Ireland Asia Business Yearbook 2013

Asia

Ireland

BUSINESS YEARBOOK

2013

The International Building Materials Group *9/ ^HZ MVYTLK PU ^P[O [OL TLYNLY VM [^V THQVY 0YPZO JVTWHUPLZ 0YPZO *LTLU[ HUK 9VHKZ[VUL IV[O ZPNUPÄJHU[ suppliers of building materials to the construction industry in Ireland. Since the merger the Group has become a leading international manufacturer and distributor of building materials, with 3,600 locations in thirty-four countries worldwide. *9/ JVTWSL[LK P[Z ÄYZ[ PU]LZ[TLU[ PU *OPUH PU ^P[O [OL W\YJOHZL VM /HYIPU :HUSPUN *LTLU[ HUK [OLU PU LZ[HISPZOLK H TVYL ZPNUPÄJHU[ WVZP[PVU ^P[O [OL HJX\PZP[PVU VM H HZZVJPH[L ZOHYLOVSKPUN PU @H[HP )\PSKPUN 4H[LYPHSZ º@H[HP» [OL SLHKPUN WSH`LY PU *OPUH»Z UVY[O LHZ[LYU WYV]PUJLZ /LPSVUNQPHUN 1PSPU HUK 3PHVUPUN HUK H [VW [LU JLTLU[ Z\WWSPLY PU *OPUH :PUJL @H[HP OHZ PUJYLHZLK P[Z JLTLU[ LX\P]HSLU[ WYVK\J[PVU JHWHJP[` MYVT TPSSPVU [VUULZ [V TPSSPVU [VUULZ HUK started the production of ready mixed concrete and aggregates. *9/ THKL P[Z ÄYZ[ PU]LZ[TLU[ PU 0UKPH PU ^OLU P[ HJX\PYLK H Z[HRL PU 4` /VTL 0UK\Z[YPLZ 3PTP[LK ¸4/03¹ H SLHKPUN JLTLU[ WYVK\JLY PU [OL ZV\[O 0UKPH Z[H[L VM (UKOYH 7YHKLZO :PUJL 4/03 OHZ PUJYLHZLK P[Z JLTLU[ LX\P]HSLU[ WYVK\J[PVU JHWHJP[` MYVT TPSSPVU [VUULZ [V TPSSPVU [VUULZ HUK [OYV\NO PU]LZ[TLU[ PU H JHW[P]L WV^LY WSHU[ YHPS KPZ[YPI\[PVU JVUULJ[PVUZ HUK HS[LYUH[P]L M\LS I\YUPUN OHZ ILJVTL VUL VM [OL SV^LZ[ JVZ[ WYVK\JLYZ PU 0UKPH (Z (ZPHU LJVUVTPLZ HUK I\PSKPUN TH[LYPHSZ» THYRL[Z L]VS]L *9/ SVVRZ MVY^HYK [V NYV^PUN [OLZL I\ZPULZZLZ ^P[O P[Z WHY[ULYZ HUK [V L_WHUKPUN P[Z YHUNL VM I\PSKPUN WYVK\J[Z HZ LJVUVTPLZ HUK JVUZ[Y\J[PVU TH[LYPHSZ THYRL[Z KL]LSVW PU ZPaL HUK sophistication.

www.crh.com

CONTENTS

The Ireland Asia Yearbook is published by Asia Matters in association with Business and Leadership Ltd ©Asia Matters Editor: Sorcha Corcoran Production editor: Karina Corbett Art director: Michelle Gregan

4 FOREWORD An Taoiseach Enda Kenny TD 6 IRELAND OVERVIEW Having improved its competitiveness, Ireland is aiming to attract Asian investment 8 ASIA OVERVIEW While the geography is vast and each market is different, overall the region is growing

Executive director: Martin Murray martin.murray@asiamatters.biz +353 87 2688805

Managing director: Sam Hobbs shobbs@businessandleadership.com + 353 1 6251425 www.businessandleadership.com

Asia Matters is an independent and apolitical think tank, which was established to bring enhanced partnership by Irish interest in the EU Asia interaction and relations. Based in Dublin, Asia Matters is headed by executive director Martin Murray and guided by an advisory council under chairman Alan Dukes, former minister for finance in Ireland.

