Ireland-China Business Magazine 2023 by Devlin Media

IRELAND-CHINA

The Official Magazine of the Ireland-China Business Association

CO N N EC T I N G

T H E

CO N N E C T E D

I N

C H I N A

I R E L A N D

WUXI BIOLOGICS

‘Factory of the Future’

BAN ON BEEF Irish beef exports to China halted

ENTERPRISE IRELAND Scaling Ambitions

PWC: PARTNERING WITH CHINA

HUWAI DELIVERS

CAROLINE DEVLIN

We Protect Your Data

XpertDPO provides data security, governance, risk and compliance, GDPR and ISO consultancy to public and private sector organisations.

WE ARE XPERTDPO

Data Protection Consultancy We are one of the leading providers of Outsourced Data Protection Officer Services in Europe. We also specialise in offering Nominated European Representative Services to non EU based organisations. We aim to give our clients assurance on data protection and GDPR concerns which allows them to focus on their core activities. As data security experts, XpertDPO can help you to transform the regulatory constraints of the GDPR into opportunities, ensuring that your compliance journey has a positive impact on your existing economic and organisational models.

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Our Services XpertDPO is a data security, governance, risk and compliance, GDPR and ISO consultancy that offers practical, tailor-made solutions. Outsourced Data Protection Officer Data Protection Consultancy Data Protection Impact Assessments Information Systems Audit Nominated European Representative ISO 27001 / 27701 Implementation Consultancy System and Organisation Control (SOC) Reporting

Ireland-China Business Magazine

CONTENTS

50| ‘Factory of the Future’

9| Foreword Message from the Chair 5| ICBA News News and events from the Ireland China Business Association. 10| Strengthening Sino-Irish Relations: A conversation with Caroline Devlin, Chair of the ICBA. 12| EI Scaling Ambitions Enterprise Ireland: Leading in a Changing World. 16| Business Opportunities HSBC’s Chen Tian shares his perspective on why the future looks bright for Sino Irish partnerships. 18| PwC Partnering with China PwC’s Joe Tynan and Eddie Cao, PwC Ireland discuss the significant mutual benefits of Ireland’s evolving relationship with China and assess the mood of global CEOs. 24| BIM Seafood Report Irish seafood exports to Asia remain steady.

28| Huwai Delivers Huawei is committed to bringing digital to every person, home and organisation for a fully connected, intelligent world. 32| Getting to Grips with GDPR As the world becomes increasingly more data-driven, data protection laws continue to evolve. 34| XPert Data Protection Guidance Xpert DPO: Taking care of your compliance headaches to allow you concentrate on your core business goals. 38 Excellence in Education With the number of Chinese students in Ireland at a record level, we look at what attracts international students from East Asia to the Emerald Isle. 40| UCC Futures Building a foundation for economic, societal and cultural resilience and prosperity. 45| Looking at Logistics The world is recovering from the pandemic but the hangover from the resulting supply chain crisis remains

47| Trade Growth Atlas Trade can play a part in responding to inflation and supply constraints, and it continues to be a powerful driver of economic growth. 48| Beef Ban Irish beef exports to China have again been halted after a case of atypical BSE was detected in a bovine animal in Ireland. 50| ‘Factory of the Future’ In what marks a first major foreign direct investment by a Chinese multinational in Ireland, Wuxi Biologics has built one of the largest biopharma campuses in the world at the IDA Science and Technology Park in Dundalk,

Ireland-China Business Magazine Published in conjunction with Devlin Media

Managing Editor Tommy Quinn tommy@devlinmedia.org

Travel Editor Trish Phelan

Sales Helen Fairbrother Paul Halley Martin O’Halloran Linda Hickey

Production Manager

57| Ems Industry Leaders EMS Ltd., is a proven industry leader in cleanroom and particle monitoring solutions 59| Irish Life Sciences Thriving Almost €14bn has been invested in the Life Sciences sector in Ireland over the past decade and employment has soared by 80% to almost 100,000.

Joanne Punch

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Design Minx Design ruth@minxdesign.ie

Whilst every effort has been made to make the information contained herein as comprehensive and accurate as possible the publishers accept no responsibility for additions, omissions or errors. No part of this publication can be copied or produced without the editor’s consent in writing. 3

Ireland-China Business Magazine

News

Minister Simon Coveney, Minister for Enterprise, Trade and Employment

H.E. Ambassador He Xiandong, Embassy of the of PRC to China,

ICBA ANNUAL DINNER Join the Ireland China Business Association (ICBA) for its Annual Dinner on 29th Nov 2023 and enjoy a night of business, networking and celebration! Once again the event is being held in The Westbury Hotel, D.2. The guests of honour for the evening are Minister Simon Coveney, Minister for Enterprise, Trade and Employment, and H.E. Ambassador He Xiandong, Embassy of the of PRC to China. Both will deliver individual remarks on Ireland and China trade relations. A drinks and networking reception will take place from 6.30pm, followed by dinner from 7.30pm. Costs for members attending the event is €150 per person while non member tickets are priced at €170.Tickets may be booked directly through this Eventbrite link for up to 4 guests: For 5 or more tickets or table bookings please email: info@irelandchina.org directly. The ICBA Annual Dinner 2023 is kindly co-sponsored by WuXi Biologics and Dentons. Guests will also enjoy a festive Moutai toast and photographs will also be taken during the event at the event.

TANAISTE VISITS CHINA Tánaiste Micheál Martin commenced a visit to Beijing and Shanghai on Monday 6 November, his fourth such visit as a member of Government, and second as Minister for Foreign Affairs. His programme in Beijing includes meetings with Chinese Vice President Han Zheng and Foreign Minister Wang Yi to discuss Ireland’s bilateral relationship with China and the EU-China relationship, as well as exchanging views on foreign policy issues and global challenges. The Tánaiste will also engage with the Irish community and business leaders and will address students at the Beijing Foreign Studies University, which hosts an Irish Studies Centre. In Shanghai, the Tánaiste will formally open the new Ireland House offices which host Ireland’s Consulate General and State Agencies. His programme will also include an address at the China Europe International Business School on Ireland’s EU journey and EU-China relations and meetings with Irish businesses and the Irish community resident in Shanghai. Speaking ahead of the visit, the Tánaiste Micheál Martin said: “I very much look forward to renewing the political, cultural,

and economic connections between China and Ireland, and to communicating the Government’s priorities for the relationship. My meetings and engagements in Beijing provide an opportunity to outline Ireland’s policy objectives and to discuss a range of global challenges, including climate change, the achievement of the Sustainable Development Goals, the situation in Ukraine and the crisis in the Middle East. Ireland’s relationship with China is based within the framework of the UN Charter and the global multilateral system and my engagements with political leaders will include discussions of China’s role as a permanent member of the UN Security Council, of which it is holding the Presidency this month, and as a member of the Human Rights Council. In Shanghai, I am looking forward to formally opening Ireland House, meeting with our key business contacts in the region and with the Irish community. My programme includes keynote speeches at the Beijing Foreign Studies University and the China EU Business School in Shanghai and I am particularly looking forward to the opportunity to engage with students and young people, and discuss the future of the Ireland-China relationship with them.”

Ireland-China Business Magazine

DECLINING FORTUNES OF CHINA’S WEALTHIEST China’s affluent elite witnessed the most substantial decline in their wealth in over two decades, as the Russia-Ukraine conflict, stringent zero-Covid measures in Beijing, and a downturn in local stock markets collectively impacted financial standings. The annual Hurun Rich List, assessing individuals with a minimum net worth of 5 billion yuan ($690m), reported a 11% decrease in qualifiers to 1,305, with their combined wealth plummeting by 18% to $3.5tn compared to the previous year.

PINDUODUO RELOCATES TO IRELAND PDD Holdings, parent company of the major Chinese ecommerce platform Pinduoduo, has relocated its principal executive offices to Ireland, marking a significant move away from Shanghai. Analysts suggest that this shift pre-empts potential escalations in Washington’s regulatory actions against Chinese tech entities. By establishing a presence in Ireland, PDD Holdings may access potential tax benefits and pave the way for a separate listing of the Temu business. This relocation signifies a broader trend as trend as other Chinese companies navigate geopolitical risks, exemplified by ByteDance’s move of TikTok’s headquarters from Beijing to Singapore. Ireland’s favorable tax landscape and conducive regulatory environment make it an appealing base for multinational corporations looking to navigate global trade and tax complexities.

TWO-WAY TRADE WITH ASIA SOARS Two-way trade between Ireland and the Asia region is now worth €120bn, according to the secretary-general at the Department of Enterprise, Trade and Employment Declan Hughes who spoke at the recent two-day Asia Matters ‘Growing Global Business with Asia from the North West Knowledge Hub’ conference. “We have an Asia-Pacific strategy, and a clear target of that was to increase our trade with the region to €100bn by 2025,” he said. “And we are already ahead of that target, with €50bn in goods and €70bn in services.” Asia Matters’ Executive Director, Martin Murray, said any Irish company wanting to boost foreign orders must now look at the opportunities that exist across Asia.

The list revealed a notable reduction in the count of individuals possessing $10bn or more by 29, with a consequential decrease of 239 billionaires in US dollars this year. Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report acknowledged that this marks the most significant downturn in the Hurun China Rich List over the past 24 years. The global economic landscape grappled with the impact of the Ukraine conflict and decelerating growth in China, further exacerbated by the nation’s rigorous Covid policies and an enduring property market downturn. The International Monetary Fund projected China’s economy to expand at a sluggish rate of 3.2% in 2022, the slowest since the 1980s, excluding the pandemic-affected pace in 2020. In addition, a two-year regulatory crackdown on major Chinese tech entities, including Alibaba Group and Tencent Holdings, contributed to a decline in investor confidence, reflected in the decline of Hong Kong and mainland stock markets.

Zhang Yiming, founder of ByteDance faced a substantial drop in wealth amid volatile market conditions

Despite the challenges, Zhong Shanshan, whose listed companies include water bottler Nongfu Spring and vaccine developer Beijing Wantai Biological Pharmacy Enterprise, maintained the top spot on the list for the second consecutive year, with a 17% increase in fortune to $65bn. Other notable figures, such as Zhang Yiming of ByteDance and Pony Ma of Tencent, faced substantial drops in wealth amid volatile market conditions. Yiming, the founder of ByteDance, which owns TikTok took second place, and saw his wealth fall 28% to $35bn due to a drop in ByteDance’s valuation. Tencent founder Pony Ma posted the second largest drop, falling $14.6bn amid sliding tech stock prices, to take fifth place on the list. In third place was Zeng Yuqun, chairman of battery giant CATL while Alibaba founder Jack Ma and his family tumbled four places to be ranked number nine

“For historical and cultural reasons, Irish exporters have traditionally focused on the United States, United Kingdom and Europe,” he said. “The announcement by the Secretary General, however, shows just how important the Asian market is to Ireland. Earlier this year, the IMF said it expects its Asia’s GDP to expand by 4.6% during 2023, up from the 3.8% growth recorded in 2022. The two-day ‘Growing Global Business with Asia from the North West Knowledge Hub’ conference took place at the Letterkenny campus of the Atlantic Technological University (ATU). At the launch of Asia Matters’ Business Awards last May, it emerged that over 600 Enterprise

Secretary-general at the Department of Enterprise, Trade and Employment Declan Hughes

Ireland companies are now exporting of over €2 billion worth of goods to Asia – an increase of 80% in the last five years.

Ireland-China Business Magazine

China’s Ambassador to the UK, Zheng Zeguang,

CHINA’S GREEN COLLABORATION WITH NORTHERN IRELAND Minister for Justic Simon Harris

ENDING THE IMMIGRANT INVESTOR PROGRAMME (IIP)

PROMOTIONAL EVENT FOR 6TH CIIR HELD IN IRELAND Seven Irish organizations and enterprises signed cooperation agreements with the China International Import Expo Bureau for this year’s expo during a promotional event of the sixth CIIE in Dublin, Ireland on local time May 29. The event, aimed at promoting the import expo and drawing companies from Ireland to look for business opportunities in China through CIIE, was attended by over 100 representatives from Irish business associations, enterprises, and media outlets. Wang Jiabao, commercial counsellor of the Chinese embassy in Ireland, said that Irish products such as beef, whiskey, and dairy products, as well as services related to tourism, finance, and information technology have been well-received at the expo since the inaugural edition. He hoped that more Irish companies and products could enter the Chinese market via CIIE to strengthen the mutual understanding and cooperation of the two countries. Liu Fuxue, deputy director-general of the CIIE Bureau, expressed hope that Irish organizations and enterprises will continue to help attract more high-quality exhibitors to participate in the expo. Liu Yupeng, chairman of the Industry and Commerce Association of Ireland (ICAOI), said that the association, which is a key partner of the CIIE in Ireland, has been dedicated to facilitating exhibitor and purchaser attraction and matchmaking for the expo. The ICAOI will bring more high-end Irish brands and advanced technologies to join the sixth CIIE, he added.

The Immigrant Investor Programme (IIP) which aimed to attract investment from non-EU citizens into various key sectors by offering residency in return for financial contributions has been cancelled. Over the years, it has seen substantial involvement, predominantly from Chinese investors, but has also faced criticism regarding lack of transparency and potential misuse of the scheme. The IIP was introduced in the wake of economic turmoil as a means to stimulate investment in Ireland. It allowed non-EU citizens to obtain residency rights in Ireland by investing a minimum of €1 million in Irish companies or making philanthropic donations. Since its inception, the IIP has seen substantial investments amounting to €826.5 million from non-EU citizens, with Chinese nationals being the most significant contributors. The investments primarily went into sectors such as social housing, nursing homes, and hospitality, thereby aiding economic growth and job creation. The decision to cancel the IIP was made after extensive review and consideration of reports from international bodies and internal assessments. Minister for Justice Simon Harris cited the need for the cancellation, indicating that the programme had served its purpose during a time of economic adversity but was no longer viable or secure in the present context. It will cease to accept new applications, although ongoing applications will be processed as per the existing rules. Chinese nationals made up the bulk of applicants, representing 94% of successful applications, followed by applicants from the US, Vietnam, Saudi Arabia, and a handful from other countries. Notably, universities in Ireland significantly benefited from this programme, receiving substantial donations, with Dublin City University, University of Galway, and Trinity College Dublin among the beneficiaries.

