Irish trade mission signs host of deals

By Winny Wang  |   2008-10-23  |     NEWSPAPER EDITION

AN Irish trade mission signed six memorandums of understandings worth of 25 million euros (US$32 million) in Shanghai yesterday to strengthen ties between the two countries.

The contracts focused on education, technology, manufacturing and construction, such as a joint venture in Hangzhou between the Irish company Distag Manufacturing and India's PIX Transmissions to manufacture and distribute hydraulics and power transmission components.

"We look forward to signing more contracts during our next stop in Beijing and the overall contracts' value is expected to exceed 100 million euros, more than the contracts signed in 2005, when our biggest trade mission visited China," said John McGuinness, Ireland's minister for trade and commerce.

A total of 187 business leaders from 94 Irish companies, dealing in education, financial services, food, software, aviation and medicine, joined the trade mission.

McGuinness estimated that the trade between Ireland and China will grow faster than last year's 14-percent rise.

In the first half of this year, trade between the two countries totaled 1.95 billion euros, and Ireland's exports to China rose 39 percent to 990 million euros.

McGuinness also encouraged Chinese companies to invest in Ireland, where they can enjoy tax benefits. He quashed rumors of a tax increase and said the country will keep the tax rate at 12.5 percent.

About 1,200 foreign companies have invested in Ireland, but only two of them are from China.