Asia Matters facilitates the development of EU Asia business and cultural relations through online and offline communications, and publications and events, engaging a high-level peer community in business and government sectors. Following the success of the inaugural EU Asia Top Economist Round Table on 25 May 2012 in Dublin, Asia Matters will host the second EU Asia Top Economist Round Table on 24 May 2013 in Dublin during Ireland's EU presidency, and the third EU Asia Top Economist Round Table on 27 September 2013 in Tokyo, Japan.

Based in Dublin, Business & Leadership is Ireland’s leading business publisher. We specialise in creating unique, engaging and thought provoking content for business leaders, and are the publishers of both the official magazine of the Institute of Directors in Ireland, Irish Director, and the global magazine of the IDA, Innovation Ireland Review. Our targeted online business news platform, www.businessandleadership.com, delivers business news and leadership insights to almost 60,000 business users each month. As bilateral engagement increases, there is greater demand for market insight and intelligence into the opportunities across Asia and we are delighted to partner with Asia Matters in the first Ireland Asia Business Yearbook, bringing together key decision-makers in government and state agencies and business leaders to share their insights, experience and knowledge.

10 NETWORKS Enterprise Ireland’s chief executive Frank Ryan provides his insights 11 IRISH EXPORTS The Irish Exporters Association is taking a practical approach to growing exports in Asia

19 STRATEGY Director general of IBEC Danny McCoy believes Ireland can benefit from emerging trends in Asia 20 COUNTRY STRATEGY Glen Dimplex is now the biggest Irish company in Japan. Chief executive Sean O’Driscoll shares his insights 24 COUNTRY STRATEGY Cork-headquartered PCH has been in China since 1996. Founder Liam Casey still sees lots of opportunity 26 DOING BUSINESS IN JAPAN Head of Asian partnerships at DIT Professor Bing Wu says Ireland has unique advantages

12 FDI Chief executive of IDA Ireland Barry O’Leary outlines its Asian strategy

28 INNOVATION Micheál Collins’ company Prep Zone is thriving in Singapore and plans to enter China

13 FOOD AND DRINK A huge opportunity for Ireland in Asia, says Bord Bia chief executive Aidan Cotter

29 IT SERVICES EIRE Systems is different from other market entry companies from Ireland, says founder Matthew Connolly

14 TOURISM Chief executive of Tourism Ireland Niall Gibbons highlights possibilities in China and India

30 FUNDS Patrick Lardner, chief executive, Irish Funds Industry Association (IFIA), provides an overview of the importance of Asia

16 CITY TWINNING The Lord Mayors of Dublin and Cork talk about their cities’ twinning with Beijing and Shanghai, respectively 18 FOREIGN AFFAIRS Pat Breen TD, chairman of the Joint Committee on Foreign Affairs and Trade, discusses his visit to Japan

32 EDUCATION A key area for growth, says Marina Donohue, manager education, business and consumer services, Enterprise Ireland 34 CONSUMER PRODUCTS Managing director of Tipperary Crystal Declan Fearon on the importance of building partnerships over time

COUNTRY PROFILES [36] Japan [38] China [40] Indonesia [42] Korea [44] India [46] Vietnam [48] Singapore [50] Brunei Darussalam [51] Myanmar [52] Philippines [53] Malaysia [54] Thailand [56] Mongolia [58] Cambodia [60] Laos

USEFUL INFORMATION 62 EU free trade agreements 65 Embassies 66 Bilateral business associations

Ireland Asia Business Yearbook 2013 3

FOREWORD

WHY ASIA

matters

ASIA is home to over half the world’s population, and to some of the world’s fastest growing economies. For an export-oriented country such as Ireland, the countries of Asia offer enormous opportunities to further bilateral co-operation.

The Government is committed to realising the potential that exists to increase trade, investment, education and cultural links with Asian countries. Since taking office, my Cabinet colleagues and I have been fully engaged in visiting and meeting our Asian counterparts.