China’s Ambassador to the UK, Zheng Zeguang, marked his inaugural visit to Northern Ireland with a focus on fostering economic collaboration, cultural exchange, and a shared commitment to addressing climate change through green energy initiatives. Touring Ulster University with a trade delegation, discussions centered on strengthening cultural ties between China and the UK The ambassador emphasized the potential for a fruitful sister city relationship, highlighting its role in cultivating a successful state-to-state collaboration. Zheng expressed optimism about the existing benefits derived from cooperation and exchanges between China and Northern Ireland. “When we have a good sister city relationship, a productive sister city relationship and constructive input, effective regional relationship between China and the UK, then it will lead to a more successful and productive state-tostate relationship,” said the diplomat. “And I do see the benefits of cooperation and exchanges between China and Northern Ireland already.” Particularly significant was the Northern Ireland Forum on New Energy Innovation, where government, business, and academia convened to explore future technologies and mutual interests in advancing research and development in renewable energy, specifically green hydrogen. Ambassador Zheng noted the keen interest on both sides to collaborate on research, development, and practical applications to address fundamental needs. “There is keen interest on both sides to work together to develop the research and development, hydrogen energy and also to put it into applications and to solve the fundamental needs of both sides,” added the ambassador. As the world’s largest producer and user of hydrogen, China finds common ground with Northern Ireland’s ambition to lead in green hydrogen. This collaboration aligns with both countries’ objectives toward net zero emissions, reflecting a strategic move with economic and environmental benefits

Ireland-China Business Magazine

NURTURING STRONGER TIES Chinese Ambassador He Xiangdong’s recent address at the Ireland-China Trade and Investment Seminar, hosted by HSBC Ireland and the Ireland China Business Association, delved into the nuanced dynamics characterizing Sino-Irish relations. Against the backdrop of intricate global dynamics, Ambassador He’s speech addressed pivotal aspects, including the discourse on “de-risking from China,” the evolving China-Ireland relationship, and the significance of mutual benefits in a changing global landscape. Acknowledging the prevalent dialogue on “de-risking from China,” Ambassador He engaged the audience in thoughtful consideration, posing whether a peaceful, cooperative, and open China posed an opportunity or a risk to Ireland. He underscored the importance of discerning potential risks, prompting reflection on China’s role in Ireland’s economic landscape. The ambassador highlighted the remarkable progress in China-Ireland trade relations, citing consistent increases in bilateral trade volume and emphasizing China’s status as Ireland’s 4th largest trade partner. The flourishing relationship,

Chinese Ambassador He Xiangdong

marked by extensive common interests, was portrayed as delivering tangible benefits to both nations. Addressing the exponential growth in two-way investment, with over 40 Chinese companies establishing a presence in Ireland, Ambassador He dispelled the notion of risks associated with the relationship. He emphasized mutual benefits and extensive cooperation, citing direct Chinese investment in Ireland as a catalyst for job creation and economic development. Emphasizing China’s global stature as the

second-largest economy, the ambassador accentuated the potential inherent in the Chinese market and warned that “derisking” would mean turning away from substantial opportunities for cooperation and development. In his key message for the Irish business community, Ambassador He urged embracing shared interests, wisely evaluating the relationship, and actively promoting mutual understanding. He called for a commitment to fostering collaboration, envisioning a brighter future for bilateral relations.

MIDDLE EAST-CHINA TRADE CORRIDOR BOOMING The booming Middle East-China trade corridor is encouraging HSBC’s clients to invest in the region, one of the bank’s top executives has claimed amid a networking event held in the UAE. Speaking to mark the International Connections event, held at HSBC headquarters in the UAE, Stephen Moss, the bank’s regional CEO for the Middle East, North Africa and Turkiye, highlighted sectors including trade, investment, and tourism as key growth areas. His comments came as the Gulf Cooperation Council’s trade with China in 2021 surpassed commerce with the US and the euro-area combined for the first time. Saudi Arabia has led the charge in boosting ties with the Asian economic giant and welcomed Chinese President Xi Jinping to the Kingdom on an official visit in December 2022. Reflecting on HSBC’s growing relationship with the Middle East, Moss said: “The Middle East is a growth region for the Group, and China’s pro-growth policies and the Middle East’s ambitious economic transformation programs offer significant opportunities for our clients

across a broad range of sectors, whether in international trade, investment, tourism, technology, infrastructure or energy transition. “Our long heritage and strong relationships in the UAE and China, and our international

network covering more than 90 percent of global GDP (gross domestic product), trade and financial flows, put us at the forefront of connecting clients to some of the world’s most exciting growth and investment prospects.”

Ireland: Innovation at the edge Innovation has always lived at the edges. Which is why it finds a natural home at the edge of Europe, in Ireland, where Irish companies disrupt, transform and innovate at the very edge of technology. Enterprise Ireland connects companies across China with this transformative Irish technology to deliver on the region’s ambitions.

Connect with Irish Innovation at: irishadvantage.com/china-en/

Ireland-China Business Association

Strengthening

Sino-Irish Relations Caroline Devlin, Chair of ICBA shares insights into Ireland’s blossoming relationship with China and the strategies employed to foster stronger trade and diplomatic relations between both countries. In recent years, the relationship between Ireland and China has seen a series of remarkable milestones, including the 40th anniversary of diplomatic relations to the 20th anniversary of the Irish China Business Association (ICBA) and the visit of then vice premier XI to Ireland. Few people have had a better vantage point from which to observe these seminal events that Caroline Devlin, Chair of the ICBA and former partner and co-chair of the Arthur Cox Aviation Group as well a partner in the Tax Group. She has advised leading domestic and international clients in all aspects of business and financial services and brings a unique combination of expertise, experience and insight to her role. Caroline has extensive experience in advising both domestic and international companies on structuring their tax affairs for various types of transactions

including establishing operations in Ireland, mergers and acquisitions, intellectual property structures, reorganisations and restructurings. She is particularly experienced in advising clients on all financial services transactions including loan portfolio transactions, securitisations, bond issues, and aircraft and equipment leasing. Caroline is also very experienced in navigating a path through tax disputes and tax litigation for clients. Reflecting on her tenure as the head of the ICBA and the notable changes and developments in Sino-Irish relations that have occurred, Caroline expresses regret that the COVID-19 pandemic disrupted plans to celebrate the key anniversaries which occurred., However, she says that it also highlighted the resilience and strength of personal connections, both locally and through virtual interactions.

“I have seen some notable anniversaries recent years, such as the 40th anniversary or Sino Irish diplomatic relations in 2019, and the 20th anniversary of the ICBA in 2020. Of course, our great plans for our celebrations were put on hold with Covid,” she says. “That really was such an unprecedented time. Through such difficulties that people faced throughout the world, the level of personal connections that were made and kept was truly amazing. Both at an entirely local level in our neighbourhoods, but also by video calls – and while nothing can beat a face-toface meeting, it was really important to be able to keep connected.” As a trade association, the ICBA is intent on fostering positive relations with governmental bodies in both countries and Devlin acknowledges the pivotal

Ireland-China Business Association

role played by the Chinese Ambassador H.E. He and the Irish Ambassador, H.E. Derwin, in maintaining excellent relationships through that turbulent period. Highlighting the importance of personal connections, the ICBA chief says that underneath all the diplomatic complexities, it’s ultimately about people enjoying each other’s company and building lasting relations. “As a trade association, the ICBA does not involve itself in political matters,” she explains. “However, we work to keep good relations with governmental bodies in both countries and I might especially mention the Chinese Ambassador H.E. He and the Irish Ambassador, H.E. Derwin. They are both excellent at maintaining excellent relationships. Underneath everything, it’s just people, and I find to bring it to our own level means we enjoy each other company and build and keep good relations. While the ICBA is an independent association, it collaborates closely with entities like TEAM Ireland, which includes the IDA, Enterprise Ireland, and the Department of Foreign Affairs. The Chinese Embassy also plays a pivotal role in providing access and support, strengthening ties between both nations. “Each of them provides excellent access and information to us, and are invaluable recourses to a business looking to expand internationally. On the Chinese side, also the Chinese Embassy is extremely welcoming and helpful to us,” she says. The ICBA plays a key role in promoting stronger trade and diplomatic relations between Ireland and China. They host numerous events throughout the year, bringing together Chinese and Irish business professionals, students, and more. Some highlights from this year include an agrifood and beverage seminar, Sino-Irish investment symposium, International Women’s Day breakfast, annual race Night, a MedTech event in Galway, and the annual dinner, which is scheduled for November 29th. “We also arrange round table discussions and participate in many delegations from China. These events combine informative sessions, and contribute to deepening strong relations,” Caroline adds.

Ireland and China have witnessed substantial growth in various sectors particularly in agriculture and food, telecommunications, IT, and financial services, while banking and aviation, have also seen significant expansion. The growing focus on sustainability offers further opportunities for collaboration, according to Caroline. She anticipates an acceleration of Foreign Direct Investment (FDI) from China in the coming years and points out that the potential for further acceleration is significant, driven by Ireland’s strategic position, its business-friendly environment, the success and stability of the Irish economy and the attractiveness of its industries. “More recently of course sustainability is increasingly important on a worldwide basis, and there are opportunities for synergies between China and Ireland. “I believe it’s also important to consider Ireland as a bridge to China – inbound and outbound. Ireland is clearly a small market, but its place in world trade looks at Ireland as a territory that facilitate the bridging east and west. “The ICBA being a trade association has maintained the same goal for years – to develop and grow relations and trade between Ireland and China. How we do this changes each year, and we have to be flexible to deal with changes in the landscape. The Council of the ICBA, all voluntary members, work hard to achieve this.” For Irish businesses seeking to target the Chinese market, Devlin says that it Is essential to thoroughly understand the market they are looking to expand into. Building a business in China involves aligning with what the Chinese audience wants and she also emphasizes the importance of finding a trusted partner, as navigating the Chinese market alone can be challenging. Building deep relationships based on trust is also essential in China. Unlike more traditional markets such as the US and the UK, where transactions can be quicker, the Chinese market requires patience and nurturing of long-lasting connections.

Caroline Devlin, Chair of the Ireland China Business Association

“Take time to understand the market you are looking to expand into. You don’t build a business chasing what you want, it will only get built by helping your audience get what they want. Research the areas and the various strategic plans that issue from China, as this gives valuable insights into industries with growth potential,” she advises. “I also really recommend finding a trusted partner. This may take many forms, but it can be challenging to do this on your own.” She also advises Irish companies to assess any opportunities available in China’s Belt and Road initiative and says that Ireland’s approach to embrace the BRI aligns with its outward-looking perspective. By being connected to this initiative, Ireland can tap into the growing relations, providing a gateway to opportunities that the BRI presents. “Ireland’s view on the world is to look outwards, and it has taken the approach to embrace the BRI. Ireland benefits from being connected, and the growing relations will continue to provide opportunities,” she says. With the ICBA’s dedication and Ireland’s strategic positioning, the future of Sino-Irish trade and diplomatic ties appears promising and offers valuable opportunities for Irish businesses and the broader community.

Ireland-China Business Association

Minister for Enterprise, Trade and Employment, Simon Coveney presenting at Enterprise Ireland’s End of Year Results

Enterprise Ireland

Scaling Ambitions By Dale Breheny, Enterprise Ireland Market Executive One year on from the launch of Enterprise Ireland’s three-year strategy, Leading in a Changing World 2022-2024, Irish companies are optimistic about growth projections going forward in 2023. Enterprise Ireland is the trade and innovation agency of the Government of Ireland, partnering with world-class Irish companies to accelerate their development globally, thus contributing to employment and economic value add in Ireland. According to End of Year Results for 2022 announced earlier this year, Enterprise Ireland-supported companies now employ 218,178 people, a net increase of 5% compared to 2021. Scaling Irish exports globally remains critical to delivering this job creation.

As our fifth largest trading partner and largest export destination in the Asia Pacific region, China continues to play a key role for delivering scale to Ireland’s most ambitious companies, despite being a difficult market to enter. The challenges facing Irish companies looking to gain a foothold in this unique market remain largely the same in 2023; cultural and geographical distance, the language barrier, and high levels of competition from both domestic and international companies, means that only companies with innovation at the core, a clear niche in the market, and a long-term commitment to investment in China have suitable fit.

