The Ireland China Journal

Issue 1 2014 - ISSN Print 2009-7417 (Digital Copy online ISSN 2009-7425)

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Ireland China Business

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The Ireland China Journal | 1

WELCOMEI would like to wish the Ireland

China Journal every success on its launch. This excellent business guide will contribute to strengthening relationships between the business communities of our two countries.

Since taking office in 2011, the Government has been actively engaged in building relationships at the highest political level in China, through Ministerial and other high-level visits and meetings. My visit to China in 2012 launched the bilateral Strategic Partnership Agreement, with many high-level visits between Ireland and China taking place since then, including by the Tánaiste and Minister for Foreign Affairs and Trade last year. We have also welcomed a growing number of high level incoming visits from China. Mr. Liu Yunshan, a leading member of the Politburo Standing Committee of the Communist Party of China, visited Ireland in June and I took the opportunity to discuss with him ways to further boost trade and investment flows, to increase cooperation in education and culture, and to improve visitor numbers from China to Ireland.

Ireland’s diplomatic presence in China will be expanded in the coming months with the opening of a new Consulate General in Hong Kong, which will work alongside the Embassy and state agencies to promote Ireland in China.

Other positive developments include the launch of the China Ireland Technology Fund in January of this year. This fund will target investment in both Irish technology companies with ambitions to access the China market, and Chinese technology companies who wish to access the European market via Ireland.

Irish food and drink exports to China have more than doubled in the past three years, growing 40% in 2013. China is now Ireland’s second largest market for dairy exports and, in the coming years, will be Ireland’s second largest market for food and drink, behind only the UK.

The Government is working hard to increase opportunities and open doors for Irish business. Success in China requires long-term commitment, and developing relationships which match our strengths with China’s requirements. I look forward to continuing this work throughout 2014 and beyond.

Enda Kenny, TD Taoiseach(Irish Prime Minister)

Front Cover: An Taoiseach Enda Kenny with Vice Premier Ma Kai of The Peoples Republic of China

Publisher Abbeyville Communications and Media Limited

The Ireland China JournalSuite 127 Grange Hill, Baldoyle Ind Park,

Baldoyle, Dublin 13, IrelandTel: +353 (0) 1 806 3000Fax: +353 (0) 1 806 3001

Int: +353 1 8063000Email: [email protected]

Web: www.theirelandchinajournal.com

ie.linkedin.com/pub/the-ireland-china-journal

Managing DirectorMichael O’Driscoll

[email protected]

DirectorDermot Hogan

[email protected]

JournalistLynne Nolan

PhotographerPaul Byrne

[email protected] - 085 826 6339

Member Firm

Legal AdvisorPeppe Santoro

www.venturelaw.ie

Graphic DesignRob Lewis www.minx.ie

Web DesignEric Hewsonwww.his.ie

Distributionwww.lettershop.ie

The Ireland China Business AssociationChairman

Ken Duggan

Vice Chair Susan Barrett

Office Manager Jennifer Condon

Ireland China BusinessAssociation

28 Merrion SquareDublin 2

Tel: +353 1 6424178Email: [email protected]: www.irelandchina.org

Copyright: All content and images used in this publication in print and electronic/digital format are owned or licensed by Abbeyville Communications and Media Limited or its affiliates for use in The Ireland China Journal only. Unauthorized use is prohibited.

Disclaimer: All rights reserved. The opinions and views expressed in this publication are not neccessarily those of Abbeyville Communications And Media Limited, The Ireland China Journal or the Ireland China Business Association. Readers are requested to seek specialist advice before acting on information contained in this publication, which is provided for general use and may not be appropriate for the readers particular circumstances. While every effort is taken to ensure accuracy of the information contained in this Publication the Publisher Abbeyville Communications And Media Limited or the Ireland China Business Association are not liable for any errors and/or omissions contained in this publication.



2 | The Ireland China Journal

CONTENTS

www.theirelandchinajournal.com

1 Welcome Introduction from An Taoiseach Enda Kenny

4 Address from Ken Duggan Chairman of the Ireland China Business Association

6 Introduction from Susan Barrett Vice Chair of The Ireland China Business Association

8 China the Land of Opportunity with HE Ambassador Jianguo Xu Chinese Ambassador to Ireland

14 HE Paul Kavanagh, Irelands Ambassador to China on promoting Ireland

18 A&L Goodbody’s Chinese Lawyers Programme

20 Enterprise Irelands China Director Gary Fallon on Exporting East.

26 Elaine Coughlan explains $100 million Atlantic Bridge WestSummit Capital fund for Tech Start-Ups

32 Minister Richard Bruton leads another very successful Trade Mission to China with Enterprise Ireland and the IDA

34 Insight into Fexco Ireland’s most successful multinational financial services and business solutions provider.

36 Sitao Xu, Chief Representative of the Economist Group looks at growth in the Chinese economy

40 Stepping Out – Advice for companies entering the China Market

42 Caroline Devlin, Partner and Head of the Asia-Pacific Group at Arthur Cox offers her expert business advice

46 News


CONTENTS

www.theirelandchinajournal.com

48 Profile: Samco, Solving the Maize in China

52 Profile: Irish Recycling and Packaging MD Des Crinion has big ideas for introducing its zero landfill technologies across China

56 Powdered infant formula- an Irish success story in China with Dr. Grainne Redmond UCD

60 Irish Exporters Association Lynne Nolan talks with CEO Simon McKeever

64 Datalex The e-commerce solutions provider to the travel and retail sector open a new office in Beijing

66 Turkish Airlines 1st Class Lounge in Istanbul is the perfect location to break your flight to and from China

68 Kildare Village Ireland’s luxury shopping tourism destination, Maria McGovern, Director of Kildare Village, tells Lynne Nolan.

72 China Racing Ahead with Irish Thoroughbreds Elaine Hatton of ITM tells the story.

74 The Dubai Duty Free Irish Derby attracts an International audience

76 Tourism Ireland: The Island of Ireland is Made For Golf

80 Renowned Chinese artist Zhao Chengmin

82 News

88 Mr Wei Xu GM of ICBC Leasing talks about their new operation in Dublin’s IFSC

92 Book Review: ‘A Life Worth Living’ The Autobiography of Michael Smurfit.

94 Business Contacts in Ireland and China

96 Dates for your Diary

Ken Duggan

4 | The Ireland China Journal The Ireland China Journal | 5

It seems particularly fitting that in 2014, the Year of the Horse in the Chinese New Year calendar, Ireland is celebrating the important anniversary of 35 years of diplomatic relations with China, according to Ken Duggan, Chairman of the Ireland China Business Association.

“The affinity and close relationship we in Ireland have with horses, both culturally and as a world market industry leader, represents a great natural link and opportunity to further forge Sino-Irish relations.”

Commenting on the arrival of China’s new ambassador His Excellency, Ambassador Jianguo Xu to Ireland, Duggan comments that “there’s a lot that we can learn from Ambassador Xu, particularly in regard to the expert knowledge he brings with him from his previous posting in New Zealand.”

The publication of the first issue of the Ireland-China Journal also marks a new

advancement in Ireland-China relations, he believes, in parallel with the increasing interest in trade with China.

To further develop and promote trade with China, the Ireland-China Business Association is delighted to work with the Chinese Embassy, IDA Ireland, Enterprise

A New EraAs Ireland celebrates 35 years of diplomatic relations with China, Ken Duggan, Chairman of the Ireland China Business Association, welcomes China’s new ambassador His Excellency, Ambassador Jianguo Xu to Ireland, further strengthening Ireland-China relations.

Ken Duggan

Ken Duggan


businesses in China and Ireland, offering expertise and support.

“I learned a lot from managing and operating a business there, the practical challenges of doing that, not just in terms of language but culture and doing business on a day-to-day basis,” he says.

For any Irish business – large, small or medium – hoping to establish a presence in China, he believes “establishing good relations with China, in terms of personal relationships” is key, and “that takes time; one has to be patient in building up very good personal relations.”

“As an Association, we have an excellent relationship with the Embassy of the PRC here. We work very closely with them, with our own Government bodies and with the Chinese Government bodies as well. We work well with the Consulate in Shanghai, our Consul General Austin Gormley and His Excellency, Ambassador Paul Kavanagh, and we look forward to the opening of the Consulate in Hong Kong.”

Ireland, IEA and all the state agencies, Duggan says.

“We hope to encourage greater trade from the SME sector to China. To that effect, following the success of our seminar in Kilkenny earlier this year we will hold seminars outside the capital in Dundalk, Monaghan, Galway, Shannon, and Waterford.” Going countrywide with such events also marks a new development for the Ireland-China Business Association, he says, ensuring the Association is not viewed as a Dublin-centric organisation.

Forging cultural links with China is another aim for the Association, which supports the Dublin Chinese New Year Festival. The Association held its inaugural annual dinner in November last year, Terence O’Rourke, Chairman of Enterprise Ireland acted as Master of Ceremonies for this prestigious occasion, which was the highlight of the Association’s social calendar.

Among the many events coming up this year, the Association intends to have its annual BBQ at Leopardstown Racecourse to mark the Year of the Horse.

Ken Duggan, who has over 10 years of experience doing business in China, is Director of Chinaportal Limited. Chinaportal assists companies in sourcing and importing products from China, and in entering the Chinese retail markets. The company acts as a bridge between

Susan Barrett


As Vice Chair of the Ireland China Business Association, Susan Barrett plans to “enhance Sino – Irish relations, to highlight the benefits of bilateral trade, to encourage further cooperation between Irish and Chinese companies, and to assist companies considering China Market entry,” she says.

The Association acts as an information source for companies wishing to do business in China and for Chinese

companies and delegations wishing to investigate opportunities in Ireland, she explains.

“We organise seminars, meetings, networking and social events to highlight the opportunities available, the way in which companies may access these opportunities, and through our wider network assist with business to business connections.”

Susan is also the founder and CEO of

Land of OpportunityIrish companies intending to enter the Chinese market must carry out adequate market research, have a compelling offer, the capability to operate in this market, long term commitment and patience advises Susan Barrett, Vice Chair of the Ireland China Business Association.

Susan Barrett with Ken Duggan Chairman ICBC

Susan Barrett


Select Ireland, a business consultancy, destination and event management company focused on the Chinese market. Select Ireland specialises in the Business Tourism, Education, Equestrian and Immigrant Investor sectors.

Susan’s background spans the property, equestrian, education and tourism sectors. Her multi-sectoral experience has been of great benefit over the last 10 years, while operating in the Chinese market. “I have gained an in-depth understanding of how best to approach the intricacies of what must be recognised to be a very different, challenging but rewarding marketplace.” Companies should understand that it is essential to adopt a long term approach due to the cultural aspects of doing business in China.

China offers a myriad of opportunities for Irish companies, she believes, particularly within the Internet, software, clean technology, energy efficiency, medical device, education, food, life sciences, financial services and aviation leasing sectors.

“I would advise companies thinking of entering this market to ensure they do adequate market research, liaise with the relevant State Agencies, have a compelling offer along with the capability, long term commitment and patience required to be successful in the Chinese market.”

“I have gained an in-depth understanding of how best to approach the intricacies of what must be recognised to be a very different, challenging but rewarding marketplace.”

Interview HE Ambassador Jianguo Xu


What’s your background and how do you think it will benefit your role as the Ambassador of the People’s Republic of China to Ireland?Before joining the Chinese Foreign Service in 2001, I had tried a variety of jobs: six years as a machine tool maker; 15 years as a student, teacher and scholar specialising in Material Science and Social Sciences, and eight years at local government, working mainly on economic development issues, including attracting foreign investment and creating job opportunities.

Prior to coming to Ireland, I served as China’s Ambassador to three other countries: Georgia, Nigeria and New Zealand. I hope my past experiences will help me do my current job properly. As I perform my duties as Ambassador, I will certainly draw upon the experience and insights I have gained in different places and positions. I have noted that Ireland is similar to New Zealand in many ways, which gives me confidence that the China-Ireland relations will continue to grow and bear fruits during my tenure.

What do you consider to be your major role as Ambassador?Ambassador carries a mission of both honour and responsibility. Even in a global village, barriers still exist between nations

due to geographical distance, ideological and cultural differences, conflict or divergence of interests, misperceptions and miscommunication, and so on.

In my view, my major role as Ambassador is that of a bridge between China and Ireland, and between Chinese and Irish people, facilitating a two-way flow of information, attempts to increase exchanges, and efforts to enhance mutually beneficial

Jianguo Xu, Ambassador of the People’s Republic of China to Ireland, speaks exclusively to Lynne Nolan about restoring the glory of the Celtic Tiger and how China’s demographic shift to an older society is worthy of the attention of Irish companies.

Land of Opportunities

HE Ambassador Jianguo Xu Chinese Ambassador to Ireland.



cooperation, with a view of sustaining the friendship between our two countries.

What are your key plans and objectives for your time as Ambassador?My top three objectives as Ambassador are to further enhance political trust, to further deepen pragmatic cooperation in various friends, and to advance cultural and people-to-people exchanges.

In order to achieve these objectives, my Embassy staff and I are making efforts to meet and talk with decision-makers and policy advisers in the Irish Government as well as key players and stake holders in various sectors about the status, strength, potential and future of the strategic partnership between China and Ireland.

We plan to build on the solid foundation laid by my predecessors and work closely with Irish friends to implement the broad consensus reached between the leaders of our countries, and to ensure that both peoples benefit from increased friendly and constructive interactions between China and Ireland.

What do you think are going to be some of the biggest challenges you will face in the role?In recent years, bilateral cooperation and exchanges between China and Ireland have enjoyed robust growth, producing fruitful results. I am confident of the developing momentum of Sino-Irish cooperation in trade and investment, education, tourism and other sectors.

As for the challenges, I think Ireland needs more publicity in China, and efforts should be made to identify and prioritize the fields and sectors where our two countries as well as our respective business communities can work together to achieve win-win results, to deepen mutual understanding and to build up a basis of common or shared interests.

It is one of my priorities to dispel misunderstandings so that both sides can focus our attention and efforts on convergence of national and sectoral interests.

Do you consider there to be parallels between Ireland and China in terms of economic and social transformation looking back at the histories in both

countries? What can Ireland learn from the Chinese model, and vice versa?I’m no expert on Irish history, but I have read about the success story of Ireland’s economic transformation and structural upgrade. I understand that since the 1970’s Ireland has devoted great efforts to developing the ICT, Life Sciences and Pharmaceutical sectors, and that it has done exceptionally well in attracting foreign investment, boosting exports and creating jobs.

With its GDP per capita elevated to an enviable level, Ireland’s economic miracle attracted worldwide attention, was widely studied, and gave this island country a reputation as a thriving, knowledge-driven economy as well as a nickname ‘Celtic Tiger’.

It happens that Chinese leaders initiated the state policy of Reform and Opening Up in the late 1970’s, which enabled China to achieve rapid economic growth for over three decades, to lift millions of people out of poverty, and to integrate itself into the international community as well as the global financial system. The significant changes in China have also caught the world’s fascination.

Some people might say that Ireland’s

“The crisis is a strong reminder that constant attention should be paid to systematic risks, even when everything looks good and the market is going upward.”

Irish President Michael D. Higgins receiving credentials from HE Ambassador Jianguo Xu Chinese Ambassador to Ireland.



transformation was achieved in parallel with China’s reform and opening up drive. In my view, the key to China’s and Ireland’s success is the same. Both countries are wise enough to choose a development model that suits the specific national conditions of our respective countries. There is no universal, fit-for-all development pattern. Any nation ready to learn from China and Ireland should follow a development path that works under its national conditions. Don’t be a copycat, because each and every country has its own advantages and challenges.

The economic difficulties that Ireland experienced in the past few years provide a valuable lesson for China and other economies; the crisis is a strong reminder that constant attention should be paid to systematic risks, even when everything looks good and the market is going upward. I am happy that Ireland is back on its feet, and I am confident that Ireland can further enhance its economic integrity and resilience in the months and years ahead, and gradually regain its competitive edge.

Which sectors offer the greatest opportunity for building business relationships between China and Ireland?Ireland boasts advantages in such fields as ICT, Life Sciences, Bio-Engineering and Pharmaceuticals, and production of high-quality agri-food products, including dairy products. With China emerging as a global power in business in the last decade, China has built up its strength in sectors including machinery, telecommunications, financial services and clean energy. I look forward to

advancing the bilateral cooperation in these fields and sectors on the basis of equality and mutual benefit.

How can the two countries cooperate even more closely, in your opinion?Business is only a part of country-to-country relations. While I am confident that the trade volume between China and Ireland will continue to grow, and China will continue to be Ireland’s top trading partner in Asia, attention of government and sector leaders should also be paid to other fields like education, tourism and culture.

Frankly, bilateral cooperation between our two countries is yet to be expanded and deepened, and in my opinion enhanced mutual political trust would be conducive to the ongoing efforts of the two countries to cooperate more closely. To promote broader and deeper cooperation, we should try to add strategic dimensions to China-Ireland relations by adopting a strategic approach and allow our leaders to engage in intense and meaningful discussions and consultations, with open and innovative minds and an unmistakable readiness to strive for win-win results.

How would you sum up why China is an attractive place to do business, what are its main draws and advantages for Irish companies, in your opinion?After 35 years of high-speed growth, China still has great potential for rapid, sustainable development. It would be fair to say that today’s China is a land of opportunities.

Everybody agrees that China’s continued prosperity will do good to the rest of the world. Chinese leaders have on many occasions articulated China’s resolution to faithfully follow a path of peaceful development as well as its willingness to share development opportunities with other nations.

As the world’s largest developing country, with its huge population, China’s household consumption and urbanisation rate are both relatively low, and the Chinese Government has introduced policy measures to boost consumption and facilitate urbanisation,

“Some of my colleagues consider Xi’s visit in 2012 to have been the best publicity

campaign in making Ireland better known to millions of people in China.The best advice that I could possibly

give to Irish companies is: Be prepared, for cultural differences as well as

differences in laws and regulations.”



which would open up new prospects and possibilities for foreign companies to flourish in China.

Boosted consumption and accelerated urbanisation can have tremendous effects on China’s economy, including its demand for high-quality products. Besides, China’s demographic shift to an older society is worthy of the attention of Irish companies.

To sum up, I should say China is attractive because it is a booming economy with not only a solid foundation, a favourable investment climate and a good track record, but also tremendous potential and loads of opportunities. For Irish companies, China is both a great market for quality products and a promising source of investment.

Vice president Xi Jinping’s official three-day visit to Ireland in 2012 was a significant marking of the relationship between the countries. Do you feel such high level visits have widespread implications and benefits for business, and if so, how?Yes. As was evidenced by Vice President Xi Jinping’s historical visit to Ireland in February 2012 and Taoiseach Enda Kenny’s visit to China a month later, high-level visits are of great significance to both countries in political, economic and cultural terms.

From a business perspective, such a high-level, high-profile visit not only helps to strengthen political trust between governments, but also creates a great opportunity for intense and effective publicity, with news media of both countries playing an active role in informing one country’s general public, business leaders and potential consumers of the other’s strengths, character, pride and charm.

Such a visit can definitely help to arouse mutual interest, promote mutual understanding, and open doors for mutually beneficial cooperation. Some of my colleagues consider Xi’s visit in 2012 to have been the best publicity campaign in making Ireland better known to millions of people in China. It was after seeing and reading the media

coverage of that particular visit that many Chinese business people began to find Ireland interesting and attractive. Some might have said to themselves, “I didn’t know Ireland produces best quality baby formula milk powder and other dairy products.”

Sometimes, high-level visits can also advance major cooperation projects. For example, during President Xi’s state visit to four countries in EU this March, China’s cooperation projects and business deals with France and Germany amounted to €25 billion.

It was in March 2012 during Taoiseach Kenny’s visit to China that our two countries decided to establish a Strategic Partnership for Mutually Beneficial Cooperation, which started a new chapter of our bilateral ties. The past two years has witnessed many success stories of Irish companies entering partnerships with Chinese companies.

What advice would you give to Irish companies seeking to expand their presence into China, what are the vital steps in terms of building relationships with Chinese businesses?Precise knowledge of oneself and precise and thorough knowledge of threats and rivals would lead to success and victory. For Irish companies with aspirations to expand into China, one of the top priorities should be familiarising themselves with China’s particular national conditions, especially China’s investment climate, business etiquette

HE Ambassador Jianguo Xu Chinese Ambassador to Ireland visiting The Cliffs of Moher.


12 | The Ireland China Journal The Ireland China Journal | PB

and social norms.The best advice that I could possibly

give to Irish companies is: Be prepared, for cultural differences as well as differences in laws and regulations. Before going to China, you need to do your homework, consult with others and have all the important questions that you can think of answered.

The steps that it takes to build a relationship with a Chinese business is not that different from what it takes to build a relationship with a British business – perhaps the three key steps are to know, to like and to trust, but you should be mindful that the Chinese speak a different language and would probably have a different way or habit of thinking; you should make sure that your messages are articulated and correctly understood.

Do you believe Chinese businesses and consumers currently have a well-defined awareness of Ireland, and what it offers?I believe we are getting closer to that, and continued publicity and education efforts should be made to help Chinese businesses and consumers have a well-defined awareness of Ireland.