The purpose of these visits is simple. It is to raise the profile of Ireland and Irish business; to highlight Ireland's many strengths as a location for investment; to make contacts; to open doors; and to ensure that Irish businesses get the orders and the contracts that will ensure jobs and growth here at home.

Exports are key to Ireland’s economic recovery. Our goods exports for 2012 were at their highest level since 2002. Our trade surplus last year was nearly €43bn. An increasing amount of this trade is with the emerging and developed economies of Asia.

In addition to trade in goods, we are also promoting our internationally recognised services in Asia. Education, for example, is a key growth area, where Ireland has much to offer.

We are also seeking to take advantage of developments at a European and global level. Negotiations on an EU-Japan free trade agreement (FTA) will begin during our EU presidency.

Irish firms are already benefiting from the EU-Korea FTA that entered into force last year. Negotiations with Singapore on an FTA have concluded and negotiations with India and other ASEAN countries are continuing. These agreements will reduce barriers to trade and investment, and offer improved market access for Irish companies.

Ireland, as a small, open economy, is ever more dependent on our ability to create and develop goods and services that we can market and sell in these regions.

The Government and its agencies are making unprecedented efforts to assist Irish companies to capture the opportunities that exist within these markets. I look forward throughout 2013 and beyond to continuing this important shared endeavour.

An Taoiseach Enda Kenny TD

4 Ireland Asia Business Yearbook 2013

China It’s a big opportunity.

And for Irish companies looking to expand into Asia – it’s an obvious starting point.

But where to start?

We know China inside out – with years of experience helping businesses make the most of the opportunities.

To find out more about how we can help your business expand into China, contact our China team on chinabusiness@kpmg.ie or at +353 1 410 2039.

Download your guide ‘Expanding into China’ at kpmg.ie

© 2012 KPMG, an Irish partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. The KPMG name, logo and “cutting through complexity” are registered trademarks of KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

IRELAND OVERVIEW

Despite the challenges, export growth and foreign direct investment continue to drive Ireland’s economic recovery

An optimistic outlook ALONG with export growth, foreign direct investment (FDI) is playing an important part in Ireland’s recovery, and all the signs point to this trend continuing.

Over 5,000 jobs were announced by IDA client companies in the first six months of 2012, continuing the strong flow of FDI recorded in 2011.

The jobs are in a range of sectors, including IT, life sciences, digital media and international financial services. PayPal, Apple and Mylan were among the largest projects announced.

There has been a notable increase in capital intensive projects in recent times, particularly in the pharmaceutical and ICT areas.

A number of recent investments have commenced or will shortly commence, leading to the construction of over 1,500,000 sq ft of new buildings, giving a much needed boost to the construction industry.

Despite the global challenge of patent expiry in the pharmaceutical sector, Ireland continues to perform strongly in the sector, targeting both the pharmaceutical and the bio-pharmaceutical segments in particular. Recent announcements have included Eli Lilly, Amgen, Allergan and Abbott.

IDA’s 2011 annual report shows there are now almost 146,000 people working directly in over 1,000 IDA client companies. That year saw the creation of over 13,000 new jobs, with the best net jobs increase since 2002 of over 6,000.

Many multinationals are continuing to recruit in a range of areas, including IT, languages, and sales and marketing.

Commenting on the outlook for the Irish economy, IDA CEO Barry O’Leary says: “There are challenging headwinds facing IDA and Ireland, with little growth in European demand, moderate growth in the US and a slowdown in the economies of China and India. Due to a lack of domestic demand and budget deficits many countries are ramping up their attempts to attract inward investment.

“However IDA remains optimistic that Ireland can continue to win significant FDI, building on our strong track record.

6 Ireland Asia Business Yearbook 2013

“IDA targets a number of sectors that will continue to grow even in a globally challenging environment. These include IT, digital media and life sciences. Even in areas of low or no growth, opportunities will arise in sectors such as the consolidation of technology and operations hubs in global financial institutions, and consolidation of operations in a number of other sectors.”

