend, champion, investor, and
market, helped in no small part by the strong links between the two countries and the large Irish population there. It remains hugely important, but in recent years, there has been an increased interest in looking east to the Asia Pacific region, in particular China, India and Australia. Economies are growing, markets are emerging, and links are strengthening with Ireland. Commenting on IDA Ireland’s mid-year
figures this year, Martin Shanahan, CEO, said, “I am particularly encouraged by our progress in China, South Korea and India in recent months with investments from companies like WuXi (China), SK Biotek (South Korea) and Leetha (India). IDA Ireland has invested in Asia over several years now, and I’m glad see that investment paying dividends.”
CHINA In the late 1970s, China’s leader, Deng Xiaoping set forth the Four Modernisations, goals in the areas of agriculture, industry, national defence, and science and technology. This set in motion reforms and a transition to a market economy which aimed to make China a great economic power by the early 21st
century. China’s transformation over the
past 40 years is unprecedented. The country’s GDP has grown by nearly 10 per cent per year on average, and it has become the second-largest economy in the world, lifting hundreds of millions of its citizens out of poverty. Its upward trajectory continues apace, with
further advancement five places upwards in the IMD World Competitiveness ranking this year, to the 13th
spot ( just below Ireland). 27 ISSUE 14
Professor Arturo Bris, Director of the IMD World Competitiveness Center, says: “In the case of China, investment in physical and intangible
infrastructure as well as
improvement on some institutional aspects such as the legal and regulatory framework boost its performance.” China’s growing strength is underlined by
its response to US President Trump’s protectionist trade tariffs. Its goal is to increase imports, with President Xi Jinping predicting $8 trillion worth of merchandise imports within the next five years as the domestic market opens up. A programme of domestic structural reforms is in place in order to support high-quality long-term growth internally and China’s rapid economic development has seen it become a real challenger to America’s global influence. According to Zhang Jun, Director of the
China Center for Economic Studies, Chinese authorities are aiming for foreign direct investment of $600 billion over the coming five years, and expect Chinese outward direct investment to reach $750 billion within ten years.
CHINA’S POLICIES China has undergone massive societal change, as it has transformed from an agriculture-led economy to one driven by manufacturing exports. Now, as technology and robotisation of jobs disrupts industries, China is looking at moving up the supply chain and away from the manufacturing export model to futureproof the economy. The government has introduced strategies such as Made in China 2025 and Internet Plus. Made in China 2025 is the Chinese government’s
strategic plan to bolster
advanced technology sector, moving industrial focus up the value chain.
Photo by Florian Wehde
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