Thanks to the conscientious, tireless efforts of the Irish Embassy in Beijing, Enterprise Ireland, Bord Bia, and other active players including the Ireland China Business Association and Asia Matters, more and more Chinese business people and consumers are interested in Ireland, and the economic cooperation between our two countries is closer than ever. Well-defined awareness would mean easier market access, better outcome of publicity endeavours, and favourable conditions for brand building.

I believe more can and should be done to ensure that the advantages and good quality of Irish products are recognized by a greater number of potential Chinese consumers. Once this is done, the market share will be significantly boosted.

Do you expect to see an increase in China’s direct investment in Ireland?China has accumulated tremendous sovereign wealth and needs to find more viable investment channels. Quite a

number of private companies in China have done so well in the past ten years that they are looking beyond China’s borders for investment opportunities. As Ireland’s economic situation further stabilizes and turns for the better, it is regaining confidence from the international investors including those from China.

On a personal level, what are you enjoying most about living in Ireland, and what are your feelings on the economic crisis?I arrived in Dublin in March at a time of revivification. My wife and I have already been impressed by this country’s beautiful scenery, rich culture, vibrant history and, of course, friendly people. In a word, my life in Dublin has been so far so good, with a lot to look forward to.

The Irish people have worked constructively and cooperatively with the Irish Government in the past few years to address challenges arising from the economic slowdown, and to build Ireland into a more resilient and dynamic economy. The courage, persistence, forbearance and wisdom of the Irish people are worthy of the respect and admiration of the entire world.

China has never lost confidence in euro and has always firmly supported European integration. At the outset of the euro crisis, China decided without any hesitation to enhance its cooperation with Europe in various fields, with a view to overcoming difficulties together with European countries. Five years later, the European debt issue has eased off, euro has remained strong and further European integration is underway.

I am impressed by the remarkable work the Irish Government has done to cope with the crisis, with the enviable support of its people. I believe that with solidarity, perseverance, right policies and practical measures, Ireland will soon recover to its full strength. I look forward to a day when the pride and glory of the Celtic Tiger are fully restored. A fully recovered Celtic Tiger equipped with all the wisdom gained in the aftermath of the crisis would be in a better position to contribute to world peace and prosperity.

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HE Ambassador Paul Kavanagh


The Government’s decision to establish a full Consulate General in Hong Kong has been noted in China as a further reflection of Ireland’s commitment to building a full and well balanced engagement with China, which soon will have the largest economy in the world, according to HE Paul Kavanagh, Ireland’s Ambassador to China.

“There are many sectors of natural synergy between Ireland and China, and it is imperative that we capitalise upon those opportunities to the benefit of both countries.”

After nine months in the role of Ambassador, Kavanagh says there have already been many highlights, a particular high point being the June 2014 visit to Ireland by H.E. Liu Yunshan, the fifth ranked member of the Politburo Standing Committee.

As well as meeting with the President, Taoiseach and Tánaiste, Mr Liu visited some leading Irish tourist sites and an Irish family farm. He also laid the foundation stone for the new Confucius Institute building at UCD. All of this received very positive coverage in the Chinese media. It follows the visit in October 2013 of Vice Premier Ma Kai to Ireland. “I have also been privileged to welcome three Irish Ministers to China – Minister Howlin and Varadkar and most recently Minister Bruton for a significant trade and investment mission,” he says.

“It was a great thrill for Irish people

the world over when this past March, the Chinese authorities illuminated the Great Wall of China in green as a mark of friendship and solidarity with Ireland. The Irish Government appreciated this gesture very much.”

Another highlight, though less high profile, he says, was an Open Day for Young People held at the Embassy recently. “It was hugely rewarding to engage with the young, and very smart students from various universities in Beijing.”

“Most had never been to Ireland, but knew about Ireland through our music or literature, and it was wonderful to witness

Nurturing a strong education relationship between Ireland and China will have a significant strategic benefit, which goes well beyond tuition revenue, HE Paul Kavanagh, Ireland’s Ambassador to China, tells Lynne Nolan.

Promoting Ireland




their curiosity for all things Irish. It is these young people, and their Irish counterparts, who will be the drivers of Ireland-China relations into the future.”

The visits of the GAA Hurling All-Stars to Shanghai last November and of the ladies’ GAA football All-Stars to Hong Kong in March were both a great success too, he says.

In line with the strong policy commitment of the Government of Ireland and in the framework of the 2012 strategic Partnership Agreement between Ireland and China, Ambassador Kavanagh says his overarching objective in the role is “to broaden and deepen the already very positive relationship and, in doing so, to help generate opportunities in areas such as trade and investment, education, agri-food, tourism, science and technology.”

According to Ambassador Kavanagh, he is fortunate in that his assignment to Beijing represents his fourth ambassadorial appointment overseas. Before Beijing, he was Ambassador to France for four years and, previously he was the Permanent Representative to the United Nations in New York.

His very first (three-year) overseas diplomatic assignment was in the team that established Ireland’s Embassy in Beijing, in 1979. During his professional life, he worked for 14 years for the UN, including almost a decade in the cabinet of the United Nations Secretary General in New York during which time he supported the Secretary General’s engagement with Asia and elsewhere.

“I was privileged to meet China’s national leaders over an extended period of years. I believe my 36 years in the profession both in the bilateral and multilateral dimensions working for Ireland and for the world organisation, have helped me a lot in meeting the challenges of my current responsibilities.”

He describes his wife, Rosemary, as “one of those committed and patriotic spouses of the Irish Ambassadors who devote themselves to supporting the Ambassadorial function, the Embassy’s upkeep and the organisation of an intensive professional and social outreach programme on behalf of Ireland.”

“In our case, the government truly does get two for the price of one and I am the immediate and principal beneficiary,” he says.

Ambassador Kavanagh is “privileged to lead an excellent diplomatic and wider Team Ireland in China,” he says, comprising the Embassy, the two Consulate Generals, in Shanghai and Hong Kong respectively as well as the main state agencies, Enterprise Ireland, IDA, Bord Bia and Tourism Ireland.

“We are all the beneficiaries of distinguished colleagues who preceded us in China over the years. The Team in China benefits from a strong sense of empowerment and commitment that has been imparted to us by the Government at home,” he enthuses.

“Above all, my colleagues and I benefit from the closeness and warmth of the friendly relations that exist between Ireland and China.”

Of the economic reforms being rolled out in China, many are in areas of particular strength and direct relevance to Ireland, he says. Enterprise Ireland carefully studied China’s 12th Five Year Plan, and the reforms announced at the Third Plenum of the Central Committee of the Communist Party, and has identified opportunities for Irish companies in the areas of financial services, clean technologies, ICT, pharmaceuticals, agricultural technologies, medical devices and education services.

“Irish companies have developed innovative technologies and approaches in these areas which I, along with Team Ireland in China, am working to promote.”

Asked what impression people in China typically have of Ireland, he says that “for very many Chinese people, their initial awareness of Ireland comes through contact with Irish culture – whether music, dance or literature.”

“These associations are very positive and Ireland is fortunate to have such a strong cultural offering. In the political and commercial arenas Ireland is also known for its high technology and strong agricultural sector – linked to images of green fields.”

Awareness of Ireland is still significantly more limited in China than in more established markets or countries with large Irish communities, however, he concedes. “We need to work hard to improve and expand awareness of Ireland as an investment, tourism and study destination, and as a source of quality imports.”

The relationship between Ireland and



China has been developing very positively to the satisfaction of both governments, he believes. “This is evidenced not just in the frequent high level visits in both directions, but also in the growing trade, cultural and education links. The agri-food sector has demonstrated particularly rapid growth, with Irish food and drink exports trebling in only three years.”

He describes the bilateral relationship as becoming “more mature and multi-faceted and we are seeing genuinely mutual benefits accruing increasingly.”

This is evidenced, he says, in the innovative partnerships between Irish and Chinese Universities and in the efforts which are being made to expose young Irish people to Chinese language and culture at an early state – particularly through the inclusion of Chinese on the new Junior Cert Curriculum.

The parallels between the histories of Ireland and China, in terms of economic and social transformation, is “something which is often pointed out to me by Chinese interlocutors. Although the two countries are vastly different in terms of size and population, we have followed similar development trajectories – transforming from a poor agrarian society to a modern economy based on high technology.”

“I would also argue that Chinese and Irish people, in arriving where they are today, have experienced similar psychological journeys during our perspective modern histories. We have

each had our experiences of the colonial era and both peoples have known mass hunger in the modern era. Happily, we have now emerged from our past with confidence and with a strong sense of pride in who we are.”

There are a number of different aspects of Ireland’s development which are of particular interest to China, he says. “As is widely known, the Chinese leadership paid particular attention to the Shannon Free Trade Zone in establishing its own first Special Economic Zones – and the Shannon model continues to be of interest to visiting Chinese delegations.”

China also wants to know more about how Ireland has successfully developed as a high tech hub – as many provinces, particularly in China’s East and South, are now seeking to move up the value chain from low-cost manufacturing, he comments.

“Most recently, I have seen particular interest in how Ireland drives innovation in its economy, and in the close ties between education and industry.”

Commenting on the benefits and impact of having high profile visitors from Ireland to China, he says “high level visits in both directions help nurture warm and friendly political relations between Ireland and China, which provide an essential context for business in all other areas.”

“In a number of key sectors of interest to us, the direct support and intervention of the Chinese Government is essential for business to take place, and face to face

HE Ambassador Paul Kavanagh addressing Students



meetings between high level Irish and Chinese Government representatives are important in moving dossiers forward.”

High-level visits impart significant momentum to the efforts of all those who are working to advance relations between the two countries and people across a broad front, while playing an important role in raising Ireland’s profile in China, he comments.

“It is extremely valuable for an Irish company to be able to introduce an Irish Government Minister to their Chinese clients, for example, while media coverage of high level visits also helps raise general awareness of Ireland and the opportunities we offer.”

The key priority sectors, as identified by Team Ireland in China, are agri-food, education, financial services, ICT, life sciences, aviation, clean-technologies and tourism. Culture also offers important opportunities, he says, not just as a business sector in its own right, but in generating awareness and positive messaging about Ireland.

To encourage the two countries to cooperate even more closely, he believes there are more opportunities which remain to be fully capitalised upon within the priority sectors that have been identified. “We need to work closely together, government and business, to identify and maximise those opportunities.”

“While there have been many positive developments in education relations in recent years, I would like to see this grow more quickly and strongly – there is significant strategic benefit in nurturing a strong education relationship, which goes well beyond tuition revenue.”

The Technology Growth Fund agreed in 2014 and jointly funded by Ireland and China affords an excellent platform for building close partnerships between Irish and Chinese companies in the high tech space, he says, and “we are hopeful that success in this field will form a template for similar advances in these sectors.”

Promoting Ireland as an attractive destination for Chinese investment has been one of Ambassador Kavanagh’s priorities in his role, working closely with IDA, which has offices in three Chinese cities.

Some of the key advantages which resonate well in China include Ireland’s position as the only English-speaking country in the Eurozone, our existing, very strong track record in attracting and supporting FDI and, of course, the ready access to the European market, he says.

“We are promoting Ireland as the ideal partner in the EU and in the Eurozone for Chinese corporations, which are ‘going global’ in Europe.”

Advising Irish companies seeking to expand their presence into China, he notes that “in some respects, the skills needed for doing business in China are not that different from anywhere else in the world – a clear and rigorous business plan, effective sales and marketing skills and the ability to cultivate strong relationships are all essential.”

“I would also advise companies not to automatically expect quick wins in China. Yes, the market is big and full of opportunity, but it is very competitive. Companies which are serious about expanding into China must be prepared to put in the necessary time, resources and effort. Those that do this are normally rewarded.”

“The sense of being witness to an extraordinary process of transformation and adjustment in this ancient land whose economy will before long be once again the largest one the planet” is what Ambassador Kavanagh enjoys most about living in China.

“The dynamism and the sense of historic transition are very pronounced. It is a fascinating time to be able to compare and contrast the China of today with that of 35 years ago when the process of reform and opening up was launched, at a time when I was the junior member of the diplomatic team that established the Embassy of Ireland.”

Above all, he says, there is a sense that Ireland and China have strong complementarities which may be developed for the benefit of both countries and people.

“Together with my wife, I am greatly enjoying the burgeoning changes underway in Chinese society, in the arts and culture, and in how young people engage with society.”

A&L Goodbody


With bilateral trade between Ireland and China at approximately €8 billion and growing, A&L Goodbody is continuing to develop strong working relationships with many of the top law firms, corporates and universities in China, as well as with all of the various regulatory, representative and governmental agencies involved in Sino-Irish trade. This is being done with a view to boosting bilateral trade figures and securing A&L Goodbody’s role as the leading Irish law firm for providing advice and support to

Chinese companies exploring business or investment opportunities in Ireland as well as Irish and international clients in relation to their Chinese business interests. Managing Partner Julian Yarr said that “investment into Ireland is a key driver in the recovery of the Irish economy and this initiative continues to be a key part of the firm’s strategic international growth”.

The Chinese Lawyers Programme, while devised in 2010, was officially launched by Taoiseach Enda Kenny in

A&L Goodbody’s Chinese Lawyers ProgrammeA&L Goodbody’s Chinese Lawyers Programme is proving a huge success not only in developing A&L Goodbody as the “go to” Irish law firm in China but also and most importantly in building recognition and awareness of “Brand Ireland”.

A&L Goodbody


Julian Yarr, Managing Partner“Investment into Ireland is a key driver in the recovery of the Irish economy and this initiative continues to be a key part of the firm’s strategic international growth”.

Marie O’Brien, Partner and Head of China Programme“Sending A&L Goodbody lawyers to China, means the firm develops its knowledge and understanding of Chinese business culture and in a practical context we learn how best to progress transactions efficiently in China’s legal, governmental and regulatory environment not to mention building strong relationships which is a key driver to success in China”.

March 2012 in Beijing and to date over 35 senior lawyers from the top Chinese law firms have spent up to six months in the firm’s Dublin office. During their time with A&L Goodbody, the Chinese lawyers also have the opportunity to work in-house with clients or government agencies. A&L Goodbody also runs a University Internship Programme through which it has hosted 10 students to date from leading Chinese universities. The expansion of the Chinese Lawyers Programme to incorporate students means A&L Goodbody is building a strong working relationship with the feeder universities to the top law firms and corporates in China.

Lawyers from A&L Goodbody have also similarly been working in the offices of Chinese law firms on a secondment basis both in Shanghai and Beijing. Marie O’Brien, who heads up the China Programme said that “sending A&L Goodbody lawyers to China, means the firm develops its knowledge and understanding of Chinese business culture and in a practical context we learn how best to progress transactions efficiently in China’s legal, governmental and regulatory environment not to mention building strong relationships which is a key driver to success in China”.

China is a key source of future

investment in Ireland and A&L Goodbody is committed to its investment in China. This is demonstrated by the Chinese Lawyers Programme which is the first and only programme of its type run by an Irish law firm.

“The Chinese Lawyers Programme is the first and only programme of

its type run by an Irish law firm.”

Enterprise Ireland


Since arriving in China at the end of 2012 to head up Enterprise Ireland’s operations here from my previous posting in Paris, I have been struck by a number of observations – some contradictory: Whilst Ireland enjoys a very warm relationship with China at government level with frequent high level political visits in both directions, culminating in the visit of President-elect Mr Xi Jinping to Ireland and the reciprocal visit by An Taoiseach in 2012 and numerous high level Ministerial visits since then, awareness of Ireland in China as a whole actually remains quite low. Irelands overall trade with China has more than doubled in the last 10 years to reach €8bn, (the service element has increased by over 250% in that period in Irelands favour), yet the experience of Irish-owned companies in building up sales to this market over recent years has been mixed, with some key successes which I will outline in this article, but more worrisome trends have also been noticeable which I sought to better understand before reviewing and refining the Enterprise Ireland strategy for this key market which will take us into the next 5 year period to ensure that Irish companies are well placed to participate in the next phase of China’s economic development as it eventually becomes Irelands fourth largest trading partner by 2030 or sooner.

The multitude of impressive statistics concerning the Chinese economy need no further elaboration here – the rise of its

middle class with their spending power makes the Chinese consumer market, with its increasing sophistication, a critical component in any global brand’s fortunes, the development of infrastructure at breakneck speed in cities that many Europeans will never have heard of has greatly facilitated logistical operations across the country, whilst the appetite for new technologies amongst young Chinese trend-setters has spawned products and business models in China that have not yet emerged in Western markets. It is sometimes asked of me whether the slowing growth rates in the Chinese economy should cause concern for Irish companies to which I emphatically answer no – on the contrary – this is a sign of China moving from a “growth at all costs” model to a sustainable growth trajectory as China becomes a mass consumer society that relies more on the service sector, thereby presenting more opportunities for foreign companies prepared to offer their products and services in China.

Yet such is impressive nature of the China story that it has actually led to a gold rush of foreign companies dropping tools in existing markets to seek a piece of the action before it becomes too late. This is a fatal error and has been as pervasive a phenomenon amongst Irish companies as other Western countries with whose trade promotion agencies, I am regularly in contact. The top line export growth rate for Irish companies in China is encouraging – 19% in 2012/2013

Gary Fallon Director of Enterprise Ireland China

EXPORTING EAST

Enterprise Ireland


figures are currently being compiled although a similar growth rate is projected) Yet there is considerable concentration in the numbers, meaning that a relatively small number of companies are accounting for a relatively high proportion of the exports. Are these companies operating in a specific sector with particularly attractive growth rates? No – they are operating across a broad number of sectors from food to education services - what sets them apart from their peers is the level of preparation, resource investment and patience that they have demonstrated in building up their sales in China in a sustainable way. In fact, a very large percentage of Irish companies that were exporting to China in 2006, were no longer exporting here 5 years later – which is critical for us to understand before mapping out our strategy for the next 5 year cycle – what are the main pitfalls encountered by Irish exporters to China, how can these be mitigated and what exactly is the role of EI in the grand scheme of things?

First, a word about culture which is often the first aspect of doing business which is mentioned by companies when coming to China for the first time – the tendency is to focus on the perceived cultural differences that set China apart from other export markets. I would contend that the Chinese way of doing business is remarkably similar to Ireland in many ways, especially the strong relationship aspect which renders even the most compelling business proposition secondary to the effort invested in building a trusted relationship with the Chinese business partner. This was as much the case in France when I was there as in China or even in Ireland – as one senior French businessman once said to me when we spoke about the cultural differences between the 2 countries and specifically the tendency of French business people to form close circles of trusted business partners through long standing relationships often having been formed through the elite business school system – I pointed out that in Ireland we did not have such a closed network, he replied – no but you have the GAA.

“Irelands overall trade with China has more than doubled in the last 10 years to reach �8bn, (the service element has increased by over 250% in that period in Irelands favour).”

Enterprise Ireland


Many Irish companies that approach us in the China offices have made the decision to come to China on a very opportunistic basis – an informal contact may have been made that has indicated some level of demand for the companies product or service or the decision is taken within the management team of the company that China simply has to be part of the export strategy as to omit it would be to relegate the business to low growth markets that are classified as “mature” or “developed” and therefore less interesting. I empathise strongly with the challenges of SMEs in growing international sales having worked in one in the earlier part of my career and I believe that Irish-based SMEs have an additional challenge over their peers in larger markets where the necessity to export becomes important much earlier in the growth stage than would be the case for an SME operating out of a much larger domestic market. Yet the single biggest obstacle to Irish SMEs building scale internationally is the tendency to straddle many markets and penetrate

none, leading to an unsustainably high cost of sales which will ultimately doom the company to low growth or even stagnation. With regard to China, this is the single most important aspect we will hone in on when assessing a companies readiness to come into the market.

A company that seeks to export to China without considering the implications or understanding the time and investment needed to build up a sustainable business in this market will most likely exit prematurely and have wasted any efforts expended at the outset. This has unfortunately been a feature of the Irish export story in China of late. By way of illustration of the level of investment required to develop a sustainable business in the Chinese market, the Dutch Embassy in Beijing recently conducted a survey amongst the 400 or so SMEs from that country with a presence in China and amongst the varied business aspects they probed was the amount of time it took them to generate a profit from their Chinese activities- the average was 4 years across all sectors.

Enterprise Ireland works closely with companies to assess and validate the opportunities that may exist for them in China for a particular product or service and to help inform the decision making process within the company- but once the decision has been taken to expand into China, it needs to be based on a full understanding of the investment in time and resources that will be required - with buy in from senior management and stakeholders of the business –to bring the business onto a sustainable footing. The EI team will thereafter work hand in hand to help deliver on sales plans that have been clearly and realistically articulated.

The second most common pitfall encountered by Irish companies in China is a so called “low cost” market entry strategy which generally trying to identify a partner at the outset whose role will be to open up opportunities in the market for and on behalf of the Irish company. The export trends for Irish companies in overseas markets confirm that this approach is destined

Philip Singleton, Senior Market Adviser

Enterprise Ireland


to fail and too often results in poorly performing legal partnerships having to be unravelled at a later stage – resulting in much lost time in building up sales, but also in the second hand market information being channelled back from the partner to the company which neutralises the reactivity of the Irish company to market trends and evolutions.

