New focus on international financial services in China with announcement of new IDA office in Beijing – Minister Bruton

On the second full day of his investment and trade mission to China and Japan, the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, earlier today [Tuesday] announced the opening of a new IDA office in Beijing, which will focus particularly on attracting more investment and jobs in the financial services sector from China to Ireland. IDA already has offices in Shanghai and Shenzhen.

The results of today’s programme of meetings also included an agreement signed by IDA with the China Investment Promotion Agency [CIPA]. This Memorandum of Understanding commits both sides to enhanced cooperation on a range of issues.

Minister Bruton also held meetings today with executives from ICBC, the largest bank in the world by market value, and the China Development Bank [CDB]. An agreement is also expected to be signed tomorrow by IDA with China Development Bank committing both sides to enhanced cooperation on a range of issues, and Minister Bruton is also scheduled to address a significant financial services seminar in China’s capital city, attended by over 100 financial services professionals.

The second full day of Minister Bruton’s programme of meetings and events also included:

· A meeting with the Chinese Minister for Commerce, Gao Hucheng. The China Investment Promotion Agency, the equivalent agency of the Chinese Government to IDA Ireland, was also represented at this meeting, at which the Memorandum of Understanding with CIPA was signed

· Meetings with two IDA client companies in the financial services sector, including the China Development Bank

· Three events organised by Enterprise Ireland, including:

o A breakfast roundtable on doing business in China, attended by Irish companies seeking to break into the Chinese market as well as businesspeople with experience of successfully doing so

o A Travel Technologies Showcase, including Irish technology companies and their Chinese partners with presentation by keynote speaker representing Chinese Hospitality Industry

o A meeting with an EI client company and its Chinese partner in the ICT sector.

Among the other achievements of the mission so far is a signing of a Memorandum of Agreement between Shenzhen University and UCD on establishing a joint International College in Health Sciences Innovation.

Speaking following the conclusion of the day’s events, Minister Bruton said:

“A key part of the Government’s Action Plan for Jobs is targeting key growth markets where we have the potential to deliver large increases in exports and multinational investment in the coming years. Clearly China is a key part of that, and that is why since the Taoiseach and I led a major mission here last year four Ministerial-led missions have taken place with more to come. That is also why we are delivering on our commitments on the ground, and today I am delighted to announce the opening of a third IDA office in China to focus on financial services.

“The meetings I have had today with some of the biggest financial services institutions in the world, and the agreements signed with major Chinese Government bodies show the potential that exists for investment and jobs for Ireland in this sector. I am determined that with the right decisions from Government we can help increase exports and investment in this high-growth market and create the jobs in Ireland we need”.