China is densely-populated and it’s primed to become the biggest economy in the world. Ireland is so much smaller. Despite the differences, these two nations do get together in order to do business. In 2014, trade between the two nations was valued at more than eight billion dollars. Irish companies are doing more exports to China. In fact, export numbers from the Emerald Isle to China have gone up by forty-nine percent. Right now, ninety-two Irish firms are employing ten thousand people within China.
A few years ago, commercial production of food by farming (agri-food) exports from Ireland to China totaled six hundred and twenty million Euros. This was an increase of forty percent over figures from the year before. It represented a one hundred and forty percent increase over figures from 2011. At this point, China ranks second in terms of receiving exports of Irish agri-foods. Only the European Union market gets more agri-foods from Ireland. Certain foods are prominent in trade with China and these are pig meat, dairy and seafood.
It wasn’t long ago that the Emerald Isle had the distinction of being the first European nation to enjoy a lift on the beef import ban. This may mean a lot more beef exports to the huge and growing Chinese market in the foreseeable future.
Chinese Firms Operate in Ireland
Chinese firms are also operating in Ireland and examples include Chinasoft, Firecomms, Huawei and Tencent. As well, the China Development Bank and the Industrial and Commercial Bank of China currently offer international financial services in the Emerald Isle.
The two nations are also getting together in order to push education forward. For example, Ireland and China have joined forces to create research agreements which are collaborative, as well as joint campuses and joint educational programs.
Everyone Wants Chinese Business
These days, a lot of countries are going after more business with China. China’s middle class is growing in wealth and it’s large population makes it a very attractive market. In fact, a lot of entrepreneurs are hiring consultants who understand Chinese culture and business practices, with a mind to “cracking” the Chinese market. There is so much money in China and it’s safe to say that Irish entrepreneurs are also invested in getting more business from this Asian nation.
If beef exports to China pick up, Ireland may rake in profits. While China has a larger, richer population, Ireland has high-quality goods and services to share with Chinese companies and citizens.