Whilst it is an absolute imperative to work through local partners in developing the Chinese market – for any sector, a trusted, high performing partner, can only be identified once the company has already invested in generating end-user demand themselves and appointing partners to service that demand. This will take time and is a process that cannot be short-circuited.

Enterprise Ireland runs very impactful training courses on all of these sales aspects, details of which can be found on our website or through a conversation with your Development Advisor.

There are, of course, numerous examples of Irish companies who have successfully approached the Chinese market and are reaping the benefits today. Protech Performance Plastics, a subsidiary of One51 ES Plastics Ltd. is an industry leader in injection moulding technology and engineering solutions who seek to add value at every stage

of their customers supply chain. The company first came to China in 2007 by opening a rep office in Shanghai with a small engineering team who steadily built up a reputation as a trusted partner for die casting, pressed metal parts and tooling. This presence grew over time to become a Wholly Owned Foreign Subsidiary (WOFE) in 2010 to entrench themselves as trusted partners for their growing customer base with full R&D support. Protech identify the success of their market entry strategy to having a structured approach to the market, a

clearly defined customer sector based on a well articulated competitive advantage, sufficient resources at all stages of the business growth, consistent technology development and constantly remaining close to their customers. Another key aspect of the Protech success story is the recruitment of key staff in Shanghai and building a strong corporate culture which

“The top line export growth rate for Irish companies in China was 19% in 2012 and a similar growth rate is expected for 2013 when the figures are released.”

Enterprise Ireland


seeks to marry the best of Chinese and Irish business practices with transparent lines of communications and frequent trips by Irish-based senior management to the Shanghai operation to meet the team and the customers. Protech plan to expand their business into new sectors such as electronic products and the consumer sector in the next 3 to 5 years and are constantly refining their production and technology development to maintain a position of strength in these fast growing sectors.

Another example of a successful market entry strategy by an Irish company is Cylon Controls who had developed an industry leading reputation in the building management systems sector in the Irish and British Markets prior to coming to China in 2008. Cylon expanded into the Chinese market due to the tremendous growth opportunities at a time when the building industry was slowing down in their core markets. They quickly found a market that was extremely competitive with up to 45 different brands from countries such as the US, Australia, Canada, the UK, Germany, Singapore and Korea. To compound the challenges was a strong domination in the market by 3 global powerhouses - Siemens, Honeywell and Johnson Controls, representing a combined 80% market share.

Cylon’s establishment in China took almost 1 year initially via a rep office in Beijing with a Shanghai team established by the following year. Today there are 7 full time staff working for the company across the 2 offices who focus on sales, marketing and technical support. Cylon emphasise the relationship aspect as a key to winning business in China but equally important in their view is a strong product portfolio, with advanced technology and an ability to execute well. Finally, a full understanding of the market conditions and competitive offerings is critical in such a crowded marketplace.

In reflecting on their market entry strategy, Cylon believe it was important for them to focus on a geographical area that they could handle – in their case Beijing and Shanghai, and equally small and medium sized projects where

they felt they were better able to compete without a global brand. Their customers especially value high quality pre and post sales service. In the absence of a large marketing budget, Cylon decided to focus on key landmark projects which would catapult their brand recognition into the industry champions league. After 2 years intense commercial development, Cylon won the first LEED Platinum certified project in Beijing – the Beijing Green Parkview Square – a futuristic expansive retail complex in the Central Business District of some 260,000 square metres. In Shanghai, Cylon was selected for the largest commercial complex project - the Shanghai Yuexing International Harbour (680,000 square metres) (the signing of which was witnessed by the Taoiseach in 2012). Today Cylon works closely with the Enterpise Ireland China team as part of the Clean Technology cluster which is a key focus sector in the new strategy for China.

A full directory of Irish companies with a presence in China with complete profile information can be found on the Enterprise Ireland corporate website or by downloading the Enterprise China app on the app store. Also available on the app are a summary of the Enterprise Ireland priority sectors in China, key initiatives, events and information on the Education in Ireland cluster.

We look forward to discussing any aspect of a companies export plans for China wither via the China market desk in Dublin or through our 3 in-market offices

Gary FallonDirector, Enterprise Ireland China

KPMG

PB | The Ireland China Journal The Ireland China Journal | 25

KPMG is a strong supporter of the emerging business ties between Ireland and China.

We provide audit, tax and advisory services to over half of all major Chinese investors in Ireland, and have supported a range of indigenous Irish companies with their initial start-up and subsequent expansion in China.

Our commitment to both markets is clear. Across Ireland, we have close to 2,000 professionals in 4 cities. In China, we have 9,000 professionals across 16 cities. In addition, we have a dedicated, bilingual Ireland-China team.

As a member of that team, I split my time between Beijing and Dublin, with a focus on corporate strategy and M&A. Since arriving in Beijing in 2008, I have been fortunate enough to work with some outstanding companies and their China successes, as well as seeing firsthand the risks and lessons learned that come with operating in such an environment. As Chinese companies globalise, I also increasingly work with Chinese investors going abroad.

For some (though not all) Irish companies and

entrepreneurs, with careful planning, operating in China can be commercially attractive. At our recent ‘China in 2014’ event in Dublin, our Global Chair for China, Peter Fung, mirrored this when he outlined some of the pros and cons that Western companies face in China today. In short, for an increasing number of companies, Sino-Irish business makes sense.

Whether it’s the obvious synergies in agri-food and technology sectors, or the appeal of a specific investment opportunity, good ideas work best with good planning. That’s where our experience makes a difference – whether it’s testing the feasibility before an investment, or helping you implement on the ground. From technical tax queries to finding a reliable distributor, we have people with the knowledge and skills to support your China-Ireland venture.

If you’d like to learn more about how KPMG can help your business, please get in touch.

Christopher Brown, Associate Director+353870504389, [email protected]

KPMG

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To find out more contact Barrie O’Connell (Audit), Brian Daly (Tax), Declan Keane (Advisory)

at 353 1 410 1000.

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© 2014 KPMG, an Irish partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. The KPMG name, logo and “cutting through complexity” are registered trademarks of KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

EasternPromiseAdvert_landscape.indd 1 27/05/2014 13:33

Interview Elaine Couglan


Interview Elaine Couglan


In January this year, Atlantic Bridge Capital and WestSummit Capital launched Summit Bridge Capital to manage the US $100 million China Ireland Technology Growth Capital Fund.

The Fund’s strategy is focused on making equity investments in fast-growing technology companies with a presence in Ireland that have a substantial or strategic interest in China, and in Chinese fast-growing technology companies that have a substantial presence or strategic interest in establishing a presence in Ireland as a

gateway into the broader European market.Summit Bridge Capital is a joint venture between Atlantic Bridge, a growth equity fund focused on technology investments with offices in Dublin, London and Silicon Valley; and WestSummit Capital, a premier China-based, global growth stage technology investment firm, investing in Internet, mobile, cloud computing and IT-enabled clean tech sectors with a focus on rapidly growing enterprises that have a substantial presence in or a strategic interest in China.

The $100 million China Ireland Technology Growth Capital Fund combines capital and value creation for Irish companies, leading them to a powerful network in China, Elaine Coughlan, general partner and co-founder at Atlantic Bridge Capital and Summit Bridge Capital, tells Lynne Nolan.

Joining forces

The International Building Materials Group

CRH plc, a FTSE 100 and Fortune 500 company, is a leading international building materials group headquartered in Ireland, with stock exchange listings in London, Dublin and New York.

CRH completed its first investment in China in February 2007 with the purchase of Harbin Sanling Cement (capacity 0.65 million tonnes) in northeast China. In early 2009 CRH established a more significant position with the acquisition of a 26% associate shareholding in Yatai Building Materials (‘Yatai’), the leading player in China’s north-eastern provinces (Heilongjiang, Jilin and Liaoning) and a top ten cement supplier in China.

Since early 2009, Yatai has increased its cement equivalent production capacity from 14 million tonnes to over 30 million tonnes, and started the production of ready mixed concrete, aggregates, and pre-cast concrete structures. Yatai continues to have strong ambitions to grow and is a primary consolidator of the cement and concrete industries in north-eastern China.

As Chinese building materials’ markets evolve, CRH looks forward to developing this business with its partner and to expanding its range of building products as the construction materials market develops in size and sophistication. Also in China, the CRH owned Halfen Group distributes a wide range of high value-added technical products for the construction accessories sector throughout the country.

Today, CRH employs approximately 13,000 people in China together with our local partners, and the corporate head-office for all of CRH’s China operations is based in Beijing.

www.crh.com

CRH.indd 1 15/07/2014 08:49

Summit Bridge Capital:The Growth Technolog y Fund investingin Chinese and Irish Companies.

For further details or to submit an investment proposal visit www.summitbridgecapital.com

Summit Bridge is investing in fast growing technology companies with the following criteria:

Companies with a presence in Ireland that have a substantial or strategic interest in China

Chinese companies that have a substantial presence or strategic interest in Ireland as a gateway into the broader European market

Established Revenues and strong growth prospects

Investing in technology companies in sectors such as Internet, Software, Semiconductors, Cloud, Big Data, Clean Technology, Food, Medical, Agricultural and Financial Sectors

The Fund is co-managed by Atlantic Bridge and West Summit Capital and supported by the Ireland Strategic Investment Fund and China Investment Corporation.

Interview Elaine Coughlan


“The significance of that for an Irish company is that they’re getting access to a global platform, multiple cities, a whole infrastructure, and what we call the China Value Creation Platform,” comments Elaine Coughlan, general partner and co-founder, Atlantic Bridge Capital and Summit Bridge Capital.

This team in China has built multiple billion dollar Chinese companies, which were then launched in the US market, and through that process has built up a huge amount of relationships, strategic know-how, Government relationships, network management, talent, suppliers, customers, and distributors in China, Coughlan explains. “Access to that network is very powerful for an Irish company.”

“It’s quite focused, smart capital. China is a massive market and it’s a very difficult market for companies outside to enter, so we think that the combination of both capital and value creation, having this platform to help these companies, is very powerful,” Coughlan comments.

This platform helps companies avoid a lot of the mistakes that other companies make going into China: selecting the wrong partners, the wrong markets, setting up in the wrong regions and not having the kind of engagement they need with some of the strategic Chinese markets, she says.

“It’s difficult to hire top quality local management talent without networks, local know-how and rules, what you need to do, where you need to be and who you need to be working with, and so, we aim to overcome that.”

Atlantic Bridge has been working with WestSummit Capital, which closely partners with leading companies across the globe to realize the full potential of developing their businesses in Greater China, for the past three years.

Sponsored by major financial institutions in Asia, Europe and North America, WestSummit Capital also has “a bridge strategy to help US companies expand in China”, and Atlantic Bridge has a strategy for scaling European companies in the US Coughlan notes, and “you can see that we’re both doing the same thing in different markets. We came

together with a shared vision of using WestSummit’s China Value Creation Platform in China with Atlantic Bridge’s Irish and European platform, and that’s how we came together with this idea of Summit Bridge.”

The “high calibre team” from WestSummit Capital are jointly managing the fund with Atlantic Bridge. “This combined strong team have been working together for the last three years, even before the fund, and that helps in achieving a successful outcome. We know each other well and are very focused as entrepreneurs and investors in technology, with a long track record of building successful companies, both in Ireland and China and the US.”

“They’re all the ingredients. Companies don’t just need capital to enter the Chinese market; you need expertise and value-add, you need networks, investors that are going to open doors, help you win customers in China, that are going to

“China is a massive market and it’s a very difficult market for companies outside to enter, so we think the combination of both capital and value creation, and having the China Value Creation Platform to help these companies, is very powerful.”

Elaine Coughlan with Minister of Finance Michael Noonan, Minister of Foreign Affairs Eamon Gilmore and the Atlantic Bridge West Summit Capital Team.



help you overcome regulatory hurdles, help you to set up and hire people.”

The fund is hugely significant both for the tech sector and the Ireland-China relationship, as it’s “differentiated”, she believes. “China is a market that cannot be ignored, it’s a market that we have to tap into successfully and scale within. It’s a market where senior, competent relationships are critical and they take a long time.”

This new fund is aiming to attract up to $200 million in further investment from other funds to plough into Irish technology companies looking to break into the Chinese export market.

“Generally speaking, this fund is backed by two funds that would have very strong brands internationally. We collectively co-invest with about 60 or 70 international funds in all of our companies, which brings all of those relationships to the table.”

Investment in companies tends to be by way of international co-investor syndicates, she explains, where three parties come together for US $20-30 million. “That’s what’s really critical, that we have those relationships.”

“Atlantic Bridge itself has invested

in a portfolio of Irish companies and we’ve brought about another US $100m in additional international co-investment into Irish companies from those relationships. It’s all about access to international capital, having relationships with US funds, Asian funds, Chinese funds and with European funds, all looking to back good companies.”

Chinese e-commerce giant Alibaba Group, which recently filed registration documents to go public in the US in what may be one of the biggest initial public offerings in American history, “has invested in one of our companies”, Coughlan reveals.

Atlantic has been working on establishing the fund since it was first mooted in 2012, which has quite a specialised mandate, and Coughlan concedes that a lot of Irish companies have concerns over the Irish market and the process of getting relevant companies focused on China takes time.

“We’ve come across a number of companies that are ideally suited to the Chinese market. They’re not there yet, takes time to get them strategically ready to re-orient themselves and their products and pricing to that market. We have a



“Companies don’t just need capital to enter the Chinese market; you need expertise and value-add, you need networks, investors that are going to open doors, help you win customers in China, that are going to help you overcome regulatory hurdles, help you to set up and hire people.”

lot of deal activity, and a lot of inbound interest as well. We’ll make investments this year.”

The Fund, supported by the NPRF and China Investment Corporation (CIC), targets companies operating in core technology sectors such as internet, software, semiconductors and clean technology and areas of technology for which the Fund’s strategy is uniquely positioned, including but not limited to agriculture, food, medical and financial services.

The sectors that have been identified as particularly suitable for exporting into China include agri-tech, food-tech, and precision engineering. “Agri-tech and precision engineering are industries traditionally that didn’t get venture capital, but I think their opportunity to scale in China is quite large.” ICT also holds huge potential, both hardware and software, Coughlan believes, and “anything that improves food quality and food yield in China is of huge interest to them.”

“Ireland with its agricultural and engineering background actually has quite a number of companies that are leaders in their field and haven’t yet or maybe just made the initial steps into China.”

The fund expects to take minority stakes in up to 15 established Irish technology companies over the next three-to-five years. Coughlan explains that “generally speaking, these are equity positions, not buying companies, just helping them expand into China and taking a minority position. The companies are still controlled by the management and the board.”

Atlantic Bridge, “which is a bridge into the US market”, tends to invest in Irish companies. “We heavily invest here in R&D and core functions of the business located here in Ireland. In terms of winning customers and expanding internationally, you need to export globally, we put a lot of our management teams into the US markets and that’s been a very successful strategy for us. Equally, we think that strategy could be replicated into China.”

“China is probably going to overtake the US as the largest buyer of technology, that’s as an enterprise and a consumer. The Chinese companies will start acquiring Western technologies companies as we go forward. Right now, the five largest acquirers in the tech sector are in the US.”

Fostering strong trade links, particularly in the tech community

between Ireland and China, is something Summit BridgeCapital is very focused on, in terms of the long-term vision for the fund, Coughlan comments, and “we’d like to roll out a couple of initiatives within the next 12 months, really focused on starting to build on those types of relationships.”

Ensuring CEOs of Irish companies have access to CEOs of Chinese tech companies, and building those senior relationships in critical sectors is also important. “We’d like to leverage them to the benefit of Irish companies. It’s a tremendous opportunity for those links and relationships to be developed.

We have the opportunity to invest capital and help companies be successful.”

“Strategically, this is very important for the tech community in Ireland, this fund is able to bring together world-class teams in a specialised market. It’s not just tech, it’s a broader mandate than that. If we have some successes, success breeds success, it’s something we can build on again in the future.”

Trade Mission


The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, completed a 5-day, 3-city trade and investment mission to China and Korea on June 26th 2014 which was jointly organised by Enterprise Ireland and IDA Ireland.

This is Minister Bruton’s 21st trade/investment mission since taking office 40 months ago. This Government has doubled the number of trade missions since taking office, as part of its strategy to support increased exports and jobs.

41 Irish companies are participating on the trade mission with the Minister.

The 5-day mission to Beijing, Shanghai and Seoul comprises a total of over 40 meetings and events, including:

• 16 meetings/events aimed at supporting increased exports by Irish companies to Asia, by facilitating contacts and enhanced relationships with Asian companies and public bodies, organised by Enterprise Ireland.

• 13 meetings with Chinese and Korean companies considering investing in Ireland, organised by IDA Ireland.

• 6 meetings with Government Ministers and Agencies, as part of a strategy to build relations with the Chinese and Korean Governments on economic issues.

• Key note speeches at two high-level China Ireland Technology Summits in Beijing and Shanghai organised by Enterprise Ireland/IDA Ireland with Atlantic Bridge and West Summit Capital.

• 3 meetings with Chinese and Korean media, as part of the plan to communicate the story of Ireland’s recovery around the world.

Speaking during the trade mission, Minister Bruton said:

“At the heart of the Government’s plans for jobs and growth is our determination to rebuild a new sustainable economy based on exports, innovation and enterprise. We have

Irish Business in China on the rise.

Autelan and Accuris Networks Join Forces to Deliver Secure, Seamless Wi-Fi Offload to Asia-Pacific Carriers.

Trade Mission


put in place a range of new supports for exporters, including extra resources in foreign markets for the job-creation agencies, a new Potential Exporters Division in Enterprise Ireland, tax incentives to attract key multinational executives and to support Irish companies to place staff in foreign markets, and we have also doubled the number of trade missions.

“Key growth markets in Asia are particular targets, and since the Taoiseach and I travelled to China in 2012 on a high-level official visit, the Government has stepped up our efforts to improve our performance in exports to this region. This has started to show results, with for example a 23% increase in Irish companies’ exports to China in 2013. On the FDI side, China and Korea are home to some of the biggest companies in the world, many of whom are interested in Ireland as a gateway to Europe.

“Given the opportunity that exists in these massive markets, I am determined to build on this progress, further increase our exports and support the jobs in Ireland that we need”.

The programme for the trade and investment mission has been organised by the Agencies of Team Ireland and the Irish Embassy in each country.

COMPANIES ON THE RECENT TRADE MISSION TO CHINA WITH MINISTER BRUTON, ENTERPRISE IRELAND AND THE IDA.

Life Sciences (9 companies) Enterprise System PartnersAlimentary HealthInnopharma LabsArraVascOcucoRKD ArchitectsTrulifeZenith TechnologiesCreganna Medical

Cleantech (4 companies) Cylon ControlsRR ProjectsIrish Packaging RecyclingC&F

ICT (9 companies) CarTrawlerClavis InsightOnwards LearningOpenjawAccurisChina HRDatalexKeelings SolutionsSwrve

Financial Services (3 companies) FineosFexcoIntuition

Galway med tech firm ArraVasc wins multi-million euro contract in China.

Minister Bruton with HE Ambassador Kavanagh and Shanghai officials.

Fexco


FEXCO, Ireland’s most successful multinational financial and business solutions provider with operations in 28 countries worldwide, has over 25 years’ experience in Tax Free Shopping and has partnered with Ireland’s leading retailers, including the Guinness Storehouse, Coach, Avoca Handweavers and the Blarney Woolen Mills, to name but a few. FEXCO’s innovative Horizon card was developed to eliminate the hassle of filling out complex tax back forms for tourists visiting Ireland from outside the EU.

FEXCO’s Head of Tax Free Shopping, Danielle Maloney, said of the service: “FEXCO has been operating Tax Free Shopping in Ireland for more than 25 years and, over the last number of years in particular, we have seen a 38% increase in Chinese tourists using the Tax Free Shopping service throughout Ireland, including popular destinations such as the Blarney Woollen Mills, Guinness Storehouse, Kilkenny Shop, Avoca Handweavers

and Kildare Village. We have partnered with hundreds of leading retailers across the country to ensure that customers using our service have a seamless shopping experience wherever they go, and can avail of the great value that Tax Free Shopping has to offer.”

To avail of Tax Free Shopping with FEXCO, simply log on to www.shoptaxfree.com to order a Horizon card, or collect one at any of the FEXCO Horizon affiliated retailers located across the country. When paying for your purchases, simply present the Horizon card to the sales person and, when leaving the EU through an Irish airport, visitors must swipe their FEXCO Horizon card at the FEXCO kiosk in Terminal 1 or 2 at Dublin airport, or at Cork or Shannon airport for a fast and efficient way of claiming back sales tax.

Tax Free Shopping is available to visitors from non-EU countries, once the purchases are exported within three months of purchase.

With the recent launch of the British-Irish Visa Scheme, a reciprocal visa arrangement whereby Chinese visitors will only need one visa to travel freely between the UK and Ireland, there has never been a better time for our Chinese friends to visit the Emerald Isle and benefit from Tax Free Shopping

Tax Free Shopping from FEXCO

Fexco


FEXCO is Ireland’s most successful multinational financial services and business solutions provider, with operations in 28 countries worldwide. Founded and headquartered in Ireland in 1981, FEXCO employs 2,100 people across Europe, the Middle East, Asia, North America, Latin America and Australasia.