There have been real success stories for companies of this profile across a range of sectors in the past couple of years, achieving double- or triple-digit growth despite barriers to travel in and out of China at the time. Against this backdrop, Enterprise Ireland client companies demonstrated flexibility and resilience, responsible for just under €938 million in 2022. With the return of more regular international travel to the market made possible this year, coupled with the falling costs of shipping post-pandemic, we expect an increase in export figures in 2023 as Irish companies reconnect with their partners on the ground. Enterprise Ireland are well-placed to support these companies in ramping up engagement

Ireland-China Business Association

Industrial automation and hi-tech manufacturing are key areas of growth for Irish companies in China

in the market. From three local offices across Beijing, Shanghai and Hong Kong, the greater China team provide companies with access to a network of contacts on the ground, along with tailored introductions in their industries, knowledge-sharing, marketing supports and strategic advice. There are compelling synergies between China and Ireland’s economic development priorities which are creating pockets of opportunity to increase trade between the two nations. Sustainability, digitalization, and innovation are common themes across Enterprise Ireland’s current strategy for Irish companies and China’s fourteenth iteration of the Five-Year Plan. Companies that are aligned to China’s focus areas for investment have experienced tremendous export growth in recent years and are yet to realise the full-scale potential of the market. We see expanding opportunities this year for a pipeline of companies across areas such as hi-tech construction, industrial

automation, agritech, future mobility and the recovering aviation supply chain. One such company is Aerogen, which has been gaining traction in the market due its high levels of innovation and collaborative partnerships. The medtech industry in China has seen a shift in recent years towards domestic suppliers owing to growing investment in internal capability. Aerogen has adapted to this through localization, co-developing proprietary technology for the market with its local partners. Last year, its world-first aerosolized Covid-19 vaccine was approved for use in the market. The inhaled vaccine, named Convidecia Air™ and co-developed with CanSinoBio, played a pivotal role in Shanghai’s booster rollout which kicked off in October 2022. Project management firm, PM Group, have established themselves as a leading specialist in hi-tech construction projects for the F&B and pharmaceutical industries in China. Having a clear niche

As our fifth largest trading partner globally, and largest export destination in the Asia Pacific region, China continues to play a key role for delivering scale to Ireland’s most ambitious companies, despite being a difficult market to enter. 13

Ireland-China Business Association

Higher education continues to be a bright spot for cultural and economic ties between Ireland and China

in the market has led to the company becoming the supplier of choice for delivering distilleries in China’s new whiskey boom of recent years. PM Group oversaw the build of China’s first ever malt whiskey distillery, ‘The Chuan’ in the picturesque Emeishan for Pernod Ricard. The project was awarded 2022 Global Best Projects Award by ENR (Engineering News Record). Outside of the industrial sphere, higher education continues to be a bright spot of cultural and economic exchanges that characterizes the Sino-Irish relationship. Ireland’s strong reputation for quality education coupled with its green, friendly image makes it’s an increasingly popular destination with Chinese students going overseas. We expect student travel numbers to continue to recover towards prepandemic figures in 2023. There are

also a growing number of transnational education programmes between Ireland and China, with over 6000 Chinese students currently studying a blended curriculum. We at Enterprise Ireland are excited for the opportunities this growing cohort of affinity diaspora will create for Sino-Irish trade relations in the years to come. Through the Ireland China Alumni Network (ICAN), we help new and senior graduates of Irish Higher Education Institutes to connect with people in their sector through a host of events around China and via the ICAN WeChat account. Website: www.irishadvantage.com/china-en

If you are an Irish company looking to enter or scale in China, you can contact Enterprise Ireland’s team of market specialists on the ground for support anytime, and across a range of channels. Talk to us directly or follow us on social media for more updates:

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Your trusted Irish legal partner At Arthur Cox, we’ve always been progressive in spirit. Our dedicated specialists ensure, through the calibre of our partner firms and the strength of our relationships, that our clients receive the best advice and services available in a seamless way. We can help our clients prepare for the opportunities and the challenges they face in doing business overseas. We act for Irish and international clients seeking to invest and establish operations in the Asia-Pacific region as well as for new and existing clients from the region looking to invest and do business in and through Ireland. With a global outlook and an international network of expertise, Arthur Cox is the partner who is as forward-thinking as you are. To find out more, please contact: Caroline Devlin Partner & Head of Asia-Pacific Team +353 1 920 1224 Caroline.devlin@arthurcox.com

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Ireland-China Business Association

Ireland China

Business Opportunities As Ireland’s business ties with China continue to strengthen, Asian investors are increasingly looking to the west when it comes to developing key relationships. HSBC’s Chen Tian shares his perspective on why the future looks bright for Sino Irish partnerships. Ireland has a formidable track record when it comes to attracting foreign direct investment (FDI) and as a result, boasts many significant American and European investments. The lasting effect of this long, successful FDI history can be seen today, with many of the talented executives who worked for these FDI companies still involved in the ecosystem. Some of these people have gone on to play significant roles in leading multinational subsidiaries, bringing with them their extensive knowledge of business models and the value chain. In more recent years, it has also seen an increase in investment from Asia. Access to this international talent pool is something Asian companies have recognised as an advantage to investing in Ireland and is one of the key considerations in influencing investment decisions. Ireland’s education system also provides an excellent, rich-resourced means of developing the talent pipeline for future operations through collaboration and partnership between education and industry as well as the Irish government’s investment in education.

Third level universities and institutes in Ireland recognise the importance of talent to investors and demonstrate this by working closely with companies to ensure that curriculums are relevant to the industry the graduates will go on to work in. Many run programmes in conjunction with industry to provide students with the essential practical experience to make them workplace ready. Many Irish universities also have Chinese courses to help the continued progression of Chinese language skills. Chinese has been added onto the Irish Junior Cert (12 to 15 year olds) and Leaving Cert (senior high school) curriculum, proving the demand for Chinese as a future skill. International students are also an important part of the ecosystem. For example, many Chinese students who graduated from Irish universities carry the Irish culture with them. Each of them becomes an Irish ambassador everywhere they go. International companies based in Ireland can tap into this talent pool tofurther strengthen their China related business activities.

Easy access Connectivity is another prominent factor that enhances Ireland’s attractiveness to FDI. To many executives, strong connectivity to other global business hubs is of huge value. There are plenty of flights from Irish airports to most European cities. Most of these flights take less than three hours. Dublin Airport is one of only a handful of airports in the world that offers a US Preclearance facility, which means passengers from Dublin do not have to proceed to US customs upon landing in the US. For executives who frequently travel between Asia, Europe and North America, this system will save them a lot of time and stress. Dublin city centre, home to Ireland’s business and financial services centre, is only 11 kilometres from the airport. Similar to the Chinese culture, family values and ties to home are very strong in Ireland, even in the country’s more urban areas. Across Ireland you will encounter many people who have either lived and worked abroad or have a loved one who has, and it is perhaps this experience that makes them so uniquely warm to those of us relocating here. It is also a

Ireland-China Business Association

world-renowned tourist destination with untouched beauty along the coast that brings out the country’s warm, welcoming personality. All attractions, including scenic walking routes, golf courses, shopping outlets, beaches and countryside are all within a short drive of the major cities. With more EuropeanChina flight schedules being added, the hope is to have permanent direct routes from Ireland to China in the near future. All of these factors play into the decision making process for global executives when considering investing in Ireland and it is no huge surprise that Ireland’s growth as an FDI destination for Chinese investment is set to continue over the coming years. Now more than ever, China itself emphasises the importance of increasing international cooperation. This goes hand-in-hand with the theme of ‘dual circulation’ where Chinese domestic development will be complemented by continued engagement with the world. This is likely to mean further developments in international trade and investment deals as well as continuing to open the domestic market to attract further foreign investment.

Talent and tech Productivity enhancement through innovation and continued advancement in technology development are key for continued Chinese growth. As such, manufacturing upgrading will remain the focus in the near future alongside increased R&D spending, such as in fundamental research and cultivating talent, particularly in STEM (science, technology, engineering and maths) fields. As Europe/Ireland already has established expertise in Technology, Life science, Advanced engineering, eCommerce and Agrifood related sectors, investment and- collaboration opportunities could evolve in both directions of this trade corridor. For trading partners looking to import from or export to China, the China International Import Expo (CIIE) and China Import and Export Fair (Canton Fair), both held in autumn are two key events where they can meet with a concentrated number of

potential Chinese buyers and sellers. In Ireland, IDA Ireland is the key inward investment agency for inbound FDI and Enterprise Ireland is responsible for the development and growth of Irish enterprise in world markets. These are great places to start for any company looking to take advantage of the Ireland/ China corridor. A banking partner experienced in both- markets is also an advantage. HSBC is one of the largest investors among foreign banks in mainland China, having invested in the growth of its own operations and in select Mainland financial services entities. HSBC China employs around 7,000 staff. It has a branch network of around 150 outlets across more than 50 cities. This is the largest service network covering the widest geographical reach by any foreign bank in mainland China. HSBC’s knowledge of mainland China and its international operations enable it to provide customers with a wide range of financial and banking services, including wealth and personal banking, commercial banking, and global banking and markets. HSBC also has significant corporate banking and funds management and administration businesses in Ireland, having been located in Dublin since 1979. It employs in excess of 300 people, including a number of Global Function Heads. HSBC Ireland is a branch of HSBC

“Ireland has a formidable track record when it comes to attracting foreign direct investment (FDI) and as a result, boasts many significant American and European investments.”

Continental Europe. It can support both Chinese, Irish and international clients from all continents with commercial banking, and global banking and markets as well as funds management and administrations. Chen Tian is the Head of China Desk, Europe, Commercial Banking in HSBC. Chen joined HSBC Ireland in 2018 and has previously held numerous roles in Corporate Banking, Retail Banking and Global Markets in the European banking industry. Chen is an elected Council member of the Ireland China Business Association.

Ireland-China Business Association

According to Eurostat, our bilateral trade volumenin 2014 was €3.7bn, while the figure in 2022 reached €25.3bn, representing an average annual increase of 27%,

Partnering with

China

Joe Tynan, Tax Partner, PwC Ireland and Eddie Cao, Tax director, China desk for PwC Ireland discuss Chinese foreign direct investment (FDI) in Ireland, the impact of COVID-19 and how Irish businesses can tap into the Chinese market. Last year marked the 10th anniversary of the China-Ireland strategic partnership for mutually beneficial cooperation. Since signing this reciprocal partnership, Ireland’s relationship with China has blossomed into a significant and mutually beneficial partnership and there are great opportunities. Ireland is a small open economy promoting free trade and the Tánaiste, Micheál Martin, said in early November that Ireland is anxious to ‘maintain and strengthen’ its economic relationship with China.

Trade relations have also witnessed remarkable growth and since 2014 bilateral trade has hit new records for nine consecutive years. According to Eurostat, our bilateral trade volume in 2014 was €3.7bn, while the figure in 2022 reached €25.3bn, representing an average annual increase of 27%, significantly higher than Ireland’s overall trade growth in the same period, which was 10.7%.

Inward Investment Chinese FDI into Ireland is also growing rapidly and more than 40 Chinese

companies ,including ICBC leasing, WuXi Biologics and TikTok, have established their presence here. According to the Central Statistics Office, direct investment from China into Ireland in 2021 has reached €9.1bn and created over 5,000 jobs. Unsurprisingly, the upward trajectory of trade and investment was significantly impacted by the COVID-19 pandemic and the strict travel restrictions put in place resulted in a notable slowdown in greenfield projects, according to Joe Tynan, Tax Partner, PwC Ireland.

Ireland-China Business Association

“As a response to Covid-19, travel into and out of China was severely restricted which damaged investment and we saw very limited greenfield projects throughout that period,” he says. “However, existing projects which had started before Covid-19 did continue and in fact some benefitted from having dual locations. Post Covid-19, we’re certainly seeing a very significant number of potential greenfield companies coming to Ireland.”

skilled workforce and competitive tax rates, also create a compelling case for Chinese investment in the country.

Among the sectors attracting greatest interest from Chinese investors, according to Joe, are in the technology and internet space, pharmaceuticals and renewable energy.

“Chinese companies and business leaders generally look to leaders or former leaders in their field, and they want to learn from them. That’s why they look to the tech companies and the pharmaceutical companies in Ireland. It also allows them to take advantage of an ecosystem which is proven and tested and built into that track record.

“There are investments across a whole range of areas and a significant number of them are in the technology and Internet space,” he says. “The second group is the pharmaceutical space although it hasn’t seen the same explosive growth as the technology and internet sectors. There’s obviously been a greater focus on things like vaccine development over the period, so that sector has seen more normal levels of growth.” The third sector most prevalent for Chinese investment is renewable energy reflecting the broader global trend towards cleaner, more sustainable energy sources. Unlike tech and pharma companies, renewable energy companies are not just using Ireland as an export base but are also seeking to introduce new technologies or invest in the Irish market itself. “They may be looking at bringing some of their new technologies into the Irish market, things like renewable battery saving technology because solar and all of these renewable energy sources rely on some type of storage capacity so there’s very significant investment going into all of them,” he says. “China is on a very steep upward curve in terms of developing renewables, but they can certainly see opportunities in this space.” In pole position among the mix of factors drawing Chinese companies to Ireland, according to Joe, is Ireland’s strategic location within the European Union which grants access to the broader European market. In addition, the English language, Ireland’s open business environment,

The track record of success in Ireland and the ability to recruit from a diverse European talent pool which is essential for navigating the complex regulatory landscapes of various European countries also bolsters Ireland’s attractiveness as a destination for inward investment.

“So, if you’re looking to expand into the US or Germany, you can hire a team who have exported into the US or into Germany right here in Ireland and that is incredibly important. “Despite the low unemployment rate, they’ve been able to recruit people from right across Europe, which is incredibly important. But that’s a two-way thing and most people have to be prepared to move here and so far, they have. But the cost of housing and the cost of living is having an impact.”

Opportunities in China Highlighting the reciprocity of the relationship, Eddie Cao, Tax director, China desk for PwC China draws attention to the wealth of opportunities which exist for Irish businesses in the world’s second largest economy. Irish companies, he points out, have made their presence felt in the Chinese construction, engineering, fintech, and other technology sectors. “China is a huge market for a lot of businesses globally. It has a population of 1.4bn people and an ever-increasing middle class. There is strong consumption demand and Ireland is doing great in terms of food and agri. Ireland exports pork and poultry and it is the only EU country that exports beef to China, following the outbreak of mad cow disease in the early 2000s.

Joe Tynan Tax Partner, PwC Ireland

“According to the latest statistics, China is Ireland’s 4th largest trade partner, the 5th largest goods export market, the 7th largest service export destination, the largest trade partner in Asia Pacific, the fastest-growing major market and the largest overseas market for Irish pork and baby formula.” 19

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cities in China mainland, Hong Kong and Macau, with over 800 partners, and more than 20,000 people in total. “It started with two people 120 years ago, and now has a particularly strong presence in the Asia Pacific region. The reason PwC has enjoyed such strong growth is that we have been servicing so many great businesses going to Asia and going to areas where we have a strong presence. So, we have a lot of local expertise and resources that we can provide to companies.”

PwC Global Survey

Tiktoks Dublin office. Chinese FDI into Ireland is also growing rapidly and more than 40 Chinese companies have established their presence here.

“There are lots of great Irish businesses operating in China in certain areas, particularly in construction and engineering and in recent times in fintech and other technologies. “According to the latest statistics, China is Ireland’s 4th largest trade partner, the 5th largest goods export market, the 7th largest service export destination, the largest trade partner in Asia Pacific, the fastest-growing major market and the largest overseas market for Irish pork and baby formula.”

