IDA secures deal with China bank

The IDA signed a memorandum of understanding with the world's biggest bank, ICBC, on the final day of a trade mission to China led by Taoiseach Enda Kenny with Minister for Jobs, Enterprise and Innovation, Richard Bruton.

The agreement is between ICBC Financial Leasing, ICBC's leasing arm, which has an Irish office and currently has €1.5 billion worth of airline assets operating from Dublin. For its part, ICBC has nearly 400,000 employees and €1.43 trillion in assets.

Enterprise Ireland said more than €35 million worth of contracts and commitments were signed in Shanghai and Beijing during the three-day visit.

The memorandum was signed by IDA Ireland's chief executive Barry O'Leary together with Cong Lin, the CEO of ICBC Financial Leasing.

"China is central to our Asian trade strategy and after a week visiting some of the main cities it is clear what an opportunity, and a challenge, this presents to Ireland Inc," said Minister Bruton.

"There is also undoubted potential to increase the volume and quality of foreign investment in to Ireland from large Chinese companies, many of whom I met on my visit this week," he said.

Later in the day, the Taoiseach and Mr Bruton met China's top parliamentarian Wu Bangguo in the Great Hall of the People to discuss a joint statement confiming the establishment of a strategic partnership agreement to formalise cooperation between the two countries.

Commenting on conclusion of the agreement, Mr Kenny said: "This agreement will put Ireland-China relations on a new level. It provides a clear and important framework for closer engagement and co-operation in all of the key areas of interest to Ireland."

Frank Ryan, CEO of Enterprise Ireland added that "exports create and sustain jobs; and visits like this, especially in China are crucial in building exports. We are extremely proud of our Irish client companies and congratulate them on their success this week in China."