FEXCO Commercial Foreign Exchange Services was established in Ireland in 1995 and provides a full suite of Spot and Forward Foreign Exchange Services to a variety of sectors including Corporate, SME, Government, Retail and Insurance. In 2013, FEXCO Commercial FX Services was launched in the UK.

Joe Redmond, MD of FEXCO’s Foreign Exchange Services Division, explains how important it is for Irish companies that trade outside the euro zone to protect their income, margins and reputation, by ensuring that they have a reliable Commercial FX services provider who will help manage their FX exposure risk and make sure their international payments to overseas suppliers are executed accurately and on time, every time.

“For the best part of twenty years, FEXCO has been acknowledged by corporate Ireland as an important alternative to the banks for Commercial FX Services. No other specialist FX provider operating in the Irish market has comparable credentials or experience in this sector.

“Companies large and small are investing significant time and resources in opening up new international markets. The moment a deal is successfully completed is the moment the company concerned will need to put in place the appropriate FX risk management and cross border payment arrangements. FEXCO has the expert team, on-line systems, treasury operations and international payments infrastructure in place to support the FX risk management and cross border payment requirements of businesses in Ireland and the UK.

“By using FEXCO Commercial FX Services for forward contracts and international payments,

clients protect their businesses from the effects of unforeseen and adverse foreign exchange rate movements, while freeing up all important cash flow.”

Joe Redmond

Providing safe and secure Commercial Foreign Exchange services for over 30 years

FEXCO

Commercial FXServices

Interview Sitao Xu


Ireland has proved itself as a hub for multinationals, demonstrated by the presence of European headquarters and supported by its pro-business environment, according to Sitao Xu, Chief Representative of the Economist Group in China.

Xu, who is also Director of Advisory Services for the Economist Corporate Network in China and Director of Global Forecasting, China, at the Economist Intelligence Unit, adds that “in light of the

economic downturn the Irish economy has been experiencing, valuation of certain assets have become attractive to Chinese investors.”

“Certainly, China uses Ireland as a springboard for investment opportunities in Europe, a view Ireland has accepted. In certain areas, such as education, healthcare and IT, where explosive growth is expected, Irish firms have certain competitive advantages.”

Sitao Xu, Chief Representative of the Economist Group in China, discusses China’s rapid growth over the past 30 years, how China will become Ireland’s second largest export market for food, and exceeding the US economy by 2030.

Growing Power

Interview Sitao Xu


Many Irish firms are attracted to breaking into the Chinese market to “undertake viable and lucrative business opportunities, given that China currently stands as the second largest economy in the world and strives to be the first, competitive labour market and growing power in East Asia region.”

Foreign businesses may initially face difficulties with regulatory practices, language barriers and mastering Chinese business etiquette, he warns.

He attributes the increasing trade between Ireland and China to Ireland having “a successful economy with an established legal environment, a dynamic workforce, its participation in the European Union and its proximity to the United Kingdom.”

In 2012, total bilateral trade between the two countries amounted to €4.3 Billion, compared to the figure of €890 Million in 2008, he emphasizes.

“China mainly exports parts of household appliances, office machinery and textiles while it imports services, chemicals and pharmaceuticals. In the near future, China will become Ireland’s second largest export market for food,” he comments.

“In contrast to the rapidly growing trade, Chinese investment in Ireland is negligible. However, there is massive potential for Chinese investment to make further headway. In fact, China’s outbound investment, which has been gathering momentum, is only at its initial phase of a long upward term trend.”

Asked about the positive lessons the Chinese Government learned from the economic downturn in Ireland, Xu stresses that “in any economic downturn caused by bubbles from over leverage and credit booms, it is important for the Government to embrace austerity programs and demonstrate a political commitment to balance its books.”

China’s rebalancing is different, however, he says, “shifting away from over dependence on investment and its identity as a manufacturing powerhouse, towards boosting domestic consumption.”

In addition, the CCP has started to rein in the excessive borrowing of local Government, which has led to a burgeoning total local debt of 17.9 trillion yuan (June 2013), he says.

“In a way, the Chinese Government,

particularly local ones, who have relied on pump priming for sustainable economic growth, will have to avoid fiscal stimulus even if the economy is slowing.”

Looking at the main parallels between Ireland and China, Xu believes that both countries need to see future demand beyond their national borders. “China has been able to achieve rapid growth within the past 30 years by opening up to foreign investment and boosting exports.”

Its GDP in 2012 was 8.2 Trillion USD, a figure that has increased almost eightfold compared to a decade ago. “Once again, China will look outward to address its current challenge of overcapacity, especially in the manufacturing sector, by building a foreign base of customers. Likewise, Ireland, a small labour force of approximately 4.5 million people, looks outward to garner greater demand to boost its domestic economy.”

Currently, the main disruptive industry within China is e-commerce, with consumers spending around US$74.03 billion in the first

Sitao Xu, Chief Representative of the Economist Group in China

“China needs to implement sustainable policies that take environmental protection and the structural challenge of an aging population into consideration.”

Contact us today

T:1890 246800E: [email protected]

www.fexco-cfx.comCommercial FX

Services

At FEXCO CFX we are committed to protecting your profits to support your growth while delivering a fast, efficient, safe and secure service.

Don’t

with your Forex Future

Gamble

FEXCO Corporate Payments trading as FEXCO Commercial FX Services is regulated by the Central Bank of Ireland and is regulated by the Financial Conduct Authority for the conduct of payment business.

FEXCO A4 ADVERTS DONT GAMBLE.pdf 1 10/06/2014 15:36

Interview Sitao Xu


quarter of 2014, almost a 30% increase compared to Q1 of last year, he says.

Within the next two years, it is expected that China’s e-commerce will exceed the United States. “In particular, Alibaba, an online site, has dominated e-commerce and faces challenges at home, from anti-trust regulators and garnered the envy of Chinese Government for having so much data on its citizens.”

Asked about the current economic situation in China and the main economic and business developments that he has been reporting on this year, Xu explains that “the Chinese economy is in the midst of experiencing a slowdown in growth due to both cyclical and structural factors.”

“In terms of cyclical issues, China’s past rapid economic growth was propelled by over-investment in industries, particularly in the manufacturing and construction sectors, and in total, over-investment has amounted to nearly 50% of GDP (2012).”

Due to the heavy reliance on land sales and other political considerations, local Governments have spent massively in recent years on investment, he says. In addition, fiscal stimulus has worsened

the already over-capacities in a number of sectors such as steel and cement, therefore, China must look for external demand to mitigate overcapacity and to rebalance its economy.

“Excessive investment, which has allowed China to enter the upper middle income bracket, will no longer help if it seeks to become a high income country. Rather, China needs to implement sustainable policies that take environmental protection and the structural challenge of an aging population into consideration, on top of rising wages.”

“Despite the new norm of slower growth rate, and reaching maximum absorption of labour, China is expected to exceed the US economy by 2030,” he adds.

Contact us today

T:1890 246800E: [email protected]

www.fexco-cfx.comCommercial FX

Services

At FEXCO CFX we are committed to protecting your profits to support your growth while delivering a fast, efficient, safe and secure service.

Don’t

with your Forex Future

Gamble

FEXCO Corporate Payments trading as FEXCO Commercial FX Services is regulated by the Central Bank of Ireland and is regulated by the Financial Conduct Authority for the conduct of payment business.

FEXCO A4 ADVERTS DONT GAMBLE.pdf 1 10/06/2014 15:36

“The main disruptive industry within China is e-commerce, with consumers spending around US$74.03 billion in the first quarter of 2014.”

Stepping Out


Breaking into the China market successfully can seem like a daunting task for companies with limited or no experience of doing business there. New market entrants can find their China success stymied through a poor understanding of local business conditions and brand fit in the market. Many foreign companies experience trouble introducing their brands into China because they fail to put in the research and effort up-front to understand the opportunity.

China is a powerhouse and it represents huge potential for Irish goods and services but its sheer size, scale, regulatory environment, heterogeneous nature and rapid evolution present distinct challenges for new players. An aspiration to enter this dynamic market requires courage and determination and a more than a little help in-market. Jussara Bierman of global branding agency Rare HQ says, “We have seen too many businesses fall on their faces in China because they have over-rated the country-of-origin effect, trusted distributors, taken a one-size approach, or had a DIY attitude. China requires a discrete mindset, commitment, and insight, and this can only be reliably informed through on the ground market research”.

“Success depends upon previous preparation, and without such preparation there is sure to be failure.” Confucius

To establish your footprint and mitigate risk you need to do your homework. In

developing a market entry strategy a company needs to leverage off third party consultants, such as market research and brand specialists. Good market entry studies provide practical and actionable findings, and identify any potential roadblocks and weaknesses in your company’s product or service offering. Whilst desk research and consultation with home market advisors and well-meaning Sinophiles will provide some insights, nothing beats in-market analysis.

There are some basic tenets to be followed once you have determined that you want to test the China opportunity. Firstly you need to consider what your company’s objectives are in China, and then begin to examine the market, from the potential geographical location of target consumers to the size and nature of the opportunity. There are some standard questions that need answers before developing a China strategy, explicitly:

• Which markets (at provincial or city level) are suitable for your products?

• Who are the players in the market?• Who are your competitors? • How competitive is the market for your

products?• Through what channels are similar

products sold?• What are the price differentials?• What opportunities, trends, threats

or barriers are present in the market, specifically for your brand, product or service?

Determining whether your business is a goer in China is several times more nuanced and complex that you may first think and will take you right out of your comfort zone. By Shauna Upton

Stepping Out in China

Stepping Out


• How does your brand translate into market – packaging labeling, naming, story and so on?

• Do your products stand a fighting chance in the new market?

Rare HQ has designed Kickstarter packages to help companies answer these critical questions as they begin to explore the China business opportunity. The packages extend from independent market analysis, to customised market tours and workshops.

“In initial discussions with companies investigating China entry we are continually surprised at how ingenuous they can be, with no comprehension of the investment needed or how their brand fits in the China context”, says Jussara Bierman. “Exporters need to be involved in building their market presence in China. Whilst distributors can offer a path to market they will not invest in building a brand that they do not own. Sustainability in China requires a well thought-out strategy to market”.

“One of the most important things is

localising your brand. Without time on the ground most businesses don’t understand the implication of this. Smaller brands often think localising is to stick on a Chinese label. But really it’s about being able to present your brand as a foreign brand in a Chinese way.”

Whilst each company’s China strategy is likely to be informed by any number of different factors – from industry sector, product type, company size and culture, through to long-term business aims and global corporate vision, market intelligence gives you market insight and first-hand knowledge that will help you tailor your brand and determine your best entry vehicle into the dynamic market that is China.

Contact: Shauna Upton, Account Manager at Rare HQ Ltd – [email protected]. Rare HQ - www.rarehq.com - is focused on supporting companies to build and strengthen their brand on the international stage. Rare HQ has recently launched its China market entry Kickstarter packages - www.china-kickstarter.com

Arthur Cox


On June 22, China and Ireland will have enjoyed 35 good years of diplomatic relations. In his recent visit to Ireland, senior CPC official Liu Yunshan described bi-lateral relations as “forming a multi-layered exchange pattern of trusting each other politically, benefitting each other economically, and learning from each other culturally.” This deepening relationship can be symbolised by the laying of the foundation stone for a new dedicated Confucius Institute building attended by Mr Liu. It is the first of the 450 such institutes around the world to have received Chinese government funding for a dedicated building and matched by the enthusiastic support of the Irish government. As the two countries gain greater insight into the culture and opportunities on offer in their respective

nations, bi-lateral investment will continue to grow.

What does Ireland have to offer Chinese investors and businesses? For individuals there are attractive investor schemes which provide a residency visa in return for investment into a range of attractive options, including access to Ireland’s once again growing property market and investment funds. A recent joint announcement by the UK and Irish governments promises that from autumn 2014 Irish visa holders can travel to the UK without separately applying for a UK visa.

For businesses, Ireland has been named as the ‘best country for business’ in rankings carried out by renowned US financial magazine Forbes. The rankings are determined by grading 145 nations on 11 different factors: property rights,

Ireland: The Emerald Isle with a dash of Jade

Arthur Cox


innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance. Ireland is the only country that ranks among the top 15 per cent of countries in every one of the metrics examined to gauge the best countries.

Ireland has 70 double taxation agreements including a particularly favourable one with China.

This combination of factors makes Ireland an excellent base for international companies to access Europe and the US, and to effectively and efficiently manage the profits, functions and shareholdings associated with their international businesses.

Other key considerations include:

Trading 12.5% tax: A corporation tax rate of 12.5% applies to profits of companies trading in Ireland – whether Irish or otherwise. This attractive rate – while still being an onshore company,

attracts many different types of operations – banking/financial services/IP exploitation/leasing/sales offices and many more.

Tax Efficient Holding Company structures: Private holding companies set up in Ireland provide tax efficient mechanisms for holding shares in subsidiary companies, and EU subsidiaries in particular. Not only do such companies benefit from certain tax exemptions but the governing company law regime offers great flexibility. Many private companies and family holding vehicles have chosen Ireland as the base of their European or intermediate holding companies. Advantages for holding companies in Ireland include dividends being payable without withholding tax to countries with which Ireland has a double taxation agreement, certain capital gains tax exemptions on share disposals, a lack of CFC legislation, no thin capitalisation rules and relief from stamp duty on share transfers within 90% groups.

Arthur Cox


To find out how Arthur Cox can help you, call us on: +000 (0)0 000 0000

Excellence means new opportunitieswith arthur cox you can expect sound judgment and advice. You can expect

in-depth sectoral expertise that will find new solutions to secure your success.

You can expect a total commitment to your business – a genuine partnership

that gives you the confidence to move forward and embrace new opportunities.

With Arthur Cox you can always expect excellence.

D U B L I N | B E L F A S T | L O N D O N | N E W Y O R K | S I L I C O N V A L L E Y

Expect Excellence.

To find out more about our firm and how we can assist your

organisation, please contact Caroline Devlin, Partner and

Head of China Group on: +353 1 618 0585

www.arthurcox.com

We support our clients as they reach out and enter new markets.

DCNYF Irish China Business Assoc, July 2014.indd 1 01/07/2014 09:13:31

Arthur Cox



Excellence means new opportunitieswith arthur cox you can expect sound judgment and advice. You can expect

in-depth sectoral expertise that will find new solutions to secure your success.

You can expect a total commitment to your business – a genuine partnership

that gives you the confidence to move forward and embrace new opportunities.

With Arthur Cox you can always expect excellence.

D U B L I N | B E L F A S T | L O N D O N | N E W Y O R K | S I L I C O N V A L L E Y

Expect Excellence.

To find out more about our firm and how we can assist your

organisation, please contact Caroline Devlin, Partner and

Head of China Group on: +353 1 618 0585

www.arthurcox.com

We support our clients as they reach out and enter new markets.

DCNYF Irish China Business Assoc, July 2014.indd 1 01/07/2014 09:13:31

Finance and leasing: Special purpose vehicles (SPVs) for leasing and structured finance transactions, including aircraft leasing companies, financings for international groups, synthetic and cash flow CDOs, asset-backed commercial paper programmes, securitisations and a host of other financing transactions, are common in Ireland and are designed to minimise tax leakage and maximise return for investors. These transactions have made Ireland a global hub for financial services and enable Ireland to offer maximum benefits to international companies and investors in Asia.

Intellectual Property: There are numerous advantages for multi-national companies with large intellectual property (“IP”) portfolios who locate and manage these portfolios in Ireland. A very effective tax rate can be achieved for Irish companies whose trade involves the exploitation of intellectual property. The Irish IP regime is broad and applies to all types of IP. A generous scheme of capital allowances as well as a tax credit for money invested in research and development in Ireland offer significant incentives to companies who locate their activities in Ireland.

Funds: Ireland is a leading on-shore location for global funds, there are currently approximately €970 billion in net assets in funds domiciled in Ireland. Ireland offers a highly regulated funds environment and requires independent custody and administration arrangements for all its funds. The Irish funds regime provides for both UCITS and non-UCITS funds, Ireland has been the fastest growing UCITS funds domicile and UCITS funds account for almost 80% of Irish domiciled funds. In addition to being subject to a legal and regulatory framework that is tailor-made for the funds industry, there are a number of beneficial tax provisions for funds domiciled in Ireland. These include there being no Irish tax levied on regulated funds and also no annual

subscription tax for funds, which marks Ireland out from other jurisdictions. Certain Irish funds are also particularly attractive for use in investing in a variety of investments, including in particular Class A shares in China.

As is evident from the already well-established pattern of inward investment into Ireland by the world’s multi-nationals, Ireland has a lot to offer. Its well publicised tax regime and well regulated yet business friendly system facilitates investors. The system is adapting already to suit Asian investors, and will continue to do this to remain in its pre-eminent position as a location of choice for inward investment. The Irish personality is a welcoming one, and we have found this is important for our Asian clients where we will need to continue to engage and learn from our Asian business colleagues which will keep Ireland relevant and growing through this “Asian Century”.

Caroline Devlin, Partner and Head of the Asia-Pacific Group at Arthur Cox

The Ireland China Journal News


ICJ News

Ireland wins major prize from tour operator Ctrip Travelling in China is next to impossible without Ctrip these days. It’s the country’s largest online travel agent and it offers services to more than 90 million members.

So it’s positive news indeed that Ireland has been named “best potential destination” for 2014 at an awards ceremony in Shanghai, organised by Ctrip.

To triumph in the category, which judged the destination offering the most potential for Chinese travellers, Ireland fended off competition from Turkey, Sweden, South Africa, Dubai, Kenya and Queensland.

Over the past two months, almost three million Ctrip members took part in an online survey, nominating their favourite travel destinations.

China is becoming one of the most important travel markets in the world, and outbound travel from China has grown at an exceptionally high rate over recent years, with the number of international trips growing significantly and forecasts for the next decade suggesting an even greater rise.

The award was presented to Tourism Ireland at the fifth annual Ctrip “Best Tourism Destination” awards in Shanghai, attended by about 300 travel industry leaders from around China, including tour operators, travel

agents, airlines and travel media.Niall Gibbons, chief executive of Tourism Ireland, said

he believed the China market represented a significant opportunity for Irish tourism and said the award was a positive indication of the increasing awareness of Ireland among Chinese travellers.

“We are committed to growing visitor numbers from China – from approximately 17,000 visitors in 2012 to 50,000 per year, over the coming five years,” he said. “I am confident that this award will enhance the reputation of the island of Ireland and help to attract more Chinese visitors in 2014 and beyond.”

Tourism Ireland has offices in Shanghai, Beijing, Guangzhou and Chengdu.

Access to Ireland from China is set to improve this year, although there is still no sign of a direct flight.

Turkish Airlines offer the best connection to China from Dublin via Istanbul

With Daily connections to Beijing, Hong Kong, Shanghai, Guangzhou and in Mongolia Ulaanbaatar.

Emirates also connects Dublin with four Chinese cities – Beijing, Shanghai, Guangzhou and Hong Kong – transferring via Dubai. Emirates will also double its daily flights to Dublin, from September 1st.

C-Trip The Giant Chinese travel agency sees potential growth in Ireland



Samco


Nominated for last year’s Ernst & Young Entrepreneur of the Year Award, Sam Shine is no stranger to accolades and recognition for his innovation in business, having positioned Samco Agricultural Manufacturing at the forefront of modern farming techniques.

The original inventor and patent holder of Samco’s flagship 3-in-1 machine, Samuel Shine founded Samco, headquartered in Adare, Limerick, in 1997.

The Samco System involves the use of a 3-in-1 machine that sows Maize Corn Seed, sprays a pre-emergence herbicide on the soil and lays a thin layer of degradable mulch film over the soil, increasing air and ground temperature and protecting the young seedling from adverse weather and late frosts.

Responding to the growing popularity of maize worldwide, Samco’s system enables farmers to produce a high yielding, high starch and high energy home-grown animal feed in an economical way.

Sam developed the machine to guarantee local farmers a crop of quality forage maize in a cool, less than favourable, climate for maize corn growing. Crucially, the system has proven its ability to work across the globe in a variety of climatic conditions, boosting the company’s growth in international markets.

“We have 35 employees in Ireland, but we’ll probably double very quickly, within two years. We will have more people in

Sam Shine, founder of Samco Agricultural Manufacturing, plans to double its workforce in Ireland within two years as it responds to China’s efforts to produce more food, he tells Lynne Nolan.

Solving the maize in China

Samuel Shine, managing director, Samco

China, but the Canadian market is also growing very fast for us, our French, Dutch and Belgian markets are also growing.”

“We started out as a machine manufacturer, to design a machine to lay degradable film on the soil, to warm the soil so we could grow a crop of maize in Ireland.”

In addition to manufacturing the machines, the company also manufactures the degradable film for their system, proven to increase temperature which ensures rapid plant growth throughout the season

Samco


Dong Province – to manufacture the degradable plastic, the company is now “starting to sell our machines into the Chinese market, so we have some machines sold and many trial sites to prove our system.”