China, in particular, has shown some slowing momentum with flagging demand while Ireland’s economy continues to perform well, albeit it is clouded by considerable external risks.

Notably, Eddie also points out that Ireland has been enjoying a trade surplus with China for 14 consecutive years, a rare accomplishment given the typical surpluses enjoyed by China in its global trade.

“I think the message has evolved as we progressed through the year. CEOs are still cautious. They’re cautious about the global economy but they’re very bullish about their own company.

For Irish companies seeking to establish a presence in China, Eddie highlights the complexities involved and explains that different sectors face distinct regulatory challenges, particularly in areas like fintech and financial services. To navigate these intricacies, Eddie advises companies to seek professional assistance to ensure compliance with local regulations.

“At the time of PwC’s launch of its 2023 Global CEO survey in January 2023, CEOs were saying, “OK, the general market looks like it’s going to be flat but if I look at the demand for our products and where we are going, it’s more positive. 85% of Irish CEOs expected growth in their own company’s revenues while 89% of global CEOs also anticipated revenue growth, which is amazing, because at the same time 83% of global CEOs expected the global economy to decline.”

He also points to PwC’s extensive experience and the high status it enjoys in the region. The firm recently celebrated 120 years in the Asia Pacific region and currently has a presence in 29

Published earlier this year, the findings of PwC’s Global Survey provides a fascinating insight on CEOs’ perspectives on the global economic outlook, business sentiment, the major challenges they face and the strategies they are adopting to confront these challenges. The findings are particularly insightful given what Eddie refers to as the “once-in-ageneration confluence of challenges”, facing businesses today, rising inflation rates, increasing interest rates, labour cost increases, cyber attacks, talent shortages and geopolitical conflicts as well as climate change.

One reason for optimism is that supply chain disruption during the COVID-19 pandemic has improved significantly

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and demonstrated remarkable resilience, according to Joe who says that companies are working to create more resilient and diverse supply chains and moving away from the reliance on single suppliers. “I wouldn’t say this race is run but supply chains have largely come back. It’s an amazing story of resilience when you think of the disruption that occurred and you see the way commodities are flowing. You can see that coming through in the commodity prices which are starting to come through into the inflation prices.”

The Climate Change Challenge For Eddie however, the overarching concern is climate change, and the importance of the issue is reflected in the PwC Global Survey. While businesses can manage inflation costs, rates and talent shortages, Eddie points out that climate change poses a threat that cannot be mitigated in the same way as the other risk factors. “Concerns over the pandemic have receded slightly but inflation has not gone away and the geopolitical tensions will continue to have a significant impact on our daily lives. We now have the conflict in Ukraine and a crisis in the Middle East. Highlighting the critical importance of Environmental, Social, and Governance (ESG) initiatives for global CEOs, Joe says that 77% of Irish CEOs are actively engaged in emission reduction efforts, a priority which is matched by twothirds of CEOs worldwide. However, simply issuing statements signalling your commitment to climate change will not suffice: The challenge, he says, lies in the execution which requires diligent and painstaking effort. CEOs are navigating this challenge on multiple fronts: monitoring their emissions, gathering pertinent data, and implementing strategies for future emission tracking. Notably, no country is currently meeting its emission targets and with various governmental initiatives, such as the US’s Green Energy Act and Europe’s climate legislation, it’s evident that significant investment in renewables is imminent.

“There’s increasing regulatory pressure being applied on companies and going forward we will continue to see a variety of different rules being introduced,” Joe says. “CEOs are aware that they cannot continue producing the same level of the emissions or selling the same product with those emissions embedded into them to their clients and for many of them, that’s going to require significant change. The consumer will simply not accept businesses to continue in their current paths. “Added to that is the impact of technology and the internet in terms of both products and services and how people expect to be dealt with from a service perspective. On top of that you’ve now got the regenerative AI aspect. Individually any one of those things could transform business but when you layer those different things together collectively, they definitely will transform business.” The PwC Survey confirms that CEOs are anticipating significant transformations in their sectors, driven largely by the impact of artificial intelligence and evolving business models. One in four global CEOs said that their business will not be economically viable in ten years time if they do not transform. The majority believe that their companies must adapt significantly, or risk becoming obsolete, and the emphasis is on providing new and innovative services and adopting new business models to thrive in the fast-evolving landscape. Automation is a priority for CEOs adopting specific strategies to enhance efficiency, transformation, and resilience in response to the key challenges identified and 82% of CEOs are seeking to automate processing systems, according to Eddie. Workforce transformation is also a focal point with companies investing in upskilling their workforce to adapt to a rapidly changing digital landscape. Supply chain optimization and cybersecurity are other crucial areas of focus to ensure the security and reliability of automated systems. “CEOs realise that reasonably significant transformation is required or they’re not going to survive,” says Eddie.

Eddie Cao, Tax director, China desk for PwC Ireland

“Two-thirds of CEOs in China think that significant transformation will be required if they are to be around in ten years and that’s also reflected when you look at the top 100 companies in the US. The average life for many of those companies is just ten years, which is very significant.” 21

Ireland-China Business Association

China, in particular, has shown some slowing momentum with flagging demand

“We’re seeing this in China, we’re seeing it in Ireland and we’re seeing it globally,” Eddie says. “Two-thirds of CEOs in China think that significant transformation will be required if they are to be around in ten years and that’s also reflected when you look at the top 100 companies in the US. The average life for many of those companies is just ten years, which is very significant.”

Automation and AI But Eddie calls for a different perspective and says that instead of replacing talent, we need to focus on grasping the opportunities, building the talent necessary to manage AI and associated technologies effectively. While AI can replace certain processes and repetitive jobs, this doesn’t render humans obsolete. There are threats but the opportunities from AI are also huge. “It’s about upskilling the workforce to manage these new technologies effectively,” he says. Joe concurs and believes automation can actually empower human workers. Pointing to the importance of adapting to technological advancements and the

benefits of integrating AI for businesses, he also emphasises the necessity of upskilling employees to leverage this technology effectively. While robust AI training can deliver significant competitive advantages, he warns that failing to invest in employee training for AI implementation will likely place companies at a competitive disadvantage. Reflecting on the flexibility of Chinese companies and their ability to adapt to change, Joe suggests that Irish companies can achieve similar innovation by leveraging the world-class management expertise acquired through collaboration with global firms. He anticipates that the rate of change will continue to accelerate, due to evolving customer expectations, technological advancements, and increased demands for compliance and quality service delivery. “The Chinese companies we deal with are very innovative, they’re very quick to take advantage of new opportunities and I think Irish companies can do the same. One of the things that we benefit from in Ireland is world class management which we have developed by working with so many world-class companies. Overall,

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the quality and calibre of our workforce is better than ever before. “The rate of change we are seeing is going to continue to increase. Customers want better service, they want cheaper prices, and they expect you to use technology to deliver to them when they want it, where they want it and how they want it. The expectations of people will continue to increase as will compliance obligations. When you pull all the various strands together, you’re going to see even greater transformation and it’s never to change as slowly again. PwC Ireland’s extensive track record of working with big American companies has resulted in a significant improvement in managerial talent and skills levels. While Chinese investment is more recent, it also provides a significant opportunity for learning from different approaches, according to Joe. “They’re focused on execution, and they’re focused on speed. They’re accustomed to operating in large markets where they cannot afford to fall behind. They are quick to adapt, and their approach to execution is a valuable lesson for companies in Europe, which often operate in more mature markets and can become complacent. “I think they bring a different layer of innovation and thinking and management process to it. Many Chinese companies take collective approaches to management decisions whereas with Western companies it’s more about individuals making very specific decisions. There’s a lot to be learned from different management approaches and I think that works both ways. Eddie also highlights the distinct expectations of Asian businesses when it comes to speed and execution and says that working with clients from diverse regions of Asia requires an understanding of the unique methodologies and processes in place. “Chinese companies are very process and target driven and they expect you to understand their expectations. This applies not just to China and there is a different methodology and process working with Japanese, Korean and Asian

companies generally. I think the pace is very different and Asian companies are very demanding in terms of getting things done quickly, so it’s a different pace to when we work with Western businesses.

Investment Priorities Most CEOs’ investment priorities are currently centred around the transformation agenda and include automation, AI, upskilling, responding to customer expectations and managing supply chains. The focus remains on differentiation and the need for businesses to adapt to evolving circumstances to stay competitive. In terms of the most pivotal markets for revenue growth, the ‘Belt and Road’ Initiatives take precedence, according to Eddie. “From the Chinese CEOs’ perspective when they look at open investment, the first one they are looking are the ‘Belt and Road’ Initiatives and 52% of the Chinese CEOs are looking at those regions along the ‘Belt and Road’ and then another 49% of CEOs think that Asia Pacific is also very important. Interestingly, 37% of Chinese said that the EU region is actually ranked third for them and ahead of the US in terms of their open investment priorities.” Globally, China secures the second position in terms of importance for CEOs, following the US. Germany also stands as a key country, alongside Singapore, Japan, and Australia, reflecting the focus of global CEOs on these major economies. “In the context of Irish inbound investment, the aviation finance sector is experiencing a resurgence postpandemic and looking ahead, Ireland’s success in intellectual property-related sectors, pharmaceuticals, e-commerce, gaming, and renewable energy will remain the primary focus,” he says. The 26th PwC Global Survey reflects a shifting landscape where business leaders are embracing transformation and actively addressing challenges, particularly related to climate change and ESG. The resilience and adaptability demonstrated in managing supply chain disruptions bode well for businesses navigating an increasingly complex world.

Ireland is a small open economy promoting free trade and the Tánaiste, Micheál Martin, said in early November that Ireland is anxious to ‘maintain and strengthen’ its economic relationship with China.

Ireland-China Business Association

BIM

Seafood Report Irish seafood export to Asia remain steady

Ireland-China Business Association

According to Bord Iascaigh Mhara (BIM), the Irish State Agency that supports and develops the Irish seafood sector, the value of the Irish seafood economy increased to €1.3 billion in GDP terms last year. The sector employed about 15,300 people in 2022, with 1,993 registered vessels, over 100 seafood processors and just under 300 aquaculture sites. Ireland exported more than €696m worth of seafood to over 70 countries in 2022, an increase in value of around 4% compared to 2021. These figures are contained in the Business of Seafood report produced annually by BIM which provides a snapshot of Ireland’s seafood sector. Established in 1952, BIM has the role of leading the Irish Seafood sector through the provision of effective support and deep expertise so that Ireland becomes the international leader in high value differentiated products that satisfy the growing demand for healthy, safe, responsibly and sustainably produced seafood. Irish seafood continues to enjoy an excellent reputation internationally and the BIM report shows that Ireland

exported a total of €80 million euros to Asia countries in 2022, €26 million of which went to China. While exports to China plummeted from €47 million in 2018 to €13 million in 2020, due mainly to the Covid pandemic, 2021 saw exports recover to €28.5 million, an increase of 73%. Exports have remained steady in 2022 and the first half of 2023. Traditionally, the Chinese market was important for the export of Irish pelagic fish, mainly mackerel and horse mackerel. Since 2012, significant efforts were made to develop opportunities for premium shellfish such as crab, oysters and whelk. Shipments of live Irish crab and oysters by air into major Chinese cities such as Beijing, Shanghai as well as Hong Kong have increased, with live products commanding a premium in upscale restaurants and luxury supermarkets. Despite the opportunities in the Chinese market, the process of bringing seafood products to China and selling them is not simple. China has strict Food Safety Laws that require seafood exporters to be cautious about their processing procedures because the exporter and

Irish seafood continues to enjoy an excellent reputation internationally and the BIM report shows that Ireland exported a total of €80 million euros to Asia countries in 2022, €26 million of which went to China. 25

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in the seafood sector, who were heavily reliant on airfreight and had in many cases abandoned Chinese and Japanese markets, will again be able to supply high demand and lucrative fish markets. Additionally, the SFPA (Sea Fisheries Protection Agency) has recently confirmed that the process of renewing registration approvals for Irish exporters of fish and fishery products to China has been successfully completed. This new requirement introduced last year by the Chinese competent authority, the General Administration of Customs China (GACC), marked a major change in how export registrations for Irish exporters trading with China are governed which represented a significant market access challenge. Following extensive work by the SFPA, in liaison with Department of Foreign Affairs colleagues in Beijing, over the past six months, 36 Irish seafood exporters of fish and fishery products have now successfully completed the process of renewing their registrations with GACC. This should reduce the “red tape” involved in exporting to China.

importer/distributor are all responsible for food safety. One example is brown crab where in recent years, Ireland’s lucrative crab export trade with China slowed due to cadmium testing demanded by Chinese authorities. This led to extra time involved in testing and waiting on results for export paperwork, making live shipments to China more difficult. Irish exporters have also found pricing and high transport costs coupled with increased competition from countries or regions that have signed free trade agreements with China and enjoy preferential tariffs, have made trading conditions challenging. However, there is cause for optimism. Air-cargo costs that rose exponentially during the pandemic have begun to fall. This should encourage Irish seafood exporters to reconsider selling into distant markets, such as China. Many

On another positive note, in recent years several Irish exporters have sent consignments of whole frozen Dublin Bay prawns to China and have realised 10 % ~ 15 % of a premium price compared to existing mature European markets. This market is in its infancy and the volume of Dublin Bay prawns being sold modest, but indications are positive with interest from Chinese buyers high. Blue whiting, a small pelagic species also seems to have potential for market growth. Ireland has landed more than 50,000 tonnes of blue whiting in 2023, most of which has gone for fish meal. However, BIM has been actively working with Irish processors to look at ways of directing more of this species to the human consumption market. With China actively looking for raw material, blue whiting may provide very real market opportunities for Ireland in the future.

Supporting the Irish Seafood Industry

bim.ie

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A 13-foot tall buoy weighing two tons was deployed in the sea off Cork, Ireland, to listen to the sounds of whales. The technology will help to reduce risks of collisions between whales and ships.

