Prime Minister Encourages Chinese Investment In Irelandís Economy

29 March 2012 10:00am - Florence Fullalove

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Prime Minister Encourages Chinese Investment In Irelandís Economy

During his official visit to China the Taoiseach Edna Kenny has been encouraging Chinese investment in Ireland. The Prime Minister said that confidence was returning to Irelandís economy and that investing in Ireland would be very rewarding for Chinese investors. Kenny said, ĒIrelandís economy has improved in the recent past, our public finances have been stabilised, our exports  are at record levels, and foreign direct investment into our country is booming.Ē

Kenny was upbeat about Irelandís economy despite some worrying signs from recent statistics. Last week the Central Statistics Office of Ireland said the gross domestic product (GDP) fell 0.2% in the last quarter of 2011. For 2011 as a whole Irish GDP grew 0.7% but gross national product fell 2.5%. Irish GDP has fallen for three straight years. Despite these results Kenny said that employment has stabilized and is starting to grow, particularly as Kennyís government recently unveiled a plan to create 200,000 jobs in eight years.

Last year Irish exports to China exceeded $4 billion in 2011, up 6% on the previous year. Enterprise Ireland, the countryís state owned enterprise who are responsible for promoting indigenous enterprises has said that Irish owned firms were responsible for 6.4% of Irish exports to China in 2011. It also said that indigenous Irish exports to China grew by 10% in 2011, and the agency is aiming for a further 15% growth in 2012. Kenny said that Ireland could increase exports to China in many sectors, including life sciences, science and technology, culture and education and the agriculture sector.  The government is obviously hoping that wealthy Chinese investors will spend billions of euro in the Irish economy.

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