“It’s such a large market it can be difficult to keep up with the interest they have in our system.

“They want to produce more food and our system allows them to grow a consistent crop every year, particularly in the north of the country where they produce a lot of milk and beef.

“They also have a very dry climate and regions that are very cold. When we lay the film on the soil, that prevents evaporation, which is not the case for us here in Ireland, so the formulation of the film we produce is different for that market.”

“Our Samco System guarantees the farmers in China a successful crop of maize every year, warming the soil with the degradable film and storing in the moisture in arid regions.”

and also protects the young plant from early frost.

Samco, which now exports to more than 20 countries, “started from zero really”, he says. The turning point for the company came seven years ago with the “degradability and consistency of the film.”

“We finished the design of the machine quickly, however the biggest hurdle was the film itself, to make sure it was degradable, acceptable for the environment, strong enough to lay on the soil, weak enough to allow the plants emerge and would eventually degrade.”

Sam attributes Samco’s growth to its R&D programme, which the company “puts quite a lot of money back into,” with the company investing time and financial resources at many trial sites in Ireland, the UK and many parts of Europe.

“Our research into the technology in the film that we produce and the degradability, has really stood to us. Our research on the types of crops we grow and the yield benefit, the measuring of the temperature and the yield and the end of the crops life, are where our technology is today.”

After setting up a factory employing 25 people in China – located in the Shang

Damian Tobianski, Samco Representative, with the first 60 HD type Samco Maize Drill sold to the Chinese market

Samco


The company manufactures and assembles the machines at its headquarters in Adare, where it employs two Chinese people who are being trained in sales with a view to setting up there in two years, and he advises other companies that “you need people working with you that are from China, otherwise it’s difficult to do business.”

Although there is “massive growth” in China, “you possibly couldn’t meet it, but you only want a certain percentage of it. For us, China is a huge market and has huge potential, but we will need to have more of a presence there if we are to continue and support it, because you have a time difference, you have a language difference and you have a different way of doing business, and it’s not always easy to do it from so far away.”

The company’s target customers in China are the big suppliers of milk and beef, with most of them based in the colder regions, “with similar conditions to Ireland, in the summer time anyway. They have colder winters. We can cope with that, because we understand the temperatures and the demand for food and maize for animals, which is absolutely enormous.

Although Shine expects most of the company’s machine production will continue in Ireland, “if you’re producing a quality product and you have to

guarantee it to the market, you’re better off to do as much here, but maybe some assembly there.”

The Samco Machine sows the seed in a growing channel formed by the seeder, laying a thin layer of degradable mulch film over the soil before spraying the pre-emergence herbicide both inside and outside the film for weed control.

Samco manufactures and supplies its Samco 3-in-1 machines and a range of degradable mulch films to customers growing Forage Maize, Ground Ear Maize, Grain Maize and Sweet Corn, with three different machine sizes available: 6 Row, 4 Row, and 2 Row.

Other products include the Samco Field-Lift and the Ground-Breaker, with the latter incorporating field levelling and stone picking and above all ultimate strength for many years of hard work.

A solution to on-farm storage, the company’s newest machine, the Samco Bagpress, is a system to store animal food in a wet format, bagging 200 tonnes per hour due to its large 500mm auger.

“Usually wheat or barley is dried down to 14% so you can store it, but this system allows us to store it in a fermented state at a higher moisture at a cheaper price.” Samco is still testing and running through an R&D programme on the Bagpress, which will be on sale in a year’s time, he reveals.

With many people in China working

Samco MD Samuel Shine and Ming Yang with some Chinese Clients

Samco


seven days a week, it is vital that Irish companies make themselves available, he warns, as “they don’t tend to take a lot of time off. They’re always available themselves on the phone, so you have to adhere to that, you can’t just shut down.”

Business people in China are “quite reasonable people to deal with, but there is a lot of discussion and time spent to get into the market with meetings and meetings about meetings. It takes time,” Shine comments.

“It’s a very big country and you can meet a lot of people who you can’t do business with, so you have to visit them, talk to them, see where they’re from and understand, to build a relationship with them. They’re a lot about building relations and you have to adhere to that. You have to socialise with them, drink with them and eat with them, to build that bond. Rather than the product or the price, it’s a connection that you have to make,” he stresses.

Another factor to consider is the exchange rate with businesses in China working in US dollars and “that can vary quite a bit. It’s easy enough to get bank guarantees from them, but the bank exchange rates is a big thing. We’ve seen some big fluctuations up and down with the dollar.”

Most importantly, Shine believes Irish companies seeking to establish a presence in China should take the time to find a good partner there.

“The big thing is not to sign any agreements with anyone until you find the right partner. I think that’s the key to it. There are so many to choose from, it’s important not to be sidetracked when you look at the cost of some products in China and when you visit some of the trade fairs. You think you could make a margin from those products, but the main thing is to just focus on your business.”

Chinese people are similar to the Irish people in many ways, he notes, and “they like to do business with Irish people as we’re on an island and we’re unique and we have a very good name out there for food production, and they want our technology.”

Attending trade missions led by Ireland’s Minister for Agriculture, Food and the Marine, Simon Coveney TD, also “strengthened our agreements with some people in China,” he says.

Support from Enterprise Ireland with exports, setting up meetings and use of their facility has been “a great help to us, as it carries a lot of weight in a country if you have a representative from your Government there.”

“You need clout sometimes, because people in China tend to be very connected to their own policies and their own Government officials so we need to have the same on our side too to give it clarity.”

Competition in the market is healthy, he believes, and “we have seen some manufacturers in Ireland this year try to copy our product, our film, which is 90% of our sales. I think competition is healthy, it keeps us sharp and shows the technology we have.”

“We’re moving all the time on our film design and higher yields, by introducing different varieties where our strengths are, testing the varieties and testing the herbicides to go into the Samco system. That’s where our strengths lie, I think that’s where we’ll keep ahead.”

Ming Yang, Samco Sales & Business Development in China, with sweetcorn grown under the Samco System in China

Irish Packaging and Recycling


Des Crinion is calm about steering Irish Packaging Recyling (IPR) to further growth in China. He puts his success down to dealing directly with China and recognising the importance of building strong business relationships.

“When I took over the company in 2008 [Panda Waste bought Smurfit Kappa Recycling in 2007, and set up Irish Packaging Recycling] I wanted to go directly to China. We invested our time and secured the AQSIQ license in 2009. That allows us to ship directly to mills in China. We’re the only company in Ireland that currently holds one of these licenses.”

Previously dealing with UK and Dutch brokers for the same mills, with the license “I can cut out the broker and deal directly with the mill in China. I do the shipping and the exchange. All the deals are done in dollars, but I handle all of that directly. If there was any profit from buying and selling the material, any profit in the shipping or any profit in foreign exchange,

Paper money

we’ve taken that back in-house now,” he explains.

“Because we ship directly, we have full control over the shipping,” he explains, advising other Irish companies hoping to do business with China to “make use of resources at your door. We make good use of some of the shipping forwarding agencies that are in Ireland. They give you good help to ship to China, because it’s quite a complicated process.”

“It’s a difficult process to load the container in Dublin port, deliver it to the port, ship it to Rotterdam, trans-ship it to maybe Hong Kong and then trans-ship it to a smaller port. They will help you with that. When you’re doing business, get the finances correct and make sure your payments are made.”

“There are people in your community who can help you with these things; the bank, the Chamber of Commerce and the freight forwarding agents. You need to pick good partners.”

Des Crinion, managing director of Irish Packaging Recycling, the only Irish company to hold an AQSIQ license, has big ideas for introducing its zero landfill technologies across China, he tells Lynne Nolan.



our deals in, and then we decide whether we’re going to do any trade today or not. “

He encourages other Irish companies to hire Chinese nationals after their studies in Ireland, as they are “entrepreneurial, they came to Ireland to learn English or a skill, and they understand the Irish and Chinese cultures. They are the bridge in the gap.”

Since 2008, Des has visited China up to five times a year, but now typically twice or three times, he says. “I meet the people and we go to the mills and find out what their quality issues are, what the requirements are. It’s extremely important to spend time, both business and leisure, with these guys.

“We don’t want to be stuck as a trader of material, now we want to introduce technologies and machines to help them.”

Des, who has been working in the waste industry since 2005, after spending many years overseas managing large-scale agricultural projects, now manages a team of 120 people.

“We handle most of the recycled packaging in Ireland. We would have most of the big retailers, we serve three of the biggest retailers in Ireland nationwide.”

Along with exporting 150,000 tonnes of packaging materials, IPR collects and sorts out 70,000 tonnes of dry mixed recyclables, from the green and blue bins. “We make all the different products: paper, cardboard, plastic bottles, aluminium cans, steel cans and plastic film, out of those materials.”

The cardboard boxes and plastic collected and sent to the yard “gets bailed up, put into a shipping container, and we ship it to many countries, but the number one destination, 85% at the moment, goes to China.”

Recognising the importance of having people on the ground in China, the company employed two Chinese nationals, who had previously been studying in Ireland and are now based at its offices in Dublin and Shanghai. The company chose Shanghai over Beijing for its China office due to its proximity to the main paper mills.

“The important thing about having a presence in China is we get daily reports back on what the market is doing. I know exactly what’s happening every day on the Chinese recycled paper and recycled plastic markets, I can react very quickly.”

Part of the family-owned Panda Waste Group, IPR has grown to become one of the largest, fully integrated waste management companies in Ireland, employing 470 people and operating six fully licensed EPA sites.

As IPR is a family-owned company, Des benefits from the ability to “sell stock quickly or hold stock, and take advantage of market fluctuation. Our reputation is quite strong, a lot of the mills and brokers in China will actually come to us to find out about European, especially Ireland and the UK, market trends and what’s been happening on our side.”

Des’ first phone call every morning at 6:30AM is to his colleague at the Shanghai office. “I then ring the bank, find out where the US dollar is, because that’s what we do

Des with colleagues in China Plant.



We always give a day for each client, go for a nice meal. It’s not all just business.”

Establishing relationships with people in China is more important than anything else, in driving the business there, he advises.

Des recalls his first visit to a mill in China, during which he was forced to decline a lunch invite from the female buyer due to his “really packed” itinerary. After his visit to another mill the same day, which seemed to be going nowhere, he reluctantly agreed to go for dinner with the owner.

“We talked about everything except business: family, culture, Ireland, China, history, sports, you name it. About an hour and a half into the dinner he turned around and said: ‘OK, before you get back to Ireland there’ll be an order on your desk for 1000 tonnes.’”

“It clicked with me. These guys want

to do business with people they can trust.”

After returning to the woman at the first mill to apologise, “we didn’t do business for six months, but subsequently we became good friends. And now I know, every time I go to China, I must set aside a day for each person and probably have lunch and dinner with them, and maybe a few drinks, but you spend time with them. You can’t rush it.”

‘Face time’ is so important in China, he urges. “I have to go at least twice a year, even though we have the office there. You have to show up to win. You must be physically present and put in the ‘face time.’

The company has also welcomed buyers and owners from mills in China on their visits to Ireland.

“We show them around and introduce them to the culture, bringing them to the Riverdance show, Johnnie Fox’s, and to see Newgrange. I’ve brought them to the family house.”

IPR invited its clients to come on Enterprise Ireland’s trip to China with Taoiseach Enda Kenny in 2012, and “while we did not get any new clients, our existing clients really felt comfortable that we were on a Government trip and it strengthened our presence no end. It was very supportive.”

Selected as one of 10 companies from the clean-tech sector in Ireland, IPR will attend another Enterprise Ireland trip with the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, on June 23 this year.

“The reason we’re going this time is partly to strengthen our trading ties, but we’re also interested in bringing some of our intellectual property. We want to introduce some of our equipment and methods that we use in Ireland or Europe to China now,” he enthuses.

“Basically, we’re looking to build on the fact we’re a trading company. Now we want to be a manufacturing company and a company consulting with Chinese cities and towns, helping them to reach our recycling levels.”

Recycling in China is at a very low

Des Crinion with An Taoiseach Enda Kenny, Minister Richard Bruton and Chinese Colleagues

Des Crinion with Minister Richard Bruton



level compared to Europe, he says. “At the moment, the Chinese are in the middle of a five-year plan. The current five-year plan is very heavily focused on environmental issues and that’s why they’re very keen on European companies coming out and giving them guidance on landfill diversion.”

As a zero landfill company, IPR plans to introduce the technologies IPR uses to achieve that in Ireland, into China, he reveals.

“We have specific machines; some are off the shelf and some we’ve designed ourselves, but it’s how you put them together and you manage and operate the machines to get the most efficiency. I want to be able to introduce that to small to medium-sized Chinese cities and regions.”

According to Des, IPR stands apart from competitors as it has an office based in China and “we’re on the ground. We’ve incredibly well-respected.”

The number one threat to the business, however, is that China is actually recycling much more themselves, he says. “Five years ago there was no recycled paper in China, three years ago they had started but the quality was bad. Today they are recycling a substantial amount and the quality is quite good. We know the shift is happening, so we want to work with it and improve it.”

“We don’t want to be stuck as a trader of material, now we want to introduce technologies and machines to help them. We see that as the next step and how we’ll expand our business. We will continue trading, but we will also help by bringing our technologies to them as well. By doing that, they will see us as partner, rather than just someone they’re doing business with.”

Another threat to the business is the shortage of shipping containers since the economic downturn. “Because the balance of trade is actually changing the other way, there was always much more material coming from China to Ireland, so there was always a surplus of shipping containers in Ireland going back to China. That’s slowly changing.”

“If we increase our exports to China,

and we don’t import as much stuff and we increase our food exports, the shipping cost is going to go up substantially.”

The explosive growth of China’s emerging middle class with higher disposable incomes has boosted interest in products coming from outside China, Des believes. “There’s an inherent mistrust of products that are made in China within China, especially food.”

“For Irish food companies, the range of interest is everything from Baileys, Jameson and Guinness, to baby food, right down to speciality cheeses.”

With the lift on the European milk quota legislation scheduled for 2015, China offers a “massive, growing opportunity for Irish brands and Ireland should be promoting itself, like New Zealand. We’re green, healthy and offer excellent animal husbandry standards.”

Ireland’s food traceability and food safety standards should also be highlighted in China. “Ireland’s food quality is second to none. Kerrygold is the number one butter in Germany. That’s not by chance. We should be doing the same in China with our milk products as well.”

Looking to the future, Des intends to “build on the relationships we have, continue to be the number one supplier out of Ireland, and in the future we want to grow the tonnage out of Ireland by marketing other companies’ waste material, because we’re the biggest.”

“We want to grow on that and maybe look at shipping out of the UK and maybe some other parts of Europe.”

IPR plant in China

Baby Formula


According to Bord Bia, Irish export values for dairy product and ingredients exceeded €3 billion for the first time in 2013, an increase of 15% from 2012. This was mainly due to strong global dairy prices combined with increased Irish availability as the year progressed. Tight global supplies and a spike in Chinese demand led to international dairy prices reaching record levels in April (Bord Bia, 2013).

One of the strongest performing product categories is powdered infant formula. Irish infant milk Formula manufacture is the fastest growing sector in world dairy markets and approximately 15% of global supply is produced in Ireland. It contributes €620m to the value of Irish dairy exports, ahead of cheese (€600m) and butter (€542m) and utilises fresh milk and dairy ingredients such as skim milk powder, demineralised whey, lactose, whey protein (Teagasc 2013).

Over the last two decades, Ireland has become one of the world’s leading producers of infant nutritional products with the presence in Ireland of leading infant nutrition companies (Danone, Abbbott and Pfizer) (Food and Drink Industry Ireland, 2014). With the ending of milk quotas in 2015 and the easing of the one child policy

in China, production of powdered infant formula in Ireland is set to increase by 20% in coming years. This means ‘one in five babies in the world who are fed infant milk will use an Irish product’.

What is infant formula? Infant Formula is a breast-milk substitute formulated industrially in accordance with WHO standards, to satisfy the normal nutritional requirements of infants. The composition of infant formula is designed to contain the nutrients known to be important for growth and development of an infant. The most commonly used infant formulae contain purified cow’s milk whey and casein as a protein source, a blend of vegetable oils as a fat source, lactose as a carbohydrate source, a vitamin-mineral mix, and other ingredients, depending on the manufacturer.

2008 ScandalInfant formula is one of the fastest-growing dairy market segments globally, growing by more than €3.5bn in 2013. A large factor in this has been the ongoing increase in infant formula sales in China. Retails sales of infant formula in China is expected to grow

Powdered infant formula- an Irish success story

Dr. GrainneRedmond

Baby Formula


by 21 per cent this year to 91 billion yuan (€11bn) (Agriland, 2013).

China is still recovering from the 2008 Chinese infant formula scandal where melanine (a chemical used in plastic manufacture) was added to milk to give the appearance of a higher protein content. The scandal resulted in six infants dying from kidney stones and other kidney damage, and an estimated 54,000 babies being hospitalised. The issue raised concerns about food safety and political corruption in China, and damaged the reputation of China’s food exports, with at least 11 countries stopping all imports of Chinese dairy products.

The World Health Organization referred to the incident as one of the largest food safety events it had had to deal with in recent years, and that the crisis of confidence among Chinese consumers would be hard to overcome. Since the scandal, Chinese parents have shied away from homegrown brands in favour of foreign brands. At the moment, foreign infant formula brands now account for half the market, up from about 30 per cent before the scandal.

This month (May 2014) China has tightened controls on imports of infant formula as part of a bid to restore their dairy industry. New rules require dairy products produced overseas to be registered with the quality watchdog, or be barred from entry at China’s ports. A second regulation requires all formula sold in China to carry Chinese-language labelling affixed at the

source. China imported a record 1m tons of milk powder last year, customs data show. In the first quarter of this year, imports

rose nearly 24 per cent to 240,000 tons (Financial Times, 2014).

Why Ireland?Ireland’s temperate climate and grass

growing ability, combined with a dairying tradition give Ireland

a comparative advantage in the production of milk

within the EU. Irish dairy farming is generally operated on a seasonal grass based system, in that cows calve in

the spring and eat as much grass as possible in their 300 day lactation. Weather permitting, Irish dairy cows are generally grazed on grass pastures from March to October when the grass is in plentiful supply.

Another reason the industry has proved so successful in Ireland is the commitment from the key stakeholders involved to continually improve and innovate. The Irish government is committed to investing in scientific research and Ireland is now a Centre of Excellence in powdered infant formula expertise. Researchers at University College Dublin, Teagasc, and Food for Health Ireland are world leaders when it comes to research on

powdered infant formula. State of the art research

at these centres has led to improvements in product safety

(e.g. microbiology and risk assessment), new product development (e.g. anti-infective properties) and production.

The Irish dairy industry is renowned for being an early adopter of new technologies at producer level. The key manufacturers

Baby Formula


of powdered infant formula in Ireland and are keen to embrace these new technologies and work closely with and support the Research Centres mentioned above.

Ireland in also considered to have one of the best food traceability systems in the world which helps underpin Ireland’s global reputation for food excellence.

All the factors outlined above contribute

to the global success story the is the Irish powdered infant formula industry.

Authors’ DisclaimerEvery effort has been made to ensure that the information given in this article is correct at the time of publication. The authors assume no responsibility for errors or omissions. Neither is any liability assumed for damages resulting from the use of information contained in this article.


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DCNYF Irish China Business Assoc (CHN), July 2014.indd 1 01/07/2014 09:15:44

Irish Exporters Association


Established in 1951, the Irish Exporters Association (IEA) is the voice of the export Industry in Ireland, lobbying on behalf of Irish exporters on the issues that matter.

Simon McKeever, CEO of the IEA, explains that some of its work is “done loudly. Two of the big domestic issues we’re concerned about at the moment are competitiveness and access to finance for SMEs.”

Meanwhile, the association is “quietly working away with Government on those issues and others,raised by our members, so we have good working relationships with a lot of the departments, including the Department of Foreign Affairs and Trade; the Department of Jobs, Enterprise and Innovation; the Department of Transport, Tourism and Sport; the Department of Agriculture, Food & the Marine, and the Department of Finance.”

“We maintain very good relationships with them, so when a member raises something with us, we can go and talk to them and work together to find a solution,” he says.

The IEA’s supports and services for members include assisting companies in identifying new markets, increasing market share and developing their business overseas; providing education relating to export compliance; lobbying effectively for businesses, their sectors and promoting Ireland as a competitive trade location; export advice and assistance; and visa and legalisation services.

Connecting people through its network,

The Irish Exporters Association will grow to be the leading connecting and enabling force for Irish exporters in Ireland, its CEO Simon McKeever tells Lynne Nolan.

From Ireland with care

the association also runs a series of sector-driven and geographical subgroups, including Life Sciences Ireland, Food & Drink Export Ireland, the Asia Trade Forum, the Latin American Trade Forum, and the Africa Trade Forum; with the latter about to be re-launched.

McKeever, who has been at the helm of the IEA since November 2013, was the driving force behind the creation of the British Irish Chamber of Commerce, and spent 18 years working in global financial markets, with RBC, TD, and AIB Capital Markets.