Huawei

Delivers Employing over 194,000 people in 170 countries across the globe, Huawei is a leading global provider of information and communications technology (ICT)infrastructure and smart devices. With integrated solutions across four key domains –telecom networks, IT, smart devices, and cloud services – Huawei is committed to bringing digital to every person, home and organisation for a fully connected, intelligent world. 28

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For more than 30 years, Huawei has committed to pushing the boundaries of information and communications technology and driving its global adoption. The firm’s operations in Ireland started from humble beginnings in 2004, selling mobile dongles to consumers and businesses who needed fast, reliable broadband connectivity on the go. Over the past 18 years the firm has played a leading role in delivering Ireland’s digital infrastructure, working in partnership with carriers to build networks across the island, and enabling Irish companies to go digital. Together, they have connected more than three million people across the country. Huawei supports over 860 direct and indirect jobs in Ireland. In February 2021, the company announced the creation a further 110 new jobs in Ireland by the end of 2022, bringing to at least 310 the total of new jobs created over a three-year period from 2019 to 2022 – more than doubling the workforce in that time. According to Huawei’s recent Economic and Social Impact Report, released jointly with Amárach Research, Huawei has contributed €500 million annually to Ireland’s economy over the past three years. Moreover, Huawei currently employs 510 directly, with indirect and induced jobs amounting to 5,700. In October 2022, Huawei announced a €150 million investment and the creation of 200 new jobs as it plans to open its first European cloud hub in Dublin. The hub will create 60 jobs in the next 2 years and 200 by 2027, including sales, pre-sales, legal, tax, operational, management and research positions. The new European hub will serve customers across the continent and help ambitious Irish enterprises to expand into new global markets, by providing a secure, compliant, innovative, and sustainable cloud platform for growth and development. Supported by Huawei’s industry-leading technology, investment in R&D, and open digital ecosystem, Huawei Cloud will offer a suite of cutting-edge cloud services across Europe, using Ireland as the platform. The investment is supported by the Irish Government through IDA Ireland.

Huawei Ireland Seeds for the Future 2022

At the time of the announcement, Tánaiste and Minister for Enterprise, Trade & Employment Leo Varadkar said: “This significant €150 million investment by Huawei with the creation of 200 jobs over five years is really welcome and demonstrates the company’s ongoing commitment to Ireland. It’s also an endorsement of Ireland as an enterprisefriendly environment where companies like Huawei can grow and prosper. Huawei is expanding its portfolio of services in Ireland with this investment, which will substantially enhance our thriving technology ecosystem. I wish Huawei continued success in developing its presence here.” Huawei views Ireland as a strategically important location for the global deployment of Huawei Cloud. This new offering will be based on stable, reliable, secure, compliant, innovative, and sustainable cloud services customised to meet the needs of various Irish and European customers, but particularly small- and medium-sized enterprises (SMEs). It offers innovative Irish and European enterprises the opportunity

In October 2022, Huawei announced a €150 million investment and the creation of 200 new jobs as parts of its plan to open the company’s first European cloud hub in Dublin.

Ireland-China Business Association

to access new markets and potentially reach global customers. Digitalisation represents the biggest opportunity for all industries over the next decade, and it is set to supercharge the cloud sector. The new services leverage Huawei’s industry-leading technology and R&D expertise, and are testament to the strength of Ireland’s offering including its extremely strong talent pool. Huawei Cloud will align with existing Huawei functions in Ireland, supporting SME and start-up digitalization in partnership with industry partners and state agencies. It will offer customers resources such as cloud credits, technical support and access to international venture-capital networks to help speed up digitalisation and support expansion into global and Asian markets, also facilitating Asian and Chinese enterprises to increase investment in Ireland. Huawei is a company that began as a start-up – it is passionate about supporting Ireland’s start-up community to grow, innovate and succeed on the global stage like it has. Huawei is committed to supporting Ireland’s fastdeveloping start-up ecosystem, which is critically important to long-term national economic development and innovation. As part of the Huawei Cloud strategy in Ireland and in partnership with Dogpatch

Labs Huawei developed an international scale-up innovation programme for Irish start-ups to help them grow and scale their businesses internationally. The new programme allowed the startups to draw on Huawei’s expertise and wider network from around Europe and Asia. This partnership with Dogpatch Labs focused on helping the participating companies to scale up and achieve their ambitions through an impactful scaleup acceleration programme. Globally, through Huawei Cloud infrastructure, Huawei is helping start-ups to grow, develop new products, and expand into new markets and Huawei will bring this global expertise to Irish start-ups. Huawei will enable Irish start-ups to scale by giving them access to cloud-native, AI, big data, and other technologies. In addition, Huawei gave start-ups taking part in the programme the opportunity to meet experts and investors from across the business in Huawei. Commitment to development of the next generation of talent and identifying future leaders is important to Huawei. This is one of the reasons Huawei set up its Seeds for the Future programme which supports the development of young talent. Since its inception in 2015, 261 students

from Irish universities have benefitted from this unique learning and culture experience. Students take a variety of basic and advanced courses covering the latest innovations in smart cities, artificial intelligence, cloud computing, 5G, and the Internet of Things. Guest lectures on digital transformation, sustainable technology, and strategic leadership are delivered by Huawei senior engineers and industry thought-leaders. The 2022 programme saw students take part in team exercises including Huawei’s Tech4Good project, which challenges participants to examine how to leverage technology to address pressing social and environmental issues. The Irish team was crowned top team at the final of the global competition, held in 2023. For the past two years, Huawei has offered a €250K scholarship fund for the programme with the 50 top performing students each receiving €5,000. Huawei is committed to creating value for the communities where we operate, and this scholarship fund will go some part of the way in helping students with the rising cost of living and to date, over 100 Irish students have benefited from the €5,000 scholarship. The company is committed to do whatever it can to help and nurture the youth of today because they will become the leaders of tomorrow and the future workforce.

# BeginBelongBecome

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Getting to grips with

GDPR

As the world becomes increasingly more data-driven, data protection laws continue to evolve. Individuals have the right to know where their personal information is shared and the onus is on businesses and organisations to ensure client data is protected. All businesses and organisations must be GDPR (General Data Protection Regulation) compliant if they collect information about living people. This includes businesses that capture people’s data to send out newsletters or offers, websites where people submit their details to make a purchase, and organisations where people’s data is crucial to provide a service, including organisations such as the HSE, utilities providers and technology services. Other entities which must also be compliant include social clubs, societies, unions, educational facilities and political parties. GDPR applies to businesses and organisations of all sizes including those which operate solely online.

About GDPR The GDPR was adopted on 14 April 2016

and became enforceable throughout the EU beginning on 25 May 2018. As the GDPR is a regulation, not a directive it is directly binding and applicable, and provides flexibility for certain aspects of the regulation to be adjusted by individual member states. The regulation also applies to organisations based outside the EU if they collect or process the personal data of individuals located inside the EU. The regulation does not apply to the processing of data by a person for a purely personal or household activity and thus with no connection to a professional or commercial activity. Organisations which use Cloud-based storage for customer data are not exempt from GDPR and they cannot pass the responsibility to the Cloud provider as

XpertDPO’s Stuart Anderson explains: “If you are running a business and employing staff, you are a data controller for that processing. You must keep in mind that the GDPR does not just apply to large organisations. Individuals, SMEs, community groups and not-for-profit organisations that process personal data are all responsible for complying with the GDPR. There is no differentiator in the application of the principles of the GDPR in terms of the organisation size.”

Direct marketing Specific rules apply to the use of direct electronic marketing where an individual is targeted based on their data by a marketer to promote goods and services. As a rule, direct marketing can only be used if a subject has opted in or given consent to receive marketing communications. At the

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point of submitting their data, the subject should be provided with a clearly marked opt-out tick box and any subsequent communications should be given an easy opportunity to opt out of future communications.

without human involvement, where it would significantly affect them.

Marketers should also ensure that the goods or services they are promoting using direct marketing are their own and not those of a third party and that the product or service is similar to that which was sold to the customer at the time they provided their contact details

Information provided to data subjects when these rights are exercised must be transparent, understandable and easily accessible, using clear and plain language. The information should be provided in writing, or by other means, including, where appropriate, electronically. When requested by the data subject, the information may be provided orally, provided that the identity of the data subject is clear or can be proven.

The Irish Data Protection Commission (IDPC) is the Irish independent authority responsible for upholding the fundamental right of individuals in the EU to have their personal data protected. The IDPC is the Irish supervisory authority for the General Data Protection Regulation (GDPR) and also has functions and powers related to other important regulatory frameworks including the Irish ePrivacy Regulations (2011) and the EU Directive known as the Law Enforcement Directive.

It is important to note that these rights are not absolute and are subject to several limitations and restrictions. Certain rights apply to all processing activities, such as the right to information or to access to personal data, whereas other rights only apply in certain circumstances, such as the rights to erasure, restriction, portability, and objection. Both the GDPR and the Data Protection Act 2018 set out limitations and restrictions on these rights.

While many larger organisations will have the benefit of an in-house data controller, smaller businesses are increasingly outsourcing their GDPR compliance responsibilities to third-party providers.

Where personal data are processed for law enforcement purposes under the LED, data subjects have similar rights, found in Sections 89-95 of the Data Protection Act 2018, which are subject to a range of restrictions. These rights include the right to information, the right to access, and the right to rectification, erasure, and restriction.

Individual rights Dataprotection.ie has published a comprehensive series of guidelines for organizations to understand their responsibilities. Information is clearly detailed relating to the rights of data subjects and includes: Individuals have several specific rights under data protection law to keep them informed and in control of the processing of their personal data.

To exercise any of these data protection rights, data subjects should first make a data subject request to the data controller. If the controller does not respond or does not allow a data subject to exercise their rights, data subjects may then wish to contact the DPC to make a complaint.

Data breaches The data subject rights under the GDPR include the right to be informed if, how, and why a person’s data is being processed; the right to access and get a copy of their data; the right to have their data corrected or supplemented if it is inaccurate or incomplete; the right to have their data deleted or erased; the right to limit or restrict how their data is used; the right to data portability; the right to object to the processing of their data; and the right not to be subject to automated decisions

Organisations should be aware of the guidelines relating to GDPR data breach notifications. There are two types of data breach, accidental where data has inadvertently been used incorrectly, such as emailing the wrong person, or deliberate breaches, such as phishing attacks. All data breaches should be reported to the DPC unless the organization considers the breach as unlikely to prevent any risk to the subject.

“If you are running a business and employing staff, you are a data controller for that processing.” Stuart Anderson XpertDPO

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Xpert Data

Protection Guidance “Put simply, we take care of your compliance headaches, allowing you to concentrate on your core business goals,” says Stuart Anderson, Founder and CEO, XpertDPO.

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XpertDPO provides Information Security and Governance services to a diverse range of clients, including in the banking, MedTech and public sectors. Formed in 2018, XpertDPO has physical offices in Dublin, London and most recently Bahrain and in a short space of time the company has accumulated more than 300 clients across various sectors on all five continents. Whilst the majority of XpertDPO clients are based in Ireland, Mainland Europe and the UK, XpertDPO has a rapidly growing international footprint with clients in The United States, The Kingdom of Saudi Arabia, Turkey, The UAE, The Philippines, India and Australia. According to XpertDPO’s Founder & CEO, Stuart Anderson, the company was established as a direct result of the implementation of the EU GDPR. “The primary aim was to build a business that provided expert consultancy organisations that exceeded the delivery and quality of the traditional ‘Big 4’ consultancy businesses,” he says. “We recognised that there was a gap in the market for this level of service and we have built a multi-disciplinary team who are experts in their field and who command over 50 years’ worth of combined experience in dealing with clients that operate in highly complex industries. “At XpertDPO, our approach is that the data security function must align with, and be driven by, your business objectives. This is at the core of our ethos. XpertDPO can help you to transform the regulatory constraints of the GDPR and other relevant regulations into opportunities, ensuring that your compliance journey has a positive impact on your existing economic and organisational models. Put simply, we take care of your compliance headaches, allowing you to concentrate on your core business goals. The XpertDPO team comprises consultants ranging from data protection experts, consultants with expertise in technology law, consultants specialising in information security, penetration testing and vulnerability management and consultants who are experts in SOC2, ISO

and PCI DSS certification and auditing. “Our depth of experience provides an amount of value that other consultancy businesses cannot compete with,” Anderson says. “Our Ethos puts the client at the very centre and our multidisciplinary team are able to quickly understand the issues a client may be experiencing, whether that be a regulatory issue or a tech issue and are able to provide a solution for the issue extremely efficiently. “Furthermore, XpertDPO understands that many organisations find compliance as a potential blocker. We assist organizations in implementing frameworks that allow and support the business in meeting its strategic goals whilst also remaining compliant, we therefore protect the value generated within and by the organization.” As of 2023, XpertDPO is the largest provider of outsourced DPO services to the Irish public sector outside of the ‘Big 4’. The company has also won the Public Sector ward for Data Protection Support for the last three years running as well as Best Information Governance Provider in the EU Business Awards and Best Information Governance Service Provider 2023 in the Global 100 Awards. According to Anderson, the GDPR has brought into focus the principles of purpose limitation and data minimisation. “In lay man’s terms, it means that in order to process data legally, any organisation must have a defined purpose for that processing and when that purpose has been fulfilled, the data must not be retained for any other purpose and therefore must be destroyed,” he says. “In other areas, following the HSE Cyber-attack, organisations now have a heightened awareness of why it is important to secure data more diligently than in the past. Under the GDPR, public sector organisations also have a legal obligation to appoint a Data Protection Officer and the XpertDPO chief points out that some public sector bodies may not have the required internal resources that

Stuart Anderson, Founder and CEO, XpertDPO.

XpertDPO can help you to transform the regulatory constraints of the GDPR and other relevant regulations into opportunities, ensuring that your compliance journey has a positive impact on your existing economic and organisational models. 35

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meet all of the requirements in terms of knowledge and experience, that are required of a DPO under the GDPR.

The issuance of the Data Protection Law follows a trend of new data protection laws in the Middle East, including a data protection law in Saudi Arabia that came into force in March 2022.

