TRADE
“FDI creates stable and long-lasting links between economies.”
Organisation for Economic Co-operation and Development Development (OECD)
“Pushing forward the Internet Plus
advanced manufacturing is an important measure to enable the transformation and upgrading of the real economy. China owes the fast development of its new growth engines to its abundant human resources and talent, vast market and the prudent yet accommodating government oversight,” Li Keqiang, Premier of the State Council, said last year. Another key piece of China’s trade strategy
is the Belt and Road Initiative (BRI), said to be a pet project of President Xi Jinping. The name harks back to the ancient trade routes and the current day Silk Road Economic Belt and 21st
around 70 countries, China is spending and lending for railroads, ports and energy projects, highways and satellite launches.
INVESTING IN IRELAND Chinese investment in Ireland saw a massive upsurge in 2016, with HNA Group’s purchase of Irish aircraft leasing company Avolon, for $2.5 billion. The figure was propelled to $2.9 billion (€2.7 billion) from just $10 million a year earlier, making Ireland the fifth-largest market in Europe for Chinese investment in 2016. While not every year sees a deal like that,
Century Maritime Silk Road. The
aim of the project is to build infrastructure from Asia to Africa to Europe. Involving
IDA Ireland has been working with Chinese investors in a range of sectors, including transport, energy, ICT and industrial machinery and equipment. Chinese investors
28 INNOVATION IRELAN REVIEW
have been looking globally and the surge in investment from China into Ireland was indicative of a trend throughout Europe. As Taoiseach Leo Varadkar pointed out
at the announcement of WuXi Biologics new facility and creation of 400 jobs in Drogheda earlier this year, “This is a really significant announcement for us, not just for Louth but for the whole country as well. We want more and more Chinese companies to consider Ireland as their base for their EU operations as a gateway or bridge to Europe.” As the Irish government has been actively
encouraging strengthening of the Ireland- China business relationship, the importance of transport links was high on the agenda. This June, the first direct flights between Dublin and Beijing were launched by Hainan
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