His career to date has included senior executive roles in global financial markets, business consultancy in Ireland, and more recently in development of trade and trade policy and strategy across Ireland and UK as Director of Trade and Investment (UKTI) at the British Embassy in Dublin. UKTI is the British equivalent of Enterprise Ireland and the IDA – but under one roof.

The association launched the new Latin America Trade Forum (LATF) with sponsors Arthur Cox, Digicel Group, Fexco Corporate Services, Fyffes, KPMG and World Courier, along with the support of Enterprise Ireland and the Department of Foreign Affairs and Trade, in April this year, he says, which will support Irish companies looking to export to Latin America and promote and foster trade, economic and commercial relations between Ireland and Latin America.



The organisation aims to provide practical and on-the ground support to Irish SMEs who are entering or exploring these markets with the aim of increasing Irish exports and raising the profile of Irish products and services in Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia.

McKeever is “delighted” that the IEA is the Dublin Hub of i-Cham CE, as the initiative “will not only give confidence to Irish exporters at each stage of their exporting journey but will educate and inform companies around best practice in the region.”

As part of the 2014 programme, working with its six founding sponsors, the LATF will engage with Government to develop and influence policy on trading with Latin America, developing a long-term strategic plan for the forum.

“The Latin America Trade Forum is going from strength to strength, with particular interest in Mexico at the moment,” he says.

In April this year, i-Cham CE, an umbrella organisation representing Irish Chambers of Commerce, Business Associations and Cultural groups throughout Central Europe, was established. Supported by Enterprise Ireland, i-Cham CE has the backing of the associated Embassies and its Irish office will be based out of the Irish Exporters Association.

“We’re the voice of and source of practical knowledge for Irish exporters; we’re not about trying to be Enterprise Ireland, we’re about practical help and support. ”

Simon Mc Keever CEO Irish Exporters Association



“The launch of i-Cham CE will build on the success of €2,185m in exports in 2013 from Ireland to 11 countries in Central Europe,” he comments.

Representing the whole spectrum of companies within the export industry, including SMEs who are beginning to think about exporting for the first time right through to global multinational companies already extensively exporting from Ireland, the IEA established the Asia Trade Forum (ATF) in 2008, to promote new strategies for Irish exporters to build trade with Asian markets.

According to McKeever, the ATF’s primary objective is to promote and increase the levels of trade between Irish businesses and Asia and with a spirit of collaboration, to promote stronger links generally between Asia and Ireland.

“We’re the voice of and source of practical knowledge for Irish exporters; we’re not about trying to be Enterprise Ireland, we’re about practical help and support,” he stresses.

The EU and Chinese trusted traders will enjoy lower costs, simplified procedures and greater predictability in their activities, thanks to a mutual recognition agreement of their respective Authorised Economic Operator (AEO) programmes signed in mid-May this year.

Under the agreement, the EU and China commit to recognising each other’s certified safe traders, thereby allowing these companies to benefit from faster controls and reduced administration for customs clearance.

Another initiative signed recently was the new EU-China Action Plan on Intellectual Property Rights (IPR), which aims to improve the clamp-down on counterfeit goods by intensifying EU-China cooperation, communication and coordination in this field.

As the EU’s biggest source of imports,

China has also become one of the EU’s fastest growing export markets. China and Europe now trade well over €1 billion a day. EU imports from China are dominated by industrial and consumer goods, with bilateral trade in services amounting to just one tenth of total trade in goods.

Specific benefits for Irish or EU-certified companies will include having special customs officers designed to help Irish companies to coordinate or solve customs issues, lower examination rates applied to imports, and customs declarations can now be submitted at the place of registration.

“Inspection formalities can be conducted at business sites of companies, special teams can be assigned to carry out on-site

checks, and priority handling of urgent and

clearance formalities can be done during out of work hours

and holidays,” he explains.The association runs the Export Ireland

survey in September each year, which found in 2012 that 70% of exporters targeted new countries in 2013, 8.3% of which targeted China.

“When we asked them in the middle of 2013 what countries they saw the greatest opportunities in over the next five years, the Euro zone was 92%, the UK was 89%, North America and the Gulf were both 75%, and China was 69%,” he says.

“China was fifth, which is good because Irish companies are a little over-reliant on our more established markets, with the single biggest potential is the UK. Exports to China last year were €1.94 billion, down 10.5% on 2012,” according to the CSO.

“China is a huge market with massive potential, but it’s far away. It’s easier to go to the UK or Europe,” he warns. You need to have support on the ground and to travel over there. More support is needed from Government and Government agencies over there,” he urges.



The Asia Trade Forum concentrates on five specific geographies: China, India, Japan, the ASEAN countries and South Korea, he explains. “That is a subgroup of the IEA; which is supported by a number of key sponsors including Etihad, William Fry, Ulster Bank, FCM Travel Solutions, Euler Hermes and Mazars, and key stakeholders the Department of Foreign Affairs and Trade and Enterprise Ireland sit on that steering board.”

“We try to link Irish companies with the opportunities that exist overseas. Part of the remit of the Asia Trade Forum is inward investment, so we do get involved in promoting Ireland to Chinese businesses,” he concedes.

The association holds a series of events throughout the year, supporting Irish companies looking to do business with China, he says, including the China Roundtable, which brings together bigger companies doing business there with smaller players.

Other upcoming events include the Food and Drink Asia event in September; the Energy, Construction and Engineering event in October, and the Life Sciences Asia event in November.

Running two market visits annually, the IEA visited China and Malaysia last year and this year it will go to India and Malaysia.

“We also provide the secretariat and support services for the Irish China Business Association,” he says.

When doing business with China, personal and business relationships are equally important, McKeever advises.

The nuances and subtleties of doing business in two different languages between two different cultures, and Guan xi – one of the most powerful forces in Chinese culture – must be considered, he urges. “Patience and a personal touch is required.”

“It’s important that people take the time getting to know their contacts in China and as much time is spent outside the boardroom as in it, developing relationships with people.”

From a negotiating point of view, “be prepared to be patient and flexible.

People go over there and they feel they’ve had an exceptionally good visit or business meeting, come away from it and then when they get home, they find that the peculiarities of doing business in China mean that negotiations can

continue after the deal has been struck. This can be for a couple of reasons. Firstly the Chinese expect you to remain flexible – even after the deal has been struck, and secondly the subtleties and nuances of doing business in two different languages can mean some of the detail may need further explanation, so constant contact is very important.”

“Don’t underestimate the importance of Miàn zi, or ‘Face’ when doing business in China. As important as Guan xi, the subtleties and politics of Mian zi is a diplomatic art in itself for many westerners, but needs to be understood and maintained at all costs.”

From a HR point of view, “you can’t expect to run an organisation in China exactly as you would here.”

Looking to the future, McKeever says that “the IEA will really grow from being a lobby and knowledge focused group to be the leading connecting and enabling force for Irish exporters in Ireland.”

“We will be working on building the connectivity piece in market, identifying the opportunity and connecting people with that opportunity overseas. We are developing an initiative around that,” he adds.

“It’s important that people take the time getting to know their contacts in China and as much time is spent outside the boardroom as in it, developing relationships with people. ”

Datalex


Datalex is a leading provider of ecommerce and retail solutions to the travel industry based in Dublin, with an existing network of offices and airline customers that spans the globe. Last month, the company announced the opening of a new office; this time in Chaoyang District in Beijing. The announcement was made during a recent Enterprise Ireland trade and investment mission to China.

The opening of the office extends Datalex’s support in the region to existing customers such as Air China, but it will also support the local team as they develop new business in China and Asia. Commenting on the opening, Datalex CEO Aidan Brogan said: “A permanent local presence in China is an important step in Datalex’s market strategy as the world’s leading provider of airline ecommerce and merchandising solutions. Chinese airlines continue to lead by every industry growth metric including double digit growth in passenger demand each year.” He added: “China is a very important market to be part of and this is an exciting time for Datalex in the region.”

A wealth of travel and technology expertiseDatalex owes its success to the innovation of its product and the expertise of its staff, who are drawn from a broad range of travel and technology backgrounds. Aidan is particularly pleased with the experienced staff who will manage the Chinese

operation. “I am very proud of the calibre and seniority of our Chinese team, which bring a wealth of aviation and ecommerce expertise both from China and across the globe”, he said.

One of Datalex’s first recruits for the Chinese market was Laurence Leung, who has a long career history in the transportation, aviation and travel industry. Laurence is Datalex’s Business Development Director Asia-Pacific, and in the past has worked with the likes of Cathay Pacific Airways, Air Macau and the China National Aviation Corporation. Since 2000, he has been CEO of the cross-mainland China e-travel platform Chinadotcom Corp., Business Development Director (Greater China) of EB2, and Regional Director (Hong Kong, Macau and Taiwan) of travel technology company Sabre.

Chris Kwok will work alongside Laurence, in the role of General Manager. Chris currently serves as vice chairperson of the Association of Chinese Professionals in Ireland. Having already worked with Datalex in their Dublin head office for a number of years, Chris has held various senior role including senior software engineer and technical consultant. During his career in Datalex, he has led the design and development of major product features and successfully deployed the Datalex product at a number of major airlines including Air China, Delta Air Lines and Aer Lingus.

DatalexDatalex targets growth in China market with the opening of an office in Beijing

Laurence Leung

Aidan Brogan

Datalex


The fastest growing aviation market in the worldAccording to the International Air Transport Association (IATA), China is among the fastest growing aviation markets globally. The Association reports that China has one of the strongest performing domestic markets in the world, with domestic air travel having expanded in the country by 11.7% in 2013. It estimates that passenger volumes in China will have increased by 193 million by 2016 over the preceding 5 years. This is equivalent to over 23% of the estimated global increase in passenger numbers over the same period.

China playing a key role in government’s plansMinister for Jobs, Enterprise and Innovation Richard Bruton TD attended the announcement of the opening of Datalex’s office in Beijing during the Enterprise Ireland trade mission. Welcoming the announcement, he said that the Chinese market plays a key role in the Government’s plans for jobs and growth, and in the past year exports to China from Irish companies have increased by a quarter. “The news that Datalex, a fast-growing Irish company in the online travel area, is opening a new office in Beijing is a great example of the great work being done by Irish businesses over here, and I wish Datalex every success with this venture”, he said.

Datalex CFO David Kennedy (left) in Beijing with Minister for Jobs, Enterprise and Innovation Richard Bruton TD, announcing the opening of Datalex’s office in the city.

Chris Kwok

Turkish Airlines


Lounge Istanbul has added another 2,400 m2 to its existing 3,500 m2 to its location in the departure hall of Ataturk Airport. The expanded lounge adds a second floor to the existing space and nearly doubles its capacity to over 1,000 guests at a time.

Along with this expansion, the lounge also provides several new facilities, enabling guests to spend their time more comfortably before the flight.

Amongst its new services is a lovely little tea garden reminiscent of those found in Istanbul, which provides an experience similar to places in the city where both residents and visitors can enjoy freshly brewed Turkish tea and simit, a traditional Turkish sesame seed bagel.

Or, for those looking for a bit more excitement before their flight, there is a miniature model of Istanbul in which guests may experience a virtual car rally,

as well as play other game consoles and electronic diversions.

Turkish Airlines is a well-known enthusiastic supporter of golf worldwide, including its support for the “Turkish Airlines Open”, and, as such, the lounge also includes a realistic golf simulator for passengers interested in proving their skills while waiting for a flight.

Unique tastes of Turkish and global dishesFor those interested in Turkish cuisine, the lounge provides some of the unique tastes of Turkish and global dishes you’ll be hard-pressed to find elsewhere. Amongst other treats, you’ll find freshly prepared pastries from Vienna’s famous pastry shop Demel.

Also, make sure not to miss the local corner where chefs prepare regional

Lounge Istanbul has improved its already high standards! The lounge has been expanded and refurbished to provide our guests with a much more relaxed and comfortable travel experience.

Turkish Airlines Istanbul Lounge is 1st Class

Turkish Airlines


Turkish delicacies that appeal to both the eye, nose and the taste buds under a classically designed copper range hood - including “mantı” (traditional Turkish beef ravioli) and “gözleme” (a traditional Turkish pastry dish of hand-rolled dough brushed with butter and eggs and stuffed with light savory goods). In another corner guests can sample famous specialties such as “pide” (the original pizza, according to some) and “börek” (a pastry of filo dough stuffed with savories), both cooked in its special oven. Plus, throughout the lounge there are offerings of fresh fruit, salads, appetizers and nuts, all offered as part of Turkish hospitality.

The lounge is operated by Turkish Airlines’ catering partner, TURKISH DO&CO, a group that has repeatedly won awards for providing Turkish Airlines’ passengers with the best meals in the sky.

What other facilities are offered in Lounge Istanbul?• Free Wi-Fi• Printers and computers• Meeting rooms• Teleconference room• Cinema• A wide range of food and beverages• A wide selection of local and

international papers/magazines• Library• Media wall• Prayer room• Showers• Massages• Billiards room• Suit rooms• Playroom for children

Visit Flight Destinations for the latest promotions to myriad destinations both familiar and exotic. Or you might like to peruse our inflight magazine Skylife, or purchase tickets online.

For more detailed information you may contact our Call Center at +90 212 444 0849 or visit any Turkish Airlines Sales Office.

Turkish Airlines has been awarded Best Airline in Europe at the 2011, 2012 and 2013 Skytrax World Airline Awards.

Please don’t hesitate to use our Customer Contact Centre for any manner of feedback.

“For more information on Turkish Airlines or to book flights log on to www.turkishairlines.com or visit any Turkish Airlines sales office. Turkish Airlines is operating their flights from Dublin International Airport Terminal 1 / 12 times a week ensuring greater connectivity and choice for business class travelers”

Kildare Village


First opened with 14 brands in July 2006, Kildare Village is the youngest Village in Value Retail’s European Collection of Chic Outlet Shopping Villages.

“There has been an organic approach to how the Village evolved in terms of brands being added into the mix. Today we have over 60 brands in the Village, many of those are well-known brands across many of the Villages in the Collection,” comments Maria McGovern, Director, Kildare Village.

“We opened Joules about a month ago, and within the past nine months we’ve introduced brands like Links London, L’Occitane, Diesel and Zwilling J.A. Henckels. We continue to add newness and freshness into the offer.”

As developer and operator of the Chic Outlet Shopping Villages, Value Retail’s portfolio also includes Bicester Village outside London, Fidenza Village, Ingolstadt Village, La Roca Village, Las Rozas Village, La Valleé Village, Maasmechelen Village, Wertheim Village and Suzhou Village, located just outside Shanghai.

Defined by luxury brands, charming open-air ‘village’ settings and value for money, the Collection is home to more than 900 outlet boutiques of the world’s leading fashion and lifestyle brands, McGovern comments.

World-leading brands offer their authentic previous seasons’ collections

Combining global expertise as part of a Collection of Villages with the draw of nearby tourism attractions, Kildare Village is on track for further expansion as Ireland’s luxury shopping tourism destination, Maria McGovern, Director of Kildare Village, tells Lynne Nolan.

Kildare Village, c’est chic!

with savings of up to 60%, and sometimes more, on the recommended retail price, in their own luxuriously appointed boutiques, all year round.

Set to open in autumn 2015, Shanghai Village-Value Retail China’s second project-will be located in the Shanghai International Tourism and Resorts Zone (SITRZ), which includes the Shanghai Disney Resort.

The only luxury outlet shopping destination within SITRZ, Shanghai Village will serve a catchment area with a population of 330 million in the greater Shanghai Region, and will be one of

Maria McGovern

Kildare Village


tourism and travel shows across the world, she says, including the WTTC’s 14th annual Global Summit in Hainan Province, China, in April this year.

“Our group went out, we have a strong central management team who understand all of the activities across all of the Villages, and work on building new partnerships, with a strong focus on the Chinese market.”

Working in local markets with tourism organisations, the company focuses on driving footfall into the region and positioning Kildare Village as a more attractive destination, particularly for the non-EU market. The Irish National Stud and gardens is a major tourist attraction nearby, combined with the heritage of Kildare Town.

Kildare Village partners with many of the tourism attractions and hotels in the region to create shopping packages.

“We look at how we can develop great packages with tourism organisations,

the most important luxury shopping destinations in Asia. Taking this whole model out to China will be “very exciting,” McGovern enthuses.

As McGovern explains, each of the nine Villages in Europe is located within reach of the most important gateway cities: London, Milan, Munich, Dublin, Barcelona, Madrid, Paris, Brussels, Antwerp, Cologne, Düsseldorf and Frankfurt. Each market attracts a globally-connected community of guests, while remaining complementary with the economic and cultural reach of the surrounding area.

“All of our Villages are located, ordinarily, about an hour away from a main access city. With Kildare Village, we’re located in the thoroughbred county of Ireland. We have great infrastructure with the roads; the M7 was more or less completed when we opened, with the exception of the Red Cow area.”

“Basically, we refer to them as a Collection of luxury shopping tourism destinations, the Villages are always in reach of Europe’s main getaway cities. Bicester Village will celebrate its 20th anniversary next year. Last year the group of Villages in Europe welcomed over 31 million visitors; a lot of that incredible growth is coming from non-EU tourism.”

McGovern attributes much of Kildare Village’s success to being part of a “big international business with an incredible experience of working in many markets with tourism at its core.”

Kildare Village has a dedicated retail team, working with all of the brands, in addition to dedicated marketing, digital, tourism, retail development, legal, operations, and office management teams.

“There’s a team of people involved in working with our central group in attracting the brands into the Village. We have a large team that supports and drives the business and they have the expertise to know how to continue to evolve it.”

“We dip into this well of experience and best practise that have gone before us. We don’t work in isolation’ every decision is linked back in centrally somehow. Within our central teams, great ideas are talked about and we figure out how we apply those to each of our own markets.”

The company attends all of the major

“Last year the figure was around 50% growth in tax-free sales across the portfolio.”

Kildare Village


like Dublin and Kildare combined, for example. Of course, it’s to do with shopping and great brands, but it’s also about discovering other things to do, to create that amazing day out when you come to the region.”

Kildare Village’s number one non-EU market is China, followed by the Middle East. “They’ll stay in great hotels, but shopping is always part of a trip away, particularly when a non-EU guest is concerned.”

Shopping at Kildare Village is especially enticing for non-EU shoppers who are entitled to tax refunds, with staff trained to assist customers in reclaiming the tax on all applicable

purchases. It is a formula that appears to be working.

With the Tax refund, “we can see the return in terms of all that effort,” revealing the Village has witnessed “strong double-digital growth in our tax-free. Last year the figure was around 50% growth in tax-free sales across the portfolio.”

As part of its efforts to welcome international visitors, Kildare Village’s website is translated into four languages and there is a dedicated tourism information centre at the Village, with literature available in many languages for overseas visitors.

The Village has a Mandarin-speaking member of the team, while there are 20 Chinese staff across the brands, McGovern says.

“The retail team work with a company within our group on cultural training, particularly if there’s a strong appetite for the brand among Chinese clients. The brands themselves would be building their staff model around ensuring they provide Mandarin-speaking staff, recognising the

importance of international tourism and how best to approach a client.”

Kildare Village now offers China Union Pay at over 50% of its brands, making it easy for any Chinese client shopping in the Village to use that method, she explains.

The Village also partners with many airlines’ frequent flyer programmes, allowing visitors to earn and redeem miles in the Village.

With planning permission already approved for Phase 2 of Kildare Village, expected to open by the end of 2015 or early 2016, “we’re considered the Bicester Village of Ireland in terms of how we’re evolving in terms of our business, our performance and in driving our growth.”

“The expansion of the Village will allow us bring in and add to the mix of brands and allow Ireland to compete for that business, because if you think about a Chinese visitor coming to Europe, they will want to visit all the iconic sights – Paris, Milan, London. With the expansion of Kildare, it allows us to open up our brand mix, we expect to open an additional 35 boutiques, which would be very positive and bring our total to about 100.

With €2.5 million in sales expected this year, “we’re continuing to grow the footfall and drive spend per head, with a focus on domestic and overseas tourism.”

As dwell time increases during the summer months, with people shopping new brands and enjoying days out, Kildare Village is pushing its cultural offering. “We really focus a lot of our attention on the experience of Kildare, the experience and value of the brands, and look at other ways to add to the experience.”

Kildare Village has collaborated with Solomon Fine Art to present CAST, a unique exhibition of Irish sculpture, until September this year. This exhibition features 26 sculptures integrated into the landscape from a celebrated cast of 15 Irish artists including Orla de Bri, Rowan Gillespie, Sandra Bell, Bob Quinn, Michael Cooper, Catherine Greene, Leo Higgins,

“It’s to do with shopping and great brands, but it’s also about

discovering other things to do, to create that amazing day out when you come to the region.

Kildare Village


Ian Pollock, Susan Cuffe, Jarlath Daly, Mark Ryan, Anna Campbell, Colm Brennan, Peter Killeen and Donnacha Cahill.

“I’ve watched people in the last number of weeks, seeing children or families taking photographs of and interacting with the sculptures. They leave the Village talking about it in a good way.”