“Therefore, hiring XpertDPO as their outsourced DPO can provide all of the expertise required at a fraction of the cost and associated resources of a whole-time employee,” he says. “The Public Sector Cyber Security Baseline Standards that have been introduced in Ireland are the minimum step for all Public Sector bodies to ensure that the data they are processing remains secure. Our consultants have extensive knowledge of the NIST directive upon which the baseline standards are built and can assist all public sector organisations with meeting the baseline requirements. XpertDPO also provide a unique service to clients in the AI space via the company’s AI Ethics board where it works with AI companies and investment firms to validate the AI offering and to guide and assist the organisation in meeting its ethical and regulatory obligations. The company has completed a major piece of work for an Irish Regulatory Body around the use of Artificial Intelligence and has recently been engaged to work with the Council of Europe on a European wide project. The performance of the company since its inception has been highly impressive and turnover and revenue has doubled each year since its formation. It is also fortunate to be among the few companies which were largely unaffected by the Covid-19 pandemic. “COVID-19 had very little impact on the business. In fact, I would state that the effect was positive. Even though we had offices in Dublin and London at the time, as the world shifted to a work from home

XpertDPO has also been very successful in gaining two new clients in the United States to assist them with the DPO requirements and ensuring that they comply with EU Data Protection regulations. “Our expansion in the United States and the Middle East markets is testament to the level of expertise that we have available to our clients. We act as the trusted advisor to our clients who have total trust in our ability to provide expert guidance on the GDPR and other data protection laws around the globe,” states Anderson. model, XpertDPO embraced this and we have been lucky enough to hire exceptional talent across a number of geographical locations,” Anderson explains. The easing of lockdown measures allowed Anderson to begin travelling again between the Dublin and London offices, and more recently, opening an office in Bahrain to services XpertDPO’s clients in the MENA region. In 2022 XpertDPO announced a further expansion into the Middle East market by acquiring a strategic client in Saudi Arabia. The company will be acting as the Outsourced Data Protection Officer to this valued client in relation to their ongoing personal data processing operations and new projects. The United Arab Emirates issued its first federal data protection law (Federal Decree Law No. 45/2021 on the Protection of Personal Data) (the Data Protection Law), alongside a law establishing the new UAE Data Office (Federal Decree Law No. 44/2021 on Establishing the UAE Data Office). The law came into force in January 2022.

“To assist in the delivery of these new projects, we have made a number of new hires, including the appointment of an additional Certified Data protection Officer.” “We aim to continue the growth of XpertDPO through the latter end of 2023 and into 2024 and 2025,” concludes Anderson. “We plan on hiring another five Data Protection Consultants and Information Security experts in this time period along with expanding our AI Ethics board. We have partnered with a certification provider in the USA in order to provide consultancy services to the SOC and ISO clients and plan on opening an office in the USA mid-2024.” “In addition, we are partnering with a university in the Middle East in order to provide internships to their graduates to bring them to Ireland so that they can gain relevant qualifications and certifications in data protection / cyber security and then return to the Middle East in XpertDPO offices there as the regulatory landscape in MENA aligns with Europe.”

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Excellence in

Education With the number of Chinese students in Ireland at a record level, ICBA magazine looks at what attracts international students from East Asia to the Emerald Isle.

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According to the Higher Education Authority (HEA), international students accounted for 12.4% of the overall student population in Ireland in 2021/22, compared with 10.3% in 2020/21. The top three sending countries are the US, India, and China. The Chinese market is worth more than €35million annually to Irish Universities. A study showed that the majority of Chinese students studying in Ireland choose Irish Universities to enhance their chances of working within a global workforce, to get better jobs and to attain higher social prestige. The quality of degrees from Irish universities is held in high esteem in China making the institutions a number one choice for young people. Irish universities have a long history of welcoming Chinese students, the academic atmosphere and diversity of Irish university cities, combined with the famous warmth of the Irish people are big attractions to students looking to study overseas. While many Chinese students in Ireland are fully funded by their parents, an increasing number are finding the need to work part-time to fund their studies. A decision in 2000 allowed all non-EEA students to work part time however, in 2005 restrictions were introduced which meant that only full-time students on third-level courses of at least one year duration were allowed to work. This impacted the number of Chinese students coming to Ireland in the last decade. With an estimated 100,000+ Chinese people residing in Ireland (the second largest ethnic group after Polish) it is not surprising that many Chinese students look to secure employment postgraduation and remain in the country. Many larger cities in Ireland have large Chinese communities including Dublin and Cork which add to the attraction for Chinese students. Job prospects within Ireland for Chinese graduates are excellent, as blue-chip companies look to recruit talent which helps them strengthen their business prospects in Asia. Despite the attractions of Irish

universities to Chinese students, choosing to study in Ireland can also have its drawbacks. A major obstacle for many Chinese students, aside from the immigration process is adapting to a new and completely different culture. Young people in China are in general very protected within the family dynamic and many are unused to doing any domestic chores including laundry and grocery shopping. Adapting to many aspects of Irish culture can be challenging for Chinese students. A significant number interviewed by the Irish Council for Overseas Students expressed their dislike of Western food. Others in the report said they found the ‘pub culture’ somewhat alien and some said they found it difficult to establish a social life which they felt comfortable with. One way of helping Chinese and other International students integrate and settle into student life in Ireland implemented by universities, is the homestay scheme. In this programme, students live with a host family during their time at university. Homestays are often preferred over rented accommodation, especially for parents of Chinese students. Although Ireland remains one of the most popular university destinations in the EU, competition to attract the best students is fierce. Universities invest heavily in attending education fairs in East Asia held throughout the year. When it comes to choosing a university in Ireland as a Chinese student, notable alumni is up there with facilities and choice of courses. Higher education plays an important role in promoting social mobility in modern Chinese society and attending a university with statesmen or successful leaders of industry in its alumni is seen as key to success. University College Cork (UCC), Alma Mater of Irish Tánaiste Micheál Martin, receives a high number of Chinese applicants. As Sino-Irish business relationships continue to strengthen and grow, the volume of applicants to universities in Ireland shows no sign of slowing down any time soon.

A study showed that the majority of Chinese students studying in Ireland choose Irish Universities to enhance their chances of working within a global workforce, to get better jobs and to attain higher social prestige. 39

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University College Cork

UCC Futures UCC Futures is an ambitious new programme of research prioritisation coupled with an innovative academic recruitment strategy across ten indicative areas of strategic importance that will build a foundation for economic, societal and cultural resilience and prosperity. University College Cork (UCC) is committed to continually strengthening its research and academic excellence. UCC Futures enables a dynamic enhancement of research, support of innovation and translation of research to tangible solutions to address emerging societal needs and global grand challenges, to secure a better future for all.

We are looking for talented individuals who mine the frontiers of curiosity and inquiry at the intersection of disciplines in 10 indicative areas. Consolidating talent and potential, UCC Futures supports the delivery of superior quality in research, scholarship, and the translation of research to tangible impact on the world.

Sustainability The greatest global challenge of our time is finding sustainable solutions for the world’s growing population, balancing the need for economic development with our limited natural resources. Achieving a balance between people, profit and planet requires us to find equitable and just solutions to the problems of climate

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change, hunger, poverty and social and health disparities among the world’s populations. The complexity of the global sustainability challenge requires experts from multiple disciplines and sectors to collaborate in new and reimagined ways. UCC is recognised nationally and internationally as a leading green University (8th in the Times Higher Education Impact ranking in 2021 contribution to the SDGs). UCC is ranked 9th globally in the UI Green Metric World University Ranking of sustainable universities and was the first higher education institution in the world to achieve ISO 50001 certification for energy management. In 2018, UCC was the first university outside of North America to be awarded a Gold Star from the Association for the Advancement of Sustainability in Higher Education. UCC is the only Irish university with official observer membership of the United Nations Framework Convention on Climate Change. Sustainability is embedded across UCC through its extensive transdisciplinary research and its research informed programmes. The University, as a community, has extensive activity in this area via its student-led green campus initiatives and with our external stakeholders. UCC Futures - Sustainability will bring a single approach and strategic direction to all of these complementary activities, deepening inter-disciplinarity and strengthening connections between research and the curriculum. The University’s significant research capacity in sustainability informs programmes throughout STEM, Business, Law, Social Sciences, Humanities, Medicine and Health. The Sustainable Futures initiative is developing a suite of educational and training courses to empower businesses to not only meet legal requirements in transitioning to a low-carbon future, but to develop new opportunities for Irish business. The University plans to build on its capacity to develop CPD offerings in this area in the coming years. The University has invested significantly in sustainability and environmental research over the last two decades including the establishment of the Environmental Research Institute (ERI)

Professor John F. Cryan, Vice-President, Research and Innovation, UCC

in 2000. The AACSB accredited Cork University Business School, established in 2015, has a mission ‘to shape leaders for a sustainable future’ and the investment in inter-disciplinary research will see advances in sustainable business across all disciplines. UCC’s QS 100 Ranked Law School has a track record of research excellence and engagement in its ERI-affiliated Centre for Law and the Environment, and in wider areas of corporate and social governance. UCC believes that to solve these sustainability challenges, we need creative, inter-disciplinary solutions, driven by an innovative and holistic approach. Through our existing programme of transdisciplinary research, we are generating new knowledge, developing technologies and tools and contributing to services and policies that facilitate a just transition that is economically prosperous and socially inclusive, while protecting our natural environment.

Research Apart from Sustainability, there are other 9 indicative areas for UCC futures in Artificial Intelligence and Data Analytics; Future Medicines; Future Ageing and Brian Science; Pharmaceuticals; Food, Microbiome and Health; Collective Social Futures; Future Humanities; Quantum

“The facilitation of innovative interdisciplinary synergies will inspire, engage and enable our researchers to create the future.”

and Photonics; Children. We hope to secure our future through excellence in research in these areas. “UCC is a vibrant community of diverse and independent thought leaders with the shared ambition of a Connected University with research at its heart. Enabling the development of novel interdisciplinary research is a core objective of our institutional strategy ‘UCC 2022: Delivering a Connected University’.

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“UCC is a vibrant community of diverse and independent thought leaders with the shared ambition of a Connected University with Professor John O’Halloran, President of UCC

UCC Futures exemplifies this objective as we seek transformative, disruptive Research Leaders to connect research across disciplinary boundaries, creating knowledge and translating research into sustainable benefits and value for society. “Transformative research will inform our curriculum, supporting the education of global citizens with the skills, knowledge and abilities to address key challenges facing society. In establishing UCC Futures, we will foster the collaboration and partnership that enables our researchers to respond with agility to evolving circumstance and opportunity. UCC Futures is one of a number of measures that will support our society to thrive and to secure a sustainable future for all.” Professor John O’Halloran, President of UCC “UCC will lead and continue to create a research environment that is able to respond with agility to global societal challenges. Indeed, our world-class Research Centres and flagship Tyndall National Institute have been magnets for researchers to come to Cork and their impact shows the value of bringing

research at its heart.” together disciplines on a scale for the benefit of our society. UCC Futures will build on this success to accelerate research, connecting disciplines to generate an environment of creativity, curiosity and critical thinking that enables a more just and inclusive future. “The facilitation of innovative interdisciplinary synergies will inspire, engage and enable our researchers to create the future. UCC welcomes researchers who think radically, are inclusive and connect diversity of thought for maximum, sustainable, economic, societal and cultural resilience and prosperity. UCC Futures will provide the positive and transformative environment to secure our collective futures through excellence in research and innovation.” Professor John F. Cryan, Vice-President, Research and Innovation, UCC On 23rd September 2022, Professor John O’Halloran, President of UCC, shared his insights by giving a speech with the title of “Securing Our Future” in the Global University Presidents Forum with the theme of “Reshaping Universities for the Future: Mission and Innovation”,

together with presidents of the world’s leading universities, to celebrate the centennial of Shanghai University. The forum addresses new opportunities and challenges in education, research, culture, service to society and international cooperation, and explores innovative pathways in a time of change. In the forum, Professor John O’Halloran emphasized that Securing Our Future is about to deliver impactful research that addresses emerging societal needs and global grand challenges though the UCC Future Framework, resulting in a distinctive research reputation in niche areas of excellence; to provide a student centred and inclusive learning environment, with a research based, connected curriculum, that prepares graduates to make an impact on society and the planet; to grow UCC’s international reach and impact in the fulfilment of our global ambition; to implement a progressive and inclusive people and culture strategy, to attract, develop and retain our talent; to radically reform our practices, use of space and technology to meet our ambitious sustainability and climate action goals.

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Looking at

Logistics With the fourth anniversary of the start of the Covid-19 lockdown approaching, businesses throughout Ireland are finally beginning to see a clear recovery. Good news maybe but the hangover from the resulting supply chain crisis remains.

Shortages of goods including vehicles, electrical goods, and building materials highlighted the global reliance on complex logistics and supply chain strategies. The lengthy blockage of the Suez Canal only served to exacerbate the problem and businesses across the globe have been forced to take a new approach in their strategies. Global supply chains are highly reliant on China and the Covid-related delays in Chinese ports led to container ships being backed up for months. Thankfully things have eased up and goods are once more on the move, but companies and countries need to continue to work together to ensure they are prepared for any future disruptive event. China is committed to improving its logistics systems and early this year announced a five-year plan to accelerate the digital and smart upgrading of the transportation, storage, delivery and packaging sectors, as well as improving transportation networks in rural areas. Ireland and China enjoy a long-standing relationship in the world of commerce. Ireland is a hub for technology and

pharmaceutical companies while China is a renowned manufacturing and e-commerce giant, producing everything from electronics to textiles. This unique blend of strengths has forged a strong economic partnership. The vast distance between Ireland and China brings numerous logistical challenges. This combined with different time zones, and the necessity for multiple modes of transportation, such as air, sea, and land, can complicate the process. China is a key customer for Irish seafood and lengthy transit times, can impact the freshness and quality of these perishable goods. Efficient tracking and forecasting systems are vital to manage transit times effectively. Customs regulations on both sides can also be a barrier to the efficient movement of goods and the governments of both countries need to work closely together to ensure smooth and rapid clearance through customs. When it comes to the movement of goods between Ireland and China companies

rely heavily on shipping companies, airlines, trucking companies, and freight forwarders. Many big players in these markets have dedicated logistics hubs in both countries to ensure the smooth transit of goods. DHL was one of the first international logistics companies to establish a presence in China and has invested heavily in these trading routes. Environmental responsibility in logistics also raises challenges. In a recent interview, John Pearson, global chief executive officer of DHL Express, outlined the company’s commitment to reducing emissions explaining that the company will continue to “invest heavily in sustainability, electrification of last mile and hydrogen vehicles in China”. The logistics giant is set to reduce emissions by using more sustainable aviation fuels and by electrifying its fleet as it aims to reduce its global carbon emissions to below 29 million tonnes annually by 2030. As the world of international commerce continues to evolve, the logistics industry will play an increasingly crucial role in shaping the future of the trade relationship between Ireland and China.