One of the objectives in the Government’s Action Plan for Jobs 2013 published in February is for IDA to target more than 130 new investments, secure €500m worth of research and development investment, and help create 13,000 new jobs this year.

COMPETITIVENESS IMPROVING Improvements in competitiveness in areas such as office rents, construction costs, unit labour costs and business services in recent years have helped boost Ireland’s FDI performance.

Ireland currently ranks first in four key areas in the IMD World Competitiveness Yearbook 2012 and its overall ranking has improved by four places to position 20.

Ireland ranks first for availability of skilled labour; flexibility and adaptability of workforce; investment incentives; and attitudes towards globalisation.

The country ranks second for business legislation, openness to foreign investors; for large corporations that are efficient by international standards; and for adaptability of companies. It comes in fourth for corporate tax rate on profit and real corporate taxes.

The IMD data, used by global companies, location consultants and professional firms, highlights that Ireland possesses an extensive pool of highly skilled graduates available to a range of industries, among them ICT, life sciences, financial services and digital media. Executives in the survey pinpoint Ireland’s skill base as a key attraction of the country as an inward investment location.

The 2012 Talent Shortage Survey, published by the Manpower Group, ranked Ireland as the global leader for the availability of skills and the least difficult location, globally, in which to fill talent.

IRELAND OVERVIEW

Ireland – key facts ■ ■

■

■

“Competition for FDI is significantly increasing and the availability of skilled labour is, amongst other things, one of the main deciding factors when companies are choosing a location for their overseas investments,” says O’Leary.

“The fact that Ireland continues to lead the way in availability of skilled labour adds significantly to our reputation as a host for FDI and the outlook for maintaining this position in the future remains positive. For example, greater availability of computer and software personnel will be a key feature for investors in Ireland over the coming years.

“This is due to the increase in the numbers enrolling in computer software courses and conversion courses in universities and institutes of technology across the country. Uptake of undergraduate computer courses has experienced a 40pc increase in the past four years, with the first of these additional students, at honours degree level, coming into the employment market last summer.”

FOCUS ON ASIA In support of IDA Ireland’s stated objective in Horizon 2020 to achieve 20pc of greenfield investments from high growth markets by the year 2014, seven new IDA offices were opened in recent years in Shanghai and Shenzhen, Mumbai and Bangalore, Singapore, Moscow, and Sao Paolo.

“While these markets represent greater export opportunities for Ireland in the medium term due to their domestic growth rates, the pipeline of potential inward investments at the end of 2011 is encouraging and we are fully committed to our 2014 targets.

Undoubtedly with the strengths of these economies we have to establish a market share there and we are investing for the medium to long term,” IDA Ireland’s 2011 annual report states.

One of the most significant Asian transactions in recent years involved the launch of SMBC Aviation Capital, which was officially opened in Dublin in October 2012.

The new company comes into existence following the €5.8bn acquisition of the business by a Japanese consortium led by

■ ■ ■ ■ ■ ■

The economy returned to growth in 2011, expanding by 1.4pc Significant improvement in Ireland’s cost environment underpinning the return to growth. Business costs have fallen significantly from the peak in 2007/2008.

Irish labour costs fell below the euro Aarea in 2011 Companies continue to choose Ireland as one of the best countries in the world to do business. IDA Ireland companies recorded their third year of employment growth in 2012 Key strengths remain – Ireland has a young educated workforce, the best productivity performance in the EU, a strong export performance and a critical mass of companies The economy has been restructured towards a more sustainable growth model Ireland has re-entered the sovereign bond market Ireland’s cost of living continues to improve Exports continue to perform well The Purchasing Managers Index signalled growth in both manufacturing and services in 2012 Ireland’s fiscal adjustment is on track with troika programme targets having been met

Source: IDA Ireland, January 2013

Sumitomo Mitsui Banking Corporation (SMBC).

The consortium also includes Sumitomo Mitsui Finance and Leasing, and Sumitomo Corporation. SMBC Aviation Capital is the world’s fourth largest aircraft leasing firm by owned and managed fleet and its presence here adds significantly to Ireland’s cluster of aircraft leasing companies; 50pc of the world’s commercial aircraft fleet is now managed from Ireland.

