THE RECENT VISIT of Chinese vice-president Xi Jinping to Ireland did a lot to put Ireland on the map in China, and the presence of the future Chinese supreme leader in Ireland seems to have encouraged people here into thinking more seriously about doing business in China.
In response to the growing number of opportunities for Chinese companies in Ireland, and for Irish companies looking at China, PricewaterhouseCoopers (PwC) Ireland has launched its China Practice in Dublin, with 30 Mandarin-speaking business and tax professionals led by PwC Irish partner Andrew O’Callaghan.
“We started talking about this last July and, over the last year or so, we have seen an increased [number of] Irish companies looking to do business in China, as well as Chinese operations looking for opportunities to invest in Ireland,” said O’Callaghan.
PwC hopes to build on these opportunities during the Irish China Trade Mission, which is being led by the Taoiseach, from March 26th to March 28th.
“The visit of Xi Jinping from a profile perspective was great. Our partners in Shanghai and Beijing were amazed at the profile Ireland got from the visit,” said O’Callaghan.
“We’re meeting a number of companies when we’re out in China. There are companies which have made enquiries about Ireland – about tax structures, research on the market and general business. We are trying to encourage them to be in Ireland, and to position Ireland as a good place to do business.”
At the same time, there are plenty of opportunities for Irish firms, especially in the food, technology, pharmaceuticals and financial services areas.
“We can say ‘here are the opportunities’, and if they want to look at something, we can help,” he said.
There are a large number of mainland Chinese professionals working at PwC in Dublin, many of whom graduated from Irish colleges and universities.
The venture is the first of its kind in Ireland, although solicitors AL Goodbody does bring over Chinese solicitors for its dedicated China law practice.
The venture took place in co-operation with PwC’s large China office and, with these contacts on the ground in China, PwC says it can help ensure a smooth transition and make sure that risks are carefully considered in advance.
Preparation is important. China’s business culture is very different, as is the environment regarding tax, law and regulatory issues. Irish companies need to plan their move well in advance – preparation should include undertaking a detailed marketing feasibility study and picking up a bit of the Putonghua (Mandarin).
“We are also running Mandarin classes every Friday morning here in Dublin for our Irish people to learn the local language,” said O’Callaghan.