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DHL

Trade Growth Atlas Global trade is in the spotlight today more than ever. The past two years have been a stark reminder of how crucial trade and supply chains are for our quality of life and cost of living. Trade can play a part in responding to inflation and supply constraints, and it continues to be a powerful driver of economic growth. As the most international company in the world trade is at the heart of everything that we do and so the newly published DHL Trade Growth Atlas, in collaboration with NYU, aims to become a go-to resource for understanding and navigating shifts in the global trade landscape. Here we review some of the key highlights of the report. 1. International trade has proved surprisingly resilient through the Covid-19 pandemic, expanding to well above prepandemic levels, even as supply bottlenecks constrained further growth. 2. Trade is still expected to grow slightly faster in 2023 and 2024 than it did over the previous decade, despite forecast downgrades due to the war in Ukraine and slowing global economic growth 3. E-commerce sales boomed during the pandemic, expanding opportunities for sellers to access new markets abroad. Forecasts call for strong cross-border e-commerce growth to continue. 4. Trade growth is especially important in the present environment because of the power of trade to accelerate economic growth, reduce inflation, and enable countries to access multiple sources of key inputs. 5. Emerging economies grew their share of world trade from 24% in 2000 to 40% in 2012, with China alone driving about half of this increase. But over the past decade, the emerging economies’ share of world trade has changed very little 6. Trade growth is spreading out across a wider variety of countries. From 2016 to 2021, China generated one-quarter

of the world’s trade growth. Based on the latest IMF forecast, China will still achieve the most trade growth from 2021 to 2026, but its share of global growth will fall by half to 13%. 7. New poles of trade growth are emerging in Southeast and South Asia, and trade growth is forecast to accelerate dramatically in Sub-Saharan Africa. After decades of shifts to the east, the centre of gravity of world trade is poised for a turn to the south. 8. While trade is growing faster in emerging economies, advanced economies continue to generate the largest amount of trade growth. Looking forward, IMF forecasts imply that 55% of trade growth through 2026 will be in advanced economies, while 45% will take place in emerging economies. 9. The mix of products traded by advanced versus emerging economies has shifted. Emerging economies are increasingly important importers of raw materials and exporters of sophisticated capital, intermediate, and consumer goods. 10. Emerging economies continue to race forward on measures of connectivity, innovation, and leading companies. Future shifts in trade patterns could reflect more the quality rather than the quantity of goods produced in these countries. The above points represent the highlights of the Trade Growth Atlas and taken together with the DHL Global Connectedness Index report can provide the reader with a reliable insight to help separate fact and fiction in relation to globalisation. The full reports can be downloaded at www.dhl.com/tradegrowth and www.dhl.com/gci

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Ban on

Beef Exports Irish beef exports to China have been halted after a case of atypical BSE was detected in a bovine animal in Ireland. As stakeholders wait for the response from Chinese authorities, the hope is for a swift resolution and an expeditious reopening of the Chinese market, in order to capitalise on the immense potential which it offers the Irish beef industry. The Irish beef industry is facing a significant setback as the resumption of beef exports to China - initiated earlier this year - has been halted following the recent detection of an atypical case of Bovine Spongiform Encephalopathy (BSE). The new case was discovered after tests were carried out by Department of Agriculture vets on a deceased ten-year-old cow that had been delivered for destruction. Atypical BSE, unlike the classic BSE caused by contaminated feed, is known to occur spontaneously in older cattle. The Department of Agriculture affirmed that this case posed no risk to the human food chain and did not present any public health hazards. However, the protocol with China mandates the suspension of exports upon the discovery of any BSE case, resulting in the temporary pause in beef shipments. The lifting of the bank is contingent upon the evaluation and acceptance of the epidemiological

report by the Chinese authorities and the timeline for resumption is in their hands. The news is particularly disheartening as the Chinese market had only reopened to Irish beef exports in January this year after a three-year hiatus, following a prior BSE case in 2020. Farming organisations have raised concerns for the beef industry, given that Ireland is highly dependent on beef exports, with over 90% of Irish beef sold abroad. Brendan Golden, the National Livestock chairman of the Irish Farmers’ Association (IFA), expressed deep disappointment at the setback and highlighted the necessity to avoid delays in resuming exports. “Given that we had only recently regained access, it’s a setback that we could do without,” he said. “We had this same thing happen back in 2020, and it was only last January that there was a resumption of the market

there,” he added. “The key point here is back in 2019, the market was building, and we were getting more sustainable. So, it was climbing. And again, it was like starting from scratch again this spring.” A statement released by The Department of Agriculture emphasised the strength of Ireland’s controls and surveillance system and confirmed that the detected case did not impact trade generally but resulted to the pause in beef exports as per Chinese protocols. The department highlighted the effective and robust BSE controls in Ireland, consistent with legal requirements and best international practices and said that the detection of this case is an example of the testing system working. “The animal did not enter the food or feed chain and there are no public health risks associated with this occurrence. Atypical BSE is a rare spontaneous event that may occur in any bovine population.

Ireland-China Business Association

It is not related to feed contamination.” “Ireland’s BSE controls are robust, effective and consistent with legal requirements and best international practice. “The discovery of this case exemplifies the strength of Ireland’s controls and surveillance system; demonstrable proof that our food and feed safety controls are effective,” the statement read. Speaking from Beijing, Tánaiste Micheál Martin, who arrived in the Chinese capital on November 6th for a four-day visit to China, that includes meetings with vicepresident Han Zheng and foreign minister Wang Yi said he hopes Chinese authorities lift the suspension on importing Irish beef in a matter of months. “The key issue will be a timing issue. We don’t have any precise timeline on it but we would hope that within a matter of months, this could be decided upon by the Chinese customs authorities.” Mr Martin said he is not concerned that the second BSE detection may damage Irish beef’s reputation in China. He said Ireland did the right thing and the voluntary suspension is part of a protocol that Ireland and China entered into to facilitate the entry of beef into the Chinese market. “The case has been referred to Chinese customs which will do an assessment on this case. The issue for us will be to have the suspension lifted following that and as quickly as we possibly can,” Mr Martin added. Mr Martin said that he had highlighted the importance of beef and food exports to his Chinese counterparts. The resumption of Irish beef exports to China last April coincided with a campaign by Bord Bia to promote Irish beef to the world’s second largest economy, intending to leverage the vast potential offered by a market with a population of 1.4 billion people. It included a trade mission to China organised, in conjunction with the Department of Agriculture, Food, and the Marine and marked the first visit since the onset of the Covid-19 pandemic.

The focus of the trade mission, led by the Minister for Agriculture, Food and the Marine, Charlie McConalogue was about raising the profile of Irish food and drink with customers in Beijing and Shanghai through a series of events while also supporting the 14 Irish meat and dairy companies representing Ireland at SIAL, the largest food and drink trade show in China. During a visit to Beijing in May, Mr McConalogue described the Chinese market as critically important for the development of Ireland’s food sector. “China is a market with the largest population and an ever-increasing middle class who are driving increased demand for high quality food and beverages, which the Irish agri-food sector excels at producing,” he said. “The potential for growing the value of our trade with the Chinese market, in particular for beef exports, is critically important to the development ambitions of the sector, which ultimately supports the sustainability of our family farm model.” China is one of the world’s fastestgrowing regions for consumption of beef with sales from the USA to China reaching €2.12 billion in the first 10 months of 2022. Annual imports to China from New Zealand also soared in 2022 with an increase of almost 91 per cent. Responding to news of the latest ban, Minister McConalogue told RTÉ Radio’s Morning Ireland that the animal at the centre of the BSE test had not been destined for the Chinese market. Atypical BSE was something that happened sporadically in animals, and it did not present a food safety issue, he said. “We have the highest of testing standards anywhere in the world, here in Ireland, and we have the lowest risk rating possible from the World Organisation for Animal Health as well. So, this is something that happens sporadically. “We export to 70 countries around the world, and it only impacts on one of those markets we export to specifically because of the export protocol we have in place with the Chinese market.”.

Food safety was something that was taken very seriously in Ireland, he added. “We’re an exporting country with 90 per cent of our food being exported abroad. So that safety aspect is very, very key,” he said. “I would be hoping on the basis that we’ve gone through this process very recently, that it won’t take the same amount of time again. But this is obviously something that is a matter for the Chinese government. We will, as we did last time, work to make sure that we make ourselves available.” However, despite the much-anticipated resumption earlier this year, Irish beef exports to China have been relatively low, amounting to just over €16m by the end of August. The market had originally opened for Irish beef in 2018, and in 2019 was worth €96m to China and Hong Kong and were projected to surpass €100 million in 2020. In 2022 total agri-food exports to China were valued at €722m of which €683m represented food and drink. This positions China as Ireland’s sixth largest trade destination for food and drink by value, accounting for 4% of all exports.

“China is a market with the largest population and an ever-increasing middle class who are driving increased demand for high quality food and beverages, which the Irish agri-food sector excels at producing.” 49

Ireland-China Business Association

WuXi Biologics’ biologics manufacturing facility in Dundalk 50

Ireland-China Business Association

‘Factory of

the Future’ In what marks a first major foreign direct investment by a Chinese multinational in Ireland, Wuxi Biologics has built one of the largest biopharma campuses in the world at the IDA Science and Technology Park in Dundalk, where it plans to produce 50 million vaccine doses a year. WuXi Biologics’ biologics manufacturing facility in Dundalk, Ireland represents a substantial foreign direct investment by a Chinese multinational. This €325 million state-of-the-art manufacturing facility, which commenced in 2018, also represents a significant step forward for Ireland’s pharmaceutical industry. WuXi Biologics, a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offers end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide. The company has pioneered the commercial biomanufacturing of biologics-based medicines, using cells rather than chemicals to develop innovative diagnostics and therapies which are changing how diseases are prevented and treated and helping millions of people worldwide. With over 12,000 skilled employees in China, the United States, Ireland, Germany and Singapore, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and costeffective biologics discovery, development and manufacturing solutions. The plant is Wuxi Biolgics first outside of its native China where it has facilities in Wuxi, Shanghai and Suzhou. It is set to be at the cutting edge of biologics and

will manufacture drugs 24 hours a day, with the ability to quickly switch what it is producing, according to the demands of customers. As of December 31, 2022, WuXi Biologics is supporting 588 integrated client projects, including 17 in commercial manufacturing. Wuxi Biologics’ investment is particularly significant as it is China’s leading biologics company and is quoted on the Hong Kong Stock Exchange. To entice a company of this scale to Ireland is a coup for Ireland and IDA Ireland and illustrates how Ireland is fast becoming a major global destination for biotech companies. To date, the majority of the foreign direct investment in biotech in Ireland has come from other European members states and the UK but the latest investments by companies such as Wuxi Biologics and SK Biotech – the first Korean pharma company to locate in Ireland suggests that this is beginning to change. The Dundalk facility represents WuXi Biologics’ first ever manufacturing investment in Europe and it is one of the first and largest greenfield pharmaceutical projects ever undertaken by a Chinese company in Ireland. It is also the largest facility in the world using single-use bioreactor technology.

Ireland-China Business Association

Our 2030 Sustainability Roadmap shows what we have achieved so far and the steps we will take in the decade ahead 52

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Ireland-China Business Association

WuXi Biologics views Environmental, Social, and Governance (ESG) responsibilities as an integral component of its ethos and business strategy. Sustainable concepts were adopted in the site construction and operations, including reducing energy use and recycling resources while 100% of the facilities power supply comes from renewable energy at the site. Intent on becoming an ESG leader in the biologics CRDMO sector, Wuxi Biologics facilities use next-generation biomanufacturing technologies and clean-energy sources and it has also established an ESG committee led by the CEO to steer the comprehensive ESG strategy and its implementation, and further enhance the company’s commitment to sustainability. A key factor in securing the original investment was the existence of an IDAowned site on the outskirts of Dundalk with planning permission for a biotechnology campus already secured, which saved 12 months in the planning process. The 467,500-square-foot greenfield facility in Dundalk is a testament to modern design and cutting-edge technology. It features a 25m-high atrium that connects the laboratories and administration facilities with the industrial buildings. The atrium features a sculptural staircase that provides access to all the floors in the building. The building is clad with dark grey and silver-grey metal insulated panels and double-glazed aluminium windows boasts a clean and sophisticated design. The open-plan laboratories, bio-resin terrazzo floors, and woven vinyl flooring in offices reflect a commitment to aesthetics and functionality. The laboratories are designed with an open-plan concept and feature collaborative furnishings and a clean aesthetic. The interiors of the facility feature a bio-resin terrazzo floor and woven vinyl flooring was installed in the offices, while high-density bakelitecore floorboards were installed in the maintenance rooms. The facility was constructed over twophases with the biologics manufacturing

facility to produce biologics medicines, completed in phase 1and the Vaccines facility completed in phase 2. The site comprises seven buildings in total across both facilities, including a three-storey manufacturing facility with a floor area of 21,020m²; a 11,051m² laboratory and administration building with a mechanical penthouse over four floors and a two-storey combined utility building (2,230m²) with three 25m high boiler stacks. The project also includes single-storey electrical building, a single storey security building, and a wastewater treatment plant to service all facilities.

