Ireland Immigration Focus on Ireland Immigration Economy: Richard Bruton, Ireland's Minister for Jobs, Enterprise and Innovation, led an Irish business delegation to visit the four cities of Beijing, Shanghai, Shenzhen, and Hong Kong from the 14th to the 18th. On the afternoon of the 14th, he hosted the "Invest in Ireland" forum, spearheaded by the National Development and Reform Commission.
This visit was accompanied by Enterprise Ireland (EI) and the Industrial Development Agency (IDA) of Ireland, with over 40 innovative Irish technology companies participating, primarily from the six major sectors of information and communications, financial services, life sciences, clean technology, food, and aviation. During the visit, Chinese and Irish companies reached a series of cooperation agreements, including HNA Group's acquisition of the Irish aircraft leasing company Avolon for $2.5 billion, which is expected to be completed by the end of the year.
In the past, investment in Ireland primarily came from U.S. companies, which used Ireland as a gateway to the European Union and European markets. However, in recent years, the number of Chinese companies investing in Ireland has also been continuously increasing. Bruton told reporters from the Economic Information Daily that if Chinese companies want to enter the European market and achieve globalization and internationalization, they should use Ireland as a base for entering the European market.
He stated that Ireland is an ideal destination for attracting foreign investment. For example, Ireland is the only country in the European Union where English is the official language, and it possesses a very favorable investment environment, preferential tax policies, and a wealth of high-quality talent. The development of political relations between China and Ireland is also continuously advancing.
Martin Shanahan, CEO of the IDA Ireland, stated that many top international companies are conducting business in Ireland. For instance, nine of the world's top ten software and pharmaceutical companies are in Ireland, thirteen of the world's top fifteen medical device companies are in Ireland, and fifteen of the world's top twenty-five financial services companies are in Ireland. Through the operations of these companies, Ireland hopes and believes it can attract more Chinese investment than the United States. In recent years, Ireland has successfully attracted Chinese investment, particularly in the financial services and technology sectors.
The IDA Ireland is the country's investment promotion agency and has offices in China. Zhang Zhewei, the agency's Director for China, stated that the IDA helps foreign companies resolve practical difficulties when operating in Ireland, such as talent recruitment and site selection. He also mentioned that Ireland provides direct investment incentives for overseas companies, including those related to employment and R&D. For example, Ireland offers R&D tax credits; if a company conducts R&D activities in Ireland, 25% of its R&D expenditure can be deducted from corporate income tax.