Since opening, the Village has held exhibitions by renowned artists and photographers, including John Minihan, and this summer it will offer an authentic Irish food pop up. Home-grown fashion brands are also significant, with Kildare Village currently home to a popup store for the Irish designer Yasmin Velloza.

Asked about the brands that have proved most popular among Chinese visitors, McGovern says “a lot of it is to do with the availability of particular brands within China. There are probably more brands now going into China at full price, creating their own flagship stores in the key cities.”

“Many of the brands are way more expensive to purchase in China and there is an appetite for many of those international luxury brands as visibility is growing. If you’re a lady living in

Shanghai and you want to purchase Burberry, you’ll be able to purchase it there, but you’ll pay more than in London or Paris,” she comments.

“The Chinese who are travelling now want the authenticity of the experience in Europe, to feel and touch the bag; the experience of going home and saying you bought your Burberry bag in London means a lot to a Chinese visitor.”

With accessories, the bag says it all, with DKNY and Coach being among the particular brands that appeal, she says. “If the brand doesn’t do a lot of international advertising or have a presence, it’s less likely the Chinese guest would be running into that shop,” she says.

In recent years on press trips, during which journalists visit two or three Villages within one week, McGovern has recognised that “newer, younger journalists are looking for quirky European brands that maybe aren’t as global as some we know so well, so this is something that will evolve over time.”

“The more you travel, the more you see, tastes don’t remain the same. The evolution of the brand mix is very important.”

Irish Thoroughbred Marketing


Kildare, Ireland - June 2014: Irish Thoroughbred Marketing are pleased to announce that a shipment of nine quality Irish thoroughbred horses, worth hundreds of thousands of Euros, have landed safely in Beijing. This is the first significant export of Irish thoroughbreds under the new Health Certificate signed by the Irish Department of Agriculture Food and the Marines and their Chinese counterparts last year.

The horses touched down in Beijing International Airport in such good order that they looked ready to race following

their mandatory post arrival quarantine. Leading bloodstock agency, BBA Ireland has not only sourced the horses but also coordinated their quarantine and transport arrangements in close cooperation with the officials in the Department of Agriculture here and AQSIQ officials, their counterparts in China.

BBA Ireland Transport Director Ann Munnelly explained: “We had a visit from an official AQSIQ veterinarian who stayed with us in Co. Kildare for almost three weeks and together with our Department of

China Racing Ahead with Irish Thoroughbreds

Irish Thoroughbred Marketing


Agriculture and the BBA Ireland team, he approved pre-export quarantine premises in counties Tipperary and Kildare. AQSIQ certainly has very high standards that must be met in terms of strict quarantine standards, laboratory testing and transport. Ireland was well able to rise to this challenge, as we are a country of exporters and our Department of Agriculture already has in place world-class standards of export quarantine and testing. We are most grateful that AQSIQ took the time to come to Ireland, we learned a great deal from each other and we look forward to their next visit.”

BBA’s undisclosed client has previously sourced Irish produced horses and the success of these animals along with the ability to directly import from Ireland lead the Chinese racehorse owner to visit Ireland back in March with the intention of purchasing nine thoroughbreds. BBA Ireland had already exported horses on behalf of another of their Chinese clients this year. Chinese owners are not only importing horses, but even more significantly have horses in training with four different trainers in Ireland and some in pre-training.

Micheal Donohoe of BBA Ireland who manages both clients commented: “ The domestic market for the type of horse we have been exporting to China to date is not as strong as it once was and although China is not the gold mine it is perceived to be by some, it is nevertheless a new emerging market that sees Ireland as the number one source for quality equines.” Irish Thoroughbred Marketing facilitates such Chinese clients both through their team in Ireland and from their Beijing office which is managed by Jennifer Zhou.

Elaine Hatton General Manager of Irish Thoroughbred Marketing commented: “We are delighted to be able to facilitate thoroughbred trade between Ireland and China. Irish Thoroughbred Marketing has invested a lot of time and effort into building relationships. For Ireland the value is not only in the bloodstock but it is

being able to welcome these high-net-worth individuals into Ireland and demonstrate the quality of what the entire industry has to offer. These clients experience the best of Irish hospitality and visit numerous tourist attractions whilst in the country.

“It is without doubt that the horses that have gone out to China will be Ireland’s best advertisement for the future and that philosophy would seem to be having an impact, as 12 more horses make their way into quarantine in the coming weeks. This follows a week-long visit by new entrants into the Chinese equine marketplace, who visited Ireland for advice, guidance and the purchase of horses as recently as last week.”

If you would like further information on this above or any other aspect of the Irish Thoroughbred Industry please call Elaine Hatton, General Manager of Irish Thoroughbred Marketing on 00353 87 9013000; email at: [email protected] or visit our website www.itm.ie.

Dubai Duty Free Irish Derby


The seventh Dubai Duty Free Irish Derby which was staged at the Curragh Racecourse, Co. Kildare, Ireland was a triumphant success. The world’s leading airport retailer sponsored six of the eight races on the card including the flagship race, The Dubai Duty Free Irish Derby which was won by the Aidan O’Brien trained, ‘Australia’. The horse which is owned by Derrick Smith, Mrs. John Magnier, Michael Tabor and T Ah King, ran a steady race with jockey Joseph O’Brien at the reins.

Colm McLoughlin, Executive Vice Chairman of Dubai Duty Free, H.E. Khalid Lootah, UAE Ambassador to Ireland, H.E. Patrick Hennessy, Ireland Ambassador to the UAE, presented the winning connections with the perpetual derby

trophy in front of a packed grandstand, along with other Dubai Duty Free senior officials George Horan, President, Sinead El Sibai, Vice President-Marketing and Sean Staunton, Vice President-Operations. The Curragh reported that 23,946 were in attendance with number up from 2013.

Earlier on in the day Colm McLoughlin and his team from Dubai Duty Free hosted over 400 guests in their VIP private pavilion, situated just beside the winning post. The day commenced with a welcome reception followed by a sumptuous lunch and full hospitality and entertainment, including two jazz bands, a string quartet and a magician.

Colm McLoughlin was delighted with the day and said, “This is our seventh year sponsoring the Irish Derby. Every

Seventh Dubai Duty Free Irish Derby a triumphant success

Colm McLoughlin Executive Vice Chairman of Dubai Duty Free with Breeda McLoughlin and Jonathan Irwin, CEO of the Jack & Jill Children’s Foundation

Dubai Duty Free Irish Derby


year it gets bigger and better. We are looking forward to next year to the 150th running of the race. The sponsorship of the Irish Derby is very important for us and is in line with our global strategy of high profile sports sponsorships.”

Famous faces in the Dubai Duty Free Irish Derby Pavilion included, former Taoiseach Bertie Ahern, RTÉ presenter Gay Byrne, film maker, Jim Sheridan, Mrs. Brown’s Boys actor Rory Cowan, rugby pundit Tom McGurk, retired champion jockey, Lester Piggott, TV3’s Alan Hughes and boxer Bernard Dunne.

Catriona Hanley from Raheen in Co. Limerick won the title of the Dubai Duty Free Most Stylish Lady. Catriona, who is a nurse working in the Oncology Department in the Mater Hospital in Dublin was wearing a beautiful dress by Bastyan, jacket from Mary Katrantzou and headpiece from Irish Milliner Mark T. Burke. Catriona was chosen as the overall winner by a judging panel led by Breeda McLoughlin, wife of Colm McLoughlin, TV personality Millie Mackintosh, IMAGE Magazine’s Editor in Chief, Melanie Morris and Head of Personal Shopping at Brown Thomas Stacey O’Donnell.

Catriona won the top prize of a luxury holiday to Dubai courtesy of Dubai Duty Free for two people with flights and accommodation in the 5 star Jumeirah Creekside Hotel and DDF shopping vouchers worth €1,000. The prize also included a two night stay in The Marker Hotel and €1,000 to spend in Brown Thomas. Luxury Jeweller, Boodles also presented her with a stunning piece of jewellery. The total prize fund was worth a staggering €20,000.

The full festival included several ancillary events which ran on and off the track including the Dubai Duty Free Irish Derby Golf Classic which was held on Thursday the 26th of June at the Palmer Ryder Cup course at The K Club and the Dubai Duty Free Irish Derby Ball, also held at The K Club on Friday 27th of June which was in aid of The Jack & Jill Children’s Foundation. Over €100,000 was raised for charity at the ball which included a donation of €20,000 from Dubai Duty Free.

Sinead El Sibai Vice President Marketing Dubai Duty Free and Jihad El Sibai

George Horan President of Dubai Duty Free with Carmel Horan

Sinead El Sibai and Colm McLoughlin Dubai Duty Free with film maker Jim Sheridan

Colm & Breda McLoughlin Minister Phil Hogan and Colm McLoughlin

Irish Tourism-Golf


Cork’s Fota Island Resort basked in the glow of a heat wave as the worlds top golfers arrived to compete in the Irish Open in June 2014. A record breaking 105,000 visitors spilled throughout he gates at the magnificent Fota Island Resort to witness fantastic golf being played over four days.

Each and every year we have the perfect golfing product to showcase the best of what Ireland has to offer to the international golfing visitor through the Irish Open. The natural golfing terrain and hospitality that Ireland has to offer is of the highest standard and holds its own on a global scale. Where else can you find one third of the world’s finest links courses? Where else can you walk past 5,000-year-old dolmens or the ruins of medieval castles as you walk

up the fairway? In what other country can you find courses where you’ll return to clubhouses that are living, breathing stately homes and centuries old fortifications?

“Recent Fáilte Ireland research shows that the golf sector provides a total overseas spend of €202m for the Irish economy with overseas golf visitors to Ireland of 163,000 with each overseas golf tourist worth €1200 to the economy – two and a half times that of the average tourist”

One of the major factors in promoting Irish Golf in recent times has been the tremendous success of our professional golfers.

Three-time Major champion and official Golf Ireland Ambassador Padraig Harrington paved the way to Major success

The Island of Ireland is Made For Golf

Irish Tourism-Golf


P34540 FI Golf Irl. China Journal 297x210 CB.indd 1 03/07/2014 16:35

Irish Tourism-Golf

for Ireland’s professional elite of Rory McIlroy (US Open, US PGA, BMW PGA), Graeme McDowell (US Open), Darren Clarke (British Open) and Shane Lowry (Irish Open) They travel the globe and are tremendous representatives for the game of golf in Ireland. Among this group of prestigious players is Paul McGinley the European Tour Captain for the 2014 Ryder cup. All of these superstars of the game played in the Irish Open this year.

Broad international broadcasting of the Irish Open contributed handsomely to the national tourism authority’s strategic plans to promote Ireland as a golfing destination in new and emerging markets, according to Tony Lenehan – Head of Golf. “The Irish Open Event was projected by the media to key markets including China where there is already demand for the golf holiday experience in Ireland. The Irish Open allows us to showcase everything that’s good about the golf product to the domestic and international market”

The island of Ireland is made for golf. Its green landscapes and rugged coastlines are nothing short of spectacular, but the green fees are modest by international standards. The best courses are still very much open to the public.

www.discoverireland.ie/golf


Artist: Zhao Chengmin

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Born in 1946 in Changchun City, northest China’s Jilin Province, Zhao Chengmin moved to Beijing at the age of 4. In 1978, he was enrolled as the first batch of master candidates at China Central Academy of Fine Arts (CAFA) after the Cultural Revolution (1966-1976), majoring in sculpture and painting.

Renowned sculptor Liu Kaiqu, former Vice President of the CAFA, was his instructor, Zhao has been working hard

on artistic creation and research after graduation. Two decades later, he designed and build his own comprehensive art studio and sculpture garden, which covers an area of about 26,333 square meters with a building area of 3,700 square meters.

Hence, his new journey through artistic creation begins.

Please see a selection of his works.www.zhaochengmin.eu

Renowned Chinese Artist: Zhao Chengmin

Artist: Zhao Chengmin

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ICJ NewsIrish Software Company Targets US and International Construction Market with New ‘Plan2Finish’ App Android App can deliver up to a 25% time saving for engineers and construction managers

On 16 May 2014, Dublin based SmartBuilder Software, an Irish software start-up headquartered at NovaUCD, announced the launch of a new app, Plan2Finish (www.getplan2finish.com) targeting the US and wider international construction industry.

The company also announced that it has established its US base in Austin, Texas with the assistance of Enterprise Ireland.

Construction is a vast industry with current world-wide output estimated at $7.5 trillion by the Global Construction 2020 Report. Mobile IT on site has been developing slowly over the last decade with large firms trialling various solutions. However mobile IT is currently only used by a small percentage of contractors.

SmartBuilder has announced the launch of its Android app, which is aimed at mass-market adoption, to help improve efficiencies within the construction industry.

Plan2Finish allows users to manage the work of a range of sub-contractors on tablets and can save up to 25% of an engineer’s or a construction manager’s time.

Users of Plan2Finish can go in-field, raise defects or tasks on a tablet, add in images, mark-up drawings, record audio memos and then send all of this information, without any report writing, to sub-contractors over the internet. The data is managed on a PC and reports can be subsequently printed out.

According to Peter Daly, a co-founder and CEO of SmartBuilder, “Unlike expensive, legacy mobile systems, which need direct sales and training, our affordable app is very easy to use and acquire and needs no training. It is focused on users in SME companies and has built in features with help it to spread virally. We believe it is simpler and easier to use than any other similar app in the US market.”

He added, “SmartBuilder is targeting the Texas market as it is a major regional construction market in the US and is an ideal entry point into the wider US market. The company is being assisted by Enterprise Ireland, who are an investor in the company, and who have an office in Austin, Texas.”

In conclusion he said, “I believe one day, no one in construction will go in-field without their app any more than they would without their hard hat.”

SmartBuilder also sees a potential market in Ireland for the app following the introduction of new building regulations as the cloud-based database provides a secure audit trail for all inspections and helps ensure compliance with regulations.

The company is already seeing early adoption in Ireland by fire inspectors and consulting engineers. The Plan2Finish app is a combined web app and mobile app. Initially it is for Android tablets but will be

available on Android smartphones in Q3 2014 and subsequently on iPads/iPhones. Users can create a free trial account on the website (www.GetPlan2Finish.com) above then download the mobile app from the Google Play Store.

For further information contact Micéal Whelan, University College Dublin, Communications Manager (Innovation), t: + 353 1 716 3712 [email protected]

Peter Daly, CEO, SmartBuilder Software, t: +353 1 716 3585, m: + 353 87 814 6905 [email protected]



The River Lee Hotel voted 2nd best Green hotel in IrelandThe River Lee Hotel, a member of The Doyle Collection, has recently been voted 2nd best Green hotel in Ireland by Green Failte, Ireland’s National Green Standards authority for the industry. The hotel is delighted with the achievement, acknowledging the fact that the guests truly appreciate that the hotel look after their green credentials while they travel, and continue to ensure the atmosphere is healthy and vibrant for all who stay. The River Lee’s next initiative is to introduce bikes for our guests, as Cork City becomes the bike friendly location from June of this year.Western Rd, Cork +353 (0) 21 425 2700

Growth of Chinese aviation market presents opportunities for Ireland In January this year - IDA Ireland, the foreign investment agency of the Irish government, is pleased to announce that a third Chinese leasing company has chosen Ireland as a location for its leasing operations.

Three Chinese aviation operations have located their European HQs in Ireland in the last 18 months, with the latest arrival being Bank of Communications Financial Leasing (JY Aviation) which has set up its European HQ in Dublin to manage 21 aircraft from Ireland.

The company has begun the process of recruiting for its Dublin operation. Bank of Communications Financial Leasing (JY Aviation) is the leasing arm of Bank of Communications, which was founded in 1908 and is one of the largest banks in China, headquartered in Shanghai.

Bank of Communications Financial Leasing joins two other Chinese leasing companies with existing operations in Ireland: ICBC and CDB.

IDA Ireland has made aircraft leasing one of its investment priorities in China, due to the strong growth of the Chinese aviation market which has tripled in size over the past 10 years. Over the next 20 years, Chinese airlines will need nearly 6,000 new airplanes, valued at $780bn, accounting for more than 40% of forecast deliveries to the Asia Pacific region.

ICBC Leasing is the leasing arm of ICBC Bank, the largest bank in the world by total assets and market capitalisation. It is one of China’s ‘Big Four’ state-owned commercial banks. ICBC Leasing established their European HQ in Dublin in 2012 and the company currently manages over 360 aircraft from their Irish operation.

CDB Leasing (Sinoaero) is the leasing arm of China Development Bank, one of the China’s policy banks which is under the direct jurisdiction of the State

Council of People’s Republic of China. CDB Leasing established its European HQ in Dublin in 2012 and manages a large fleet of aircraft from Ireland.

Mr Luo Le, who heads up the Irish operations of Bank of Communications Financial Leasing (JY Aviation), the latest arrival to Ireland, said:

“JY currently has a fleet of 21 aircraft leased to both Chinese, Asian and European airline customers, and plans to add another 15 – 20 aircraft to its fleet through sale/lease-back, financial lease and portfolio acquisition within 2014. JY schedules to recruit in Ireland an experienced team of aviation leasing experts including commercial, technical, legal and operation personnel before the end of 2015.”

Commenting on the expansion of Chinese leasing operations into Ireland, Eileen Sharpe, Director of IDA Growth Markets, said: ``The Chinese aviation market is one of the fastest growing in the world and it is a key sector within China’s financial services industry. We aim to work closely with these three strategically important financial institutions as their operations develop in Ireland in coming years. The arrival of such major financial institutions into Ireland will allow IDA to market Ireland’s offering to this sector more widely in the Asia-Pacific region’’.



ICJ News

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ICJ News

June 2014 marked the 35th anniversary of the establishment of diplomatic relations between Ireland and the People’s Republic of China. The visit to Ireland of Liu Yunshan, Member of the Standing Committee of the Communist Party of China’s (CPC) Central Committee, will provide both governments with an opportunity to reflect on more than three decades of friendship and what can be done to ensure further enhancement and development of the fruitful ties between our countries.

In the past 35 years, China and Ireland have all along respected and trusted each other, treating each other as equals. We have proved with our positive actions that enormous geographic distance and big differences in size, ideology, social system and culture are no barriers to the growth of a warm and friendly bilateral relationship.

Both our countries have long histories with a strong sense of commitment to culture, family and tradition. Both countries have come through dramatic economic and social transformation over the past several decades.

Over the years, our two countries have set a good example of state-to-state relations, unswervingly upholding equality, mutual trust and mutual benefit in our exchanges and interactions. Many Chinese leaders have visited and studied Ireland’s pioneering Shannon Free Zone, including President Xi Jinping, when he paid a historic and successful visit to Ireland in February 2012. Recent years have laid a solid political foundation and created a favourable atmosphere for expanding and deepening bilateral business co-operation.

Our trade and economic relations are complementary and mutually beneficial. Two-way trade increased by 13.2pc in 2013 to $6.67bn (�4.95bn). For seven consecutive years, China has been Ireland’s largest trading partner in Asia. And in the past five years, Ireland has run a surplus in its trade with China.

The Irish Government and the Irish people have taken decisive and effective action to ensure that Ireland responds properly to its economic and financial challenges.

With the world’s largest population, China is faced with the huge challenge of growing its economy and improving people’s livelihood. The national leadership headed by President Xi Jinping has to address both

old problems and new ones. It is development that will change the world and shape the future. China is to pool the courage, vision and strength of 1.3 billion people to write a new chapter in the “China story”, with a view to realising the great Chinese dream of national renewal by mid-21st Century, when the 100th birthday of the People’s Republic of China is celebrated.

The Chinese Government is striving for sustainable economic growth and more balanced development, with a view to unleashing huge potential and narrowing the gap between urban and rural areas and among different regions.

According to Premier Li Keqiang, the Chinese economy, after registering rapid growth over the past 35 years, has entered a new stage of improving quality and performance. Strenuous efforts are being made to create impetus by deepening reforms, adjusting economic structure, and improving people’s livelihood.

In the meantime, Chinese leaders have expressed appreciation and admiration for the courage, perseverance and wisdom displayed by Irish people in the past few years, articulating China’s confidence in Ireland’s ongoing endeavour to create more jobs and enable its economy to build momentum.

Ireland now hosts over 10,000 Chinese students. Both governments have recently reached an agreement on Ireland’s plan to set up an Irish Consulate General in Hong Kong later this year, which, in my view, is a testament to the strength and vitality of China-Ireland relations.

China is optimistic about the prospects of China-Ireland strategic partnership. Looking into the future, we are full of hope for new progress in our friendly, constructive and multi-faceted co-operative partnership. It is of particular importance for us to further tap the co-operation potential in high technology, food and agriculture, education, tourism and other priority areas and increase two-way trade and investment.

Ireland and China will continue to go hand in hand, in a pursuit of common development and common prosperity. I would be honoured and gratified to witness deepening political mutual trust, further enhancing pragmatic co-operation as well as intensifying cultural and people-to-people exchanges.

35th anniversary of the establishment of diplomatic relations between Ireland and the People’s Republic of China

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Arab Irish Journal Aug _2014.indd 1 15/07/2014 15:54



ICJ News

SAN FRANCISCO (Reuters) - Startup Stripe and China’s Alipay have struck a deal to allow Chinese buyers to pay for purchases on the U.S. service, in a rare agreement between a Western payments service and the Alibaba affiliate.

