$100m Investment Fund to create jobs and strengthen Ireland-China relations17/1/14
The Tánaiste and Minister for Foreign Affairs and Trade, Eamon Gilmore, T.D., has welcomed today’s announcement that the National Pensions Reserve Fund (NPRF), and the Chinese sovereign wealth fund, China Investment Corporation (CIC), are to establish an investment fund focused on Irish and Chinese technology companies.
The $100 million fund will invest in fast-growing Irish technology companies with a presence or strategic interest in China and in Chinese companies which have a strategic interest in Ireland, including as a gateway to the European market. Companies in key technology sectors such as the internet, software, semiconductors and clean technology will be targeted, as will technology firms engaged in the agriculture, food, medical and financial services sectors.
Speaking at the launch, the Tánaiste said:
“I discussed the prospect of a major investment by the Chinese Investment Corporation with its President, Mr Gao, last summer while leading a trade mission to China, and I’m delighted that we can now announce it. This investment and the jobs it will yield demonstrate the value of these trade missions and of our Strategic Partnership Agreement with China.
“The Chinese President Xi Jinping visited Ireland in 2012 and Vice Premier Ma Kai last year, further strengthening our two countries’ economic relationship. China is already our 9th largest export partner, with trade between our countries worth €8bn. Joint ventures such as this are a sign of the potential that exists to significantly increase that figure and to drive job-creation and economic recovery in Ireland.”
The fund will be co-managed by WestSummit Capital of Beijing and Atlantic Bridge of Dublin, with equal capital commitments from the NPRF and CIC.