Dr. Chris Chen, CEO of WuXi Biologics

The facility is designed to adopt both large scale commercial manufacturing using disposable bioreactors and nextgeneration continuous bioprocessing manufacturing technology and it has a total bioreactor capacity of 6,000 litres perfusion (MFG6) and 48,000 litres fed-batch (MFG7), making it one of the largest facilities of its kind in Europe. The facility’s primary aim is to produce biologics medicines and vaccines. In 2019, the company announced that it would invest in a major expansion of its Dundalk base by building a €216 million vaccine facility alongside the €325 million drug production plant and in 2020, WuXi Biologics revealed it had signed a contract worth $3 billion to buy vaccines from WuXi Vaccines Ireland up to the end of 2039, further reinforcing the facility’s role in global pharmaceutical production. To implement the agreement, WuXi Vaccines invested in the construction of the second phase of the Dundalk facility, which was equipped with drug substance manufacturing, drug product manufacturing, manufacturing science and technology, and quality control labs. Despite the challenges imposed by the COVID-19 pandemic and the strained” global supply chain, the company managed to complete the construction as scheduled thanks to its strategic customer, third-party engineering companies and colleagues on three continents. In addition, the facility is geographically well placed, as the North American

Brendan McGrath, Vice President and Head of WuXi Biologics Ireland Site,

To entice a company of this scale to Ireland is a coup for Ireland and IDA Ireland and illustrates how Ireland is fast becoming a major global destination for biotech companies. 53

Ireland-China Business Association

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Ireland-China Business Association

market is just five hours behind, while Europe is one hour ahead, and mainland China is seven hours ahead. WuXi Biologics’ Irish site will manufacture around the clock and is designed to be able to change product lines rapidly in response to customer needs. The project which was supported by the Irish government through the IDA and Ireland Strategic Investment Fund, a sovereign development fund managed by the National Treasury Management Agency, underlines the collaborative effort to drive economic development and job creation in the region. The facility achieved its first GMP certificate from the Irish Health Products Regulatory Authority (HPRA) within nine months of commencing operations. In addition, the facility is geographically well placed, as the North American market is just five hours behind, while Europe is one hour ahead, and mainland China is seven hours ahead. WuXi Biologics’ Irish site will manufacture around the clock and is designed to be able to change product lines rapidly in response to customer needs. Located mid-way between Dublin and Belfast, the facility is less than an hour’s drive from Ireland’s two largest cities and is providing a valuable employment boost for the region, with over 400 people employed in positions ranging from manufacturing to technical and quality assurance roles as well as associated administration positions. Dundalk has easy access to ten leading higher education institutes, a highly qualified and skilled talent pool and is close to major international connections

via Dublin Airport, Dublin Port and other ports along the east coast. WuXi Biologics’ investment in Dundalk represents a significant step towards bolstering the biopharmaceutical sector and solidifying Ireland’s position as a pivotal player in the global pharmaceutical industry. This strategic investment not only also sets the stage for continued advancements and collaborations in the ever evolving and expanding biologics sector. The company is performing well, and company accounts show that WuXi Biologics Ireland, increased its turnover from €8.4 million in 2021 to €16.1 million in 2022, new company accounts show. The company had assets worth €1.5 billion, including €889.5 million worth of tangible fixed assets, the largest part of which was the value of its giant manufacturing facility in Dundalk. The company had 401 staff and a wage bill of €34.8 million, according to the accounts. Earlier this year Wuxi Biologics Ireland made headlines in the pharmaceutical engineering realm by securing the 2023 Facility of the Year Award (FOYA) in the Operations category, an honor given by the International Society for Pharmaceutical Engineering (ISPE). This prestigious recognition was conferred for the innovative, regulatory-compliant, and successful manufacturing facility in Dundalk and marks a significant milestone in the company’s trajectory. Dr. Chris Chen, CEO of WuXi Biologics, expressed immense pride in securing the FOYA award for the second time,

affirming the company’s commitment to a Global Dual Sourcing strategy, leading technology platforms, and exceptional execution. The emphasis on service excellence to facilitate global partners and benefit patients worldwide remains at the core of the company’s mission. “We are very proud to be recognized by ISPE for the second time. Receiving the FOYA award in the Operations category validates our Global Dual Sourcing strategy, leading technology platform, and excellent execution, and will motivate us to continue striving for the highest level of service to enable our global partners for the benefit of patients worldwide.” Dr. Chen remarked. Brendan McGrath, Vice President and Head of WuXi Biologics Ireland Site, highlighted the significance of the ISPE recognition, crediting the team’s dedication and pursuit of excellence. The accolade, he said, not only symbolizes success for the company and its partners but also underscores the pivotal role played in delivering life-saving biologics. “This recognition by ISPE is a testament to our team’s dedication and relentless pursuit of excellence. It also signifies success for our clients, partners and local community, and ultimately for the patients who rely on the life-saving biologics manufactured at our Ireland site,” he commented. WuXi Biologics also received the Grand Prix – Foreign Direct Investment FDI Company of the Year and Best Regional Investment award at the 2023 Invest in Ireland Awards. It was also honoured with the 2023 Irish Construction Excellence Award.

Ireland-China Business Association

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EMS Industry Leaders EMS Ltd (Environment Monitoring Services) is a proven industry leader in Cleanroom and Particle Monitoring Solutions. Headquartered in Dublin with a UK office in Cambridge, EMS operates in both Ireland and the United Kingdom, offering the latest range of innovative products and specialised services across industries including: Pharmaceuticals/Life Sciences, Semiconductor/Microelectronics, Aerospace & Defence, Food & Beverage, Industrial Manufacturing and Research & Development. EMS Director, Dave Nolan has worked in the Pharmaceutical and Microelectronic industries for over 30 years and has vast experience in a wide range of applications and solutions. Today’s challenges and new innovations are what drive EMS forward to provide more effective and efficient outcomes. “The Pharmaceutical Industry has evolved dramatically over the past 20 years with leading BioPharma companies now pushing to integrate our automated Facility Monitoring System into the fill line and support areas to ensure traceability throughout the process.” Dave also notes that “because of the commercial value of today’s pharma products, there is a major emphasis on minimising waste and reducing any environmental uncertainties around each batch by eliminating, in real-time, the product seen to be at risk during production, therefore, safeguarding the entire batch. Our real-time monitoring systems meet this goal and are based on a robust automation architecture and GEiFix platform.” EMS is the exclusive distributor of the Particle Measuring Systems (PMS) products in Ireland and the UK. PMS is an industry expert, specialising in viable and nonviable particle counters that measure and monitor contamination levels in clean and controlled environments.

In conjunction with PMS, EMS provides the pharmaceutical and life science industries with the expertise to detect, analyse and manage cleanroom contamination, ensuring regulatory requirements including ISO 14644-1:2015 and EU GMP Annex 1 can be met. EMS offers fully integrated and robust monitoring solutions including: • Particle Counters and Microbial Samplers (remote and portable); • Facility Monitoring Systems (FMS); and • Data collection and Data Management (DM) Products and systems ensuring compliance with regulatory requirements in the Pharmaceutical and Life Sciences industry offered by EMS include the latest PMS Airborne Particle Counter the Lasair® Pro as well as custom Facility Monitoring Systems (FMS). • The Lasair® Pro Airborne Particle Counter has a sensitivity range of 0.3 - 25µm, providing complete contamination control solutions including clean area monitoring (portable and remote) while meeting global requirements for data integrity. Designed for intuitive and reliable aerosol particle counting, this newest addition to the PMS fleet supports a variety of applications while meeting, and anticipating future, international cleanroom certification standards. • Facility Monitoring Systems (FMS)/ Environmental Monitoring Systems (EMS). The FMS (also commonly referred to as an EMS) monitors the status of a facility through the use of a combination of fixed and portable instruments for viable and non-viable particles, as well as other environmental sensors for pressure, temperature, relative humidity etc. An industrial design, combining robust IT hardware and processors with a range of software options ensures compliance, data security and system availability.

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• Effective FMS solutions provide essential continuous monitoring of facilities in various industries requiring critical cleanroom management including the aseptic and controlled environments of pharmaceutical, biotechnology, clinical, defence and microelectronics manufacturing. • From User Requirement Specification (URS) through design and implementation to validation and training, we work in close collaboration with our client and their teams to deliver the optimum system on-time and on-budget. In addition to providing expert solutions using the latest technology and products available, EMS provides a complete range of Cleanroom and Particle Monitoring services including Cleanroom Certification; Calibration Laboratory (including repairs to manufacturer’s specification) and Biosafety Cabinet and Isolator Certification services. EMS provides system design and project management options, full maintenance servicing and complete validation packages designed to meet the individual needs of each client. The EMS calibration laboratories are ISO9001:2015 certified and regularly audited by NSAI and Particle Measuring Systems (PMS), the global leader in micro-contamination monitoring, ensuring that best practice and industry quality standards are met. For further information on EMS, its products and services, visit www.ems.ie or contact the Dublin offices on +353 1 295 7373.

Ireland-China Business Association

Irish Life

Sciences Thriving Almost €14bn has been invested in the Life Sciences sector in Ireland over the past decade while employment has soared by 80% to almost 100,000. The growth of Ireland’s pharmaceutical industry has been one of the country’s great success stories. From humble beginnings, it has grown rapidly, and Ireland now plays host to 19 of the top 20 global pharmaceutical and biopharmaceutical companies and has become a centre of innovation for the life sciences - a sector that now accounts for almost 40 per cent of national exports. Today, life sciences industry plays a centre role in the Irish economy and the total life science sector, across medical devices, pharma and bio in Ireland is responsible for exports of more than €60bn annually. Collaborative clusters in pharmaceutical, biotechnology, medical devices and diagnostics have been a key element behind this remarkable growth

and Ireland is now the third largest exporter of pharmaceuticals globally. The sector continues to develop and evolve and more recently Ireland has expanded its global hub beyond commercialisation to include innovation, digitalisation and next generation technologies. The pharmaceutical industry in Ireland comprises a mix of international and local companies. While many of the biggest names are located in Dublin, there is a growing pharma and medical technology presence in many other regional towns and cities. Johnson & Johnson are the largest and most recognised name in the field, with a workforce of more than 125,000 people

stretching across 60 nations. Other huge companies with a significant presence in Ireland include Roche, Pfizer, Novartis, MSD, as Eli Lilly, GlaxoSmithKline and industry leaders including Abbvie, Takeda, MSD (Merck) and the British-Swedish biopharmaceutical group AstraZeneca Pfizer was one of the first pharma companies to locate to Ireland when it established a base in Ringaskiddy, Co Cork in 1969. More than 40 years later, it is producing supplies of its Covid-19 vaccine from its Dublin plant following a new €37m investment. It has also become one of Ireland’s leading employers, employing over 800 people at its Ringaskiddy site, and more than 4,000 people across its five additional Irish sites at Little Island, Newbridge, Grange Castle, Ringsend and City West.

Ireland-China Business Association

In addition, Pfizer is the single largest pharmaceutical sector investor in the country. From an initial investment of €10 million in 1969, its total investment in Ireland now stands at nearly €8bn. Pfizer’s business interests in Ireland are diverse and its facilities carry out a range of activities which include manufacturing, shared services, R&D, medical instrument refurbishment as well as treasury and commercial operations. And despite concerns about geopolitical conflicts and economic challenges, Ireland continues to attract large-scale investment from multinationals. The recently announced €1 billion investment by Pfizer in its new Clondalkin plant, medical device manufacturer Boston Scientific’s €100 million expansion of its operations in Galway, and Merck’s €440 million expansion in Cork, are just some of the significant recent investments which have been announced by major multinationals in Ireland. Pharmaceutical company Janssen Sciences Ireland in Co Cork. which is part of the Johnson & Johnson group has been producing medicines in Ireland since 2005 is also currently involved in a €150m expansion of its biopharmaceutical supply chain facility in Ringaskiddy. Up to 180 jobs are to be created by the new plant which will be completed in 2024 and there have also been 300 temporary roles created during the construction phase. It follows a €300m investment that was announced by the company in the Ringaskiddy manufacturing facilities in 2017. The new roles being created, which will be in addition to the 700 plus people already employed there will be in specialties such as facilities, engineering, quality, manufacturing and regulatory affairs. Meanwhile, AstraZeneca is investing $360m in a new advanced manufacturing facility in Ireland. The new plant will allow for late-stage development and early commercial supply, adopting state of the art process technology and digital innovation that is designed to meet the needs of the Company’s new medicines pipeline with speed and agility.

The $360m planned investment at the Alexion Campus in College Park, Dublin, is expected to create about 100 highly skilled direct jobs, including scientists and engineers, and further indirect jobs. The project, which will provide an important boost to the local economy and to the country’s life-sciences sector, was developed with the support and collaboration of IDA Ireland. IDA Ireland has been successful in attracting life sciences companies to invest across the regions, rather than having an excessive concentration in Dublin. The regions are particularly appealing to biopharma companies, thanks to lower living costs and low staff turnover while staff retention is also less challenging. There has been some concern expressed that the rise in corporation tax to 15% will dissuade investment in the sector but Michael Lohan, IDA head of life sciences is confident that global pharmaceutical and medical device companies attracted by the State’s mix of tax incentives, political stability, skilled workforce and EU membership, will continue to invest heavily in the sector. Access to talent is the leading factor in international location decisions and it is the core foundation of Ireland’s value proposition for FDI, according to Lohan who says that “client companies rate Ireland’s talent base and our education system highly”. Ireland has the highest level of per capita Stem (science, technology, engineering and maths) graduates in the EU, according to the Central Statistics Office while Ireland’s EU membership is another key factor because it provides access to a broader European workforce, In addition, many life sciences companies in Ireland collaborate with Ireland’s National Institute for Bioprocessing Research and Training (Nibrt), an academic centre which provides training and research aimed at expanding the biopharma manufacturing industry. Almost 5,000 people train at the centre every year, including staff from the FDA and other global regulators.

Michael Lohan, IDA head of life sciences

Pharmaceutical company Janssen Sciences Ireland in Co Cork. which is part of the Johnson & Johnson group has also announced that it will invest €150m in expanding its biopharmaceutical supply chain facility in Ringaskiddy.

“The total life science sector, across medical devices, pharma and bio in Ireland is responsible for exports of more than €60bn annually.”

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