Alipay, once part of Chinese e-commerce giant Alibaba before it was split off, handles about half of all online transactions in China. Stripe said the deal will let its own customers more easily handle purchases from the world’s second largest economy.

Stripe, which is often compared to Ebay Inc’s PayPal, said few of the credit card brands it supports are used in China. It decided to add support for Alipay to bridge the gap between Chinese consumers and the businesses whose payments it handles.

“I don’t think the people realize the extent to which the Internet economy is balkanized,” Stripe President and Co-founder Irishman John Collison said in an interview.

Currently most businesses can accept online payments from just a minority of the world’s population, Collison added. “What we’ve been focusing on this year has been making Stripe work really well for global businesses.”

Alipay users can now enter their email address and a six-digit SMS code to buy things from companies that use Stripe to process payments, rather than be bounced to another site.

But payments is just one challenge for companies

looking to sell goods around the world. Another is the complicated and time time-consuming process of getting physical goods to consumers in places like China, India and Brazil.

“That is something we have heard from our merchants,” Collison said, of these logistical challenges. “Maybe some day we will end up doing something there. That’s one of the big challenges for them.”

The startup raised $80 million in January from venture capital investors in a deal that values Stripe at a hefty $1.75 billion. Since January, it has grown from 90 people to 130.The transaction puts Stripe in the rarefied company of startups valued at more than $1 billion just three years after brothers Patrick and John Collison debuted their service.

Stripe’s clients have included ridesharing service Lyft and the Museum of Modern Art in New York. Its institutional investors include Sequoia Capital, General Catalyst Partners and Khosla Ventures.

Stripe is also backed by three of PayPal’s co-founders: venture capitalist Peter Thiel, Tesla Motors Inc CEO Elon Musk and Max Levchin, who recently raised $45 million for his latest startup Affirm, which extends financing to shoppers in a matter of seconds.

Hony Capital taking a slice of the Fast Food IndustryThe restaurant chain Pizza Express has been sold to a Chinese firm for around £900m, following “considerable interest” in the business.

The UK Gondola Group confirmed the sale to private equity firm Hony Capital.

There are 436 Pizza Express restaurants in the UK along with 68 internationally - including 22 in China - employing more than 9,000 workers.

Chief executive Richard Hodgson said expansion in Asia was a “key part” of future growth strategy.

The sale was a “very positive development at an exciting time for the business”, he said.

Pizza Express already has 12 restaurants in Hong Kong and nine in Shanghai, as well as outlets in India, Saudi Arabia and Bali.

The sale comes as The Gondola Group - which also owns UK pizza chains Zizzi and ASK Italian - opened the first Pizza Express restaurant in the Chinese capital

Beijing earlier this year.In a joint statement

released by the two firms, Hony Capital said it planned to expand the brand both in the UK and in China.

John Zhao, chief executive, said the firm aimed to “leverage our local expertise” to accelerate the restaurant chain’s growth in Asia.

The deal is the latest example of Chinese firms buying and taking over British and Europe based businesses.

Last year, Chinese property and entertainment conglomerate Dalian Wanda Group completed a takeover of Dorset luxury yacht maker Sunseeker International.

In 2012, China’s Bright Food bought a controlling stake in Weetabix, which owns the breakfast cereal brand as well as Alpen and Ready Brek

Startup Stripe and China’s Alipay strike payments agreement

ICBC International

88 | The Ireland China Journal88 | The Ireland China Journal

No sooner have we sat down at ICBC International Leasing Company Limited’s HQ for global business at Dublin’s Grand Canal Square than its general manager Wei Xu, who has been based at the Irish operation for just a fortnight, lets fly with the company’s success story to date and his ambitious plans for the Irish office, which he describes as its “platform” for scaling the business internationally.

“We have followed a professional, market-oriented and international strategy of business development, focused on the aviation leasing side of the business. We heard that Ireland has a very good platform for the development of the aviation industry within a mature market and for scaling internationally.”

“Right now at the Irish operation, we have ten people: four colleagues from China and six local staff. According to the business plan, we probably will have developed to at least fifty people at this company within five years,” he reveals.

Founded in November 2007, ICBC Financial Leasing Company Limited, a wholly-owned subsidiary of ICBC Bank, is the first financial leasing company affiliated with a bank in China, Xu explains.

Signalling the beginning of a new era for China’s financial leasing industry, after almost seven years of rapid growth and development, ICBC Leasing has become the most innovative and globalised financial leasing company in China, with its target to become one of the top global aviation leasing companies within a few years.

ICBC Leasing is the leasing arm of ICBC Bank, the largest bank in the world by total assets and market capitalisation. It is one of China’s ‘Big Four’ state-owned commercial banks. ICBC Leasing opened its Dublin office in 2010, managing $7 billion worth of assets from its Irish operation, he explains.

Leveraging on the advantages of ICBC

Taking off in IrelandThe arrival of ICBC International Leasing Company Limited’s general manager Wei Xu to its Dublin office heralds a new and exciting chapter for the business, paving the way for other Chinese firms, writes Lynne Nolan.

ICBC International

The Ireland China Journal | 89 The Ireland China Journal | 89

Group’s brand name, global network, technologies and risk management strengths, ICBC Leasing developed comprehensive financial leasing product and service systems.

The company signed a Memorandum of Understanding (MOU) with IDA Ireland in March 2012, agreeing on increased co-operation and to hold regular meetings to explore further commercial opportunities of interest to both sides.

“The MOU with IDA Ireland has been a good push for the international business, with people from our headquarters exploring the possibilities for the business here and even I have been sent here,” he says.

Xu is vowing to help other Chinese firms to understand the potential of the Irish market and the availability of talented staff, a platform to scale internationally and an attractive tax rate here.

“As General Manager of a Chinese company, I have a duty to help my people to understand more about Ireland and to share resources here. Even though I am here just two weeks, I have welcomed several important delegations and other important banks, VIPs, chairmen

and CEOs have come here. ICBC is international and we can share our success with other Chinese companies, showing them the potential here.”

“ICBC has been instrumental in assisting a large number of Chinese companies to expand overseas in recent years and has an unrivalled client base,” he says, adding that the Irish operation has recently welcomed delegates from other Chinese firms considering Ireland as a location to do business.

Singapore Airlines, Emirates, Wizz Air, British Airways, Air Berlin, and

Mr Wei Xu General Manager ICBC Leasing Ireland

The sky’s the limit.

· Global partnership strategy

· Cross-border collaboration

· Innovative and flexible financial leasing solutions

· Value for our clients and partners

For further information, please contact:

Marion Courtney at [email protected] or telephone + 353 1 224 0602

ICBC International Leasing Company Limited 2 Grand Canal Square, Grand Canal Harbour, Dublin 2

ICBC International Leasing Company Limited

ICBC International


Aeroflot have all leased aircraft from the company, which has established a close relationship with aircraft manufacturers such as Boeing, Airbus, Bombardier and Commercial Aircraft Corporation of China Limited (COMAC).

ICBC Leasing purchased 42 Airbus A320 series aircraft in 2011, making it the first Chinese leasing company to buy aircraft in bulk, before ordering 50 more A320 series aircraft, including 20 A320NEO a year later, becoming the first client in China to buy the Airbus A320NEO.

Whilst focusing on the leasing market of aircraft and oceanic vessels, the company has also focused on developing the “Big Ticket” Equipment market, in key fields such as energy and power, rail transport and construction machinery, with its clients including not only large and medium-sized state-owned enterprises in various industries, but also listed companies, successful private companies and small to medium-sized enterprises.

With ICBC’s professional experience in aircraft financial services, ICBC Leasing offers tailored leasing services for airlines, airports, aircraft manufacturers and repair and maintenance factories and other aircraft-related companies.

“We are a comprehensive company exporting to Africa, South America, Europe, the Middle East and Asia,

with subdivisions including aviation, shipping, cross-border business, financing and capital,” and aviation has been the company’s pioneering business overseas because of the internationalised nature of the business, he says.

Access to talent in Ireland proved a major draw for the company, he says, and he intends to “get a very professional team, I know Ireland’s education system and people’s working spirit are very good for me to find candidates. Secondly, I will try to find potential opportunities with an innovative spirit.”

As well as expanding the team and the outlook of the operation, Xu has other ideas. “I will work with my team to build a new business model, not only within the aviation business, but also using this platform to expand into the shipping and equipment leasing business.”

“The Irish people have a strong record as oceanic engineers, I hope I can find some strong opportunities in cooperation not only with the aviation but also the ocean engineering and equipment leasing business.”

“The MOU with IDA Ireland has been a good push for the international business, with people from our headquarters exploring the possibilities for the business here and even I have been sent here.”

Book Review


This Autobiography of Michael Smurfit is an excellent read right from the start.

The symbiotic relationship between the Jefferson Smurfit Group and Mr. Smurfit makes this Autobiography also a business book which follows Mr. Smurfit and the company right from its foundation up to the present day.

For those readers familiar with business terminology, it is clear from the outset that Mr. Smurfit was a “Hedge Hog” rather than a “Fox”. His absolute focus on winning on the field of play came at some personal cost to him and his family. He tells it as it was right from the beginning, his earliest memories, his fore bearers and their input into getting his father up and running in his tailor business and subsequently acquiring James Magee and Sons in Dublin in 1938, two years after Michaels birth.

No doubt his father with his drive, innovation and work ethic was his Guru in his early years as he set out on his own to conquer the world, Mr. Smurfit was most definitely his Mother and Fathers protégé and exemplified their moral and ethic codes throughout his own life both personal and business.

“Disciplined people, disciplined thoughts, disciplined actions resonates throughout this autobiography.

The Reality of life with all its ups and downs, winning and losing is apparent, the focus remaining regardless.

Ireland first true Global Company, built on solid foundations laid by John

Jefferson Smurfit and later reinforced by his son Michael Smurfit gives us this Autobiography that deserves “must read” status.

It gives some insight into the person that is Michael Smurfit, a natural born leader with an incredible focus and determination, an element of fearlessness combined with and intrinsic knowledge of his business from the factory floor up.

His nose for a deal was built upon his own “hands on experience” of all aspects of his and his teams business.

Really this autobiography is a page tuner, without ever going into the micro-details of various aspects of his life and business dealings. The lineage of this business acumen can be seen in the actions of his grandmother and her facing the “brutal facts” of her life situation, carried on by his father and brought onto the world stage successfully by Michael Smurfit.

All the material assimilated for this autobiography and unused must make fascinating study and reading, but is unlikely to be in the public domain in the near future.

A very public figure for most of his adult life, you get a sense here of a very private, protective individual in his private life.

“A Life Worth Living” is a must read as already stated for a myriad of reasons, go out and buy it today, you might learn from the life and experiences of a real and true Captain of Industry.

‘A Life Worth Living’The Autobiography of Michael Smurfit by Michael O’Driscoll

Book Review


Useful Contacts


Useful Contacts

The Ireland China Business AssociationJennifer Condon Ireland China Business Association 28 Merrion Square Dublin 2 Tel: +353 1 6424178Email: [email protected] Web: www.irelandchina.org

Enterprise Ireland Beijing officec/o Commercial SectionEmbassy of IrelandC612A Office Building, Beijing Lufthansa CentreNo: 50 Liangmaqiao RoadChaoyang District Beijing 100125People‘s Republic of ChinaGary Fallon, Director - Greater ChinaTel: +86-10-8448-8080Email: [email protected]

Enterprise Ireland Shanghai officeConsulate of Ireland& Commercial SectionCommercial Section Suite 700A,West Tower, Shanghai Centre1376 Nanjing Road West, Shanghai 200040Jonathan Nie, Marketing Advisor - IndustrialTel: +86-21-6279-7088Email: [email protected]

Enterprise Ireland Hong Kong office2107 Tower 2, Lippo Centre89 Queensway Hong Kong SARPeople’s Republic of ChinaPatrick Yau, Financial ServicesTel: +852-2845-1118Email: [email protected]

Enterprise IrelandIreland OfficePhilip G Singleton Market Adviser China, Japan & Korea Tel: +353-1-727- 2713 Fax: [email protected] Xiaojing Yue China Market Adviser Tel: +353-1-727-2013 Fax: +353-1-727-2083 Email: [email protected]

Diplomatic and Consular Information for ChinaEmbassy of Ireland – Chancery(For Visa Office see below)Embassy of Ireland3 Ritan Dong Lu, Beijing 100600,People’s Republic of ChinaTel: (+86 10) 6532 2691 or 6532 2914Email: [email protected] hours: Monday-Friday: 9:30 - 12:30, 14:00 - 17:00Web: www.embassyofireland.cn

Embassy of Ireland - Visa OfficeTa Yuan Diplomatic Office Building 2-11-114 Liangmahe Nanlu,Beijing 100600People’s Republic of ChinaTel: (+86 10) 6532 6945 or 6532 6971Email: [email protected] hours: Monday-Friday: 9:30 - 12:30, 14:00 - 16:00

Consulate General of Ireland, ShanghaiSuite 700A (WestTower), Shanghai Centre1376 Nanjing Road West, hanghai 200040People’s Republic of ChinaTelephone: +86-21-6279 8729Email: [email protected] Hours: Mon – Fri 09.30 – 12. 30 14.00 – 17.30

Visa SectionOpening Hours: 09.30 am - 12.30 pm (Monday - Friday)Phone enquiries 02.30 pm - 04.30 pm (Monday - Friday)

Honorary Consulate of IrelandHong KongSuite 1408, Two Pacific Place88 Queensway, Hong KongTel: +852-2527-4897Web: www.consulateofireland.hk

Tourism Ireland Beijing OfficeRoom 1170, 11/F, Tower A, Gateway,North Road East Third Ring, No 18Xiaguangli, Chaoyang District, Beijing 100027People’s Republic of ChinaTel: +86 10 5923 1008Email: [email protected]: www.discoverireland.com

Tourism Ireland - Shanghai OfficeSuite 700A, Shanghai Centre, 1376 Nanjing Road West,Shanghai 200040, People’s Republic of ChinaTel: +86-21-62798729

Chinese Embassy40 Ailesbury Road, Ballsbridge, Dublin 4, IrelandEmail: [email protected] visa, passport & other consular affairs inquiry: [email protected]’s Office Tel: 01-2691707 ext 1Political Section Tel: 01-2601707 ext 4Administrative Office Tel: 01--2691707 ext 5Counsular and Chinese Citizen Protection Tel: 01-2691707 ext 3 Mobile: 0872239198

Useful Contacts


Useful Contacts

Economic and Commercial Counsellor’s Office77 Ailesbury Road,Ballsbridge,Dublin 4,IrelandTel:01-2600580 Visa Section118 Merrion Road, Dublin 4, IrelandTel: 01-2196651(3-4pm from Tuesday to Thursday)inquiry email: [email protected] Section77 Ailesbury Road, Ballsbridge, Dublin 4Tel: 01-2603906Culture Section77 Ailesbury Road, Ballsbridge, Dublin 4Tel:01-2697852 Science and Technology Section26 Ailesbury Road, Dublin 4 , IrelandTel: 01-2691501 Defence SectionTel: 020 -77947595Email:[email protected]: 25 Lyndhurst Road, Hampstead,London W2 3LH

China Council for the Promotion of International Trade1 Fuxingmenwai Street, Beijing 100860, P.R.ChinaFor International Relationship: Tel: 86-10-88075650 Fax: 86-10-68017153 E-Mail: [email protected] General Office: Tel: 86-10-88075305

Bord Bia ChinaBord Bia - Irish Food Board (Shanghai)733 Shanghai Centre, 1376 Nanjing West Road, Shanghai 200040 ChinaTel: +86 21 6279 8900

IDA Ireland China OfficeBeijing OfficeJoanne ZhouIDA Ireland3 Ritan Dong Lu,Beijing 100600,ChinaTel: 0086 21 8531 6256Brian Conroy Director Asia Pacific

Shanghai OfficeIDA IrelandSuite 655, Shanghai Centre1376 Nanjing Road WestShanghai 200040,China Tel: +86 21 6279 8500Haibo Lu

Shenzhen OfficeLevel 15, Tower 2Kerry Plaza No.1 Zhong Xin Si RoadFutian DistrictShenzhen 518048ChinaTel: +86-755-33043090, +86-755-33043093

Irish Chamber of Commerce [email protected]

Irish China Networkwww.irishnetworkchina.com

GAA Clubs in ChinaBeijing GAABeijing, China Founded 1997 Men’s & Ladies’ Football Black & Red www.beijinggaa.org [email protected]

Canton CeltsGuangzhou, China Founded 2009 Men’s Football www.cantoncelts.com [email protected]

Dalian WolfhoundsDalian, China Founded 1995 Men’s & Ladies Football Club Colours: Yellow, Blue, White www.daliangaa.com [email protected]

Hong Kong GAAHong Kong, China Founded 1995 Mens, Ladies & Juvenile Football Club Colours: Red, Green, White www.gaa.hk [email protected]

Shanghai GAAShanghai, ChinaFounded 2002 Men’s & Ladies’ Football Club Colours: Light Blue & Navy www.shanghai-gaelic.com [email protected]

Shenzhen CeltsShenzhen, China Founded 2004 Men’s & Ladies’ Football Club Colours: Black & Red www.szcelts.weebly.com/index.html [email protected]

Suzhou Eire OgSuzhou, China Founded 2008 Men’s & Ladies’ Football Club Colours: Blue & White www.suzhougaa.com/ [email protected]

The Ireland China JournalSuite 127 Grange Hill, Baldoyle Ind Park, Baldoyle, Dublin 13, IrelandTel: +353 (0) 1 806 3000Fax: +353 (0) 1 806 3001Int: +353 1 8063000Email: [email protected]: www.theirelandchinajournal.com

Dates for your Diary 2014


DATES FOR YOUR DIARY 2014BEIJING DateCafe Show China 2014 2014/08/08 - 2014/08/10CMET 2014 Beijing - The 7th China International Medical Electronics Tech 2014 2014/08/12 - 2014/08/12Gifts & Home Beijing 2014 - The 30th China Beijing International Gifts, Premium & Houseware Exhibition 2014/08/14 - 2014/08/17

CIFBE 2014 - 2014 China International Food and Beverage & Import Food Exposition 2014/08/21 - 2014/08/23

ITEC Asia-Pacific 2014 - IEEE Transportation Electrification Conference & Expo 2014 2014/08/31 - 2014/09/03

CIOF 2014 - The 27th China International Optics Fair 2014/09/03 - 2014/09/05

GUANGZHOU DateRFID China 2014 - The 9th China International RFID and Cloud Computing Tech-nology and IOT Exhibition 2014/08/14 - 2014/08/16

CMDE 2014 - The 5th South China (Guangzhou) Medical Instruments Expo 2014 2014/08/21 - 2014/08/23Feed China 2014 - Guangzhou International Feed Industry Exhibition 2014 2014/08/26 - 2014/08/28GZWEE 2014 - 2014 Guangzhou International Wind Energy Exhibition 2014/08/26 - 2014/08/28Guangzhou Food Expo 2014 2014/08/28 - 2014/09/01The 4th China (Guangdong) International Hospitality Supplies Exhibition 2014 2014/08/29 - 2014/08/31Mommy & Baby Expo 2014 - 2014 Guangzhou International Exhibition for Mommy & Baby Products & Garments 2014/09/11 - 2014/09/13

SHANGHAI DateSME 2014 - The 9th China (Shanghai) International Meat Industry Exhibition 2014 2014/08/11 - 2014/08/13AHTE 2014 - Shanghai International Assembly & Handling Technology Exhibition 2014 2014/08/11 - 2014/08/13

CLNE 2014 - The 9th China (Shanghai) High Quality Animal Products & Animal Husbandry Exhibition 2014 2014/08/11 - 2014/08/13

CMET 2014 Shanghai - The 7th China International Medical Electronics Tech 2014 2014/08/15 - 2014/08/15CIPTE 2014 - China International Paper Technology Exhibition and Conference 2014 2014/09/03 - 2014/09/05

BWT Expo 2014 - The 4th Shanghai Building Water, Water Treatment Technology and Equipment Expo 2014/09/03 - 2014/09/05

China Good Food Show 2014 2014/09/03 - 2014/09/05

SHEZHEN DateAsia Card & RFID Expo 2014 - 2014 Asia Smart Card and RFID Technologies Exhi-bition & Trade Show 2014/08/14 - 2014/08/16

RFID Expo 2014 - 2014 Asia Smart Card and RFID Technologies Exhibition & Trade Show 2014/08/14 - 2014/08/16

IOTE 2014 - The 6th China International Internet of Things Technologies & Appli-cation Exhibition 2014/08/14 - 2014/08/16

ESEREXPO 2014 - The 5th China (Shenzhen) Int’l Energy-Saving Emission Reduc-tion And New Energy Industry Exposition 2014 2014/08/26 - 2014/08/28

IBEC 2014 - International Beverage Exposition and Competition 2014 2014/08/27 - 2014/08/292014 China Sourcing Fair: Mobile & Wireless (Shenzhen) 2014/08/27 - 2014/08/29

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