Separately, IDA Ireland also signed a memorandum of understanding (MoU) with SMBC to promote communication and business exchange between Ireland and Japan last October.

SMBC has had a presence in Ireland since 1989 through its subsidiary, Sumitomo Mitsui Finance Dublin Ltd. This presence has been further enhanced with the acquisition of SMBC Aviation Capital and the recent opening of a Technology Development Centre of Japan Research Institute America (JRIA) in Tralee.

“The increased presence of SMBC in Ireland also adds to the cluster of high-profile Japanese companies that have chosen Ireland as a base for their overseas operations including Alps, Fujitsu, Takeda, Trend Micro and Gala. In addition, by signing the MoU between IDA Ireland and SMBC we hope to open the doors to attract further Japanese investment into Ireland,” says O’Leary.

Ireland Asia Business Yearbook 2013 7

ASIA OVERVIEW

Time to thrive

An increasing number of Irish companies are successfully putting down a presence in the Asia Pacific region

IRISH companies generally are beginning to succeed in the Asia Pacific region because the economies there have not experienced the difficulties faced by the US and Europe since 2008, according to Alan Dixon, executive director, Asia Pacific region at Enterprise Ireland.

Based in Shanghai, Dixon leads a team based across a network of offices in Australia, China and Hong Kong, India, Korea, Japan, and the ASEAN region.

“When Irish business people talk about Asia, they tend to be referring mainly to China because that’s mainly what’s in the news and Ireland has had a trading relationship with China for over 33 years. We have also been in Japan for a long time; India is more recent, with Enterprise Ireland having set up an office there in 2006.

“The geography is vast in Asia Pacific – the distance between Shanghai and Sydney is further than the distance from either to Dublin, which people often don’t realise. It takes five hours to fly from Shanghai to Singapore.”

Irish companies putting down a presence in a market is an indication of how serious they are about doing business there,

8 Ireland Asia Business Yearbook 2013

Dixon maintains.

“Ten years ago, Enterprise Ireland was working with 100 Irish companies in this region that mainly had joint venture partners and sales offices on the ground,” he says.

“Now there are hundreds of Irish companies operating there including large Irish enterprises such as CRH, Glen Dimplex and Glanbia. Irish Enterprise clients have increased fivefold to reach 500 in total.”

Not only is the Irish presence rising in terms of company numbers, those that are in the region are doing some extraordinary things.

“The software used at passport control in Toyko airport was developed by Irish company Daon; the water management systems in Hong Kong were designed by Datac; and when you pay by credit card through the Bank of China, Irish company Fexco is responsible for processing the payment,” notes Dixon.

Most recently, Kerry-based mobile technology company Altobridge announced a major new contract with Maxis Berhad, a large integrated communications service provider in Malaysia.

ASIA OVERVIEW

The agreement will involve the deployment of over 300 new mobile broadband sites, delivering ultra-low cost 3G services to rural communities throughout Malaysia, which Maxis is undertaking. Close to 200 sites are already in service across some of the remotest parts of Malaysia.

Set up in 2002, Altobridge is headquartered in Kerry Technology Park and has further bases in the US, China and Malaysia, covering sales, research and development, customer support, and manufacturing.

Focusing on other sectors, Dixon says Ireland has carved out a name in financial services and Dublin in particular is known for aircraft leasing.

Life sciences and medical technology are also growing in importance. For example, Wexford-based stents manufacturer Clearstream is operating in India and clinical trials company Icon is big in China, Japan and Korea. Dixon says significant demand in these areas is expected in the ageing markets of Korea and Japan particularly.

Food is a huge business for Ireland in the Asia Pacific region and Enterprise Ireland invests in Irish exporting food companies conducting R&D, working together with Bord Bia to support them to grow in individual markets.

“There are big opportunities for Irish food and drink, particularly exports of milk powder. China in particular is keen to import infant formula, for which Ireland is a manufacturing centre. Around 10–15pc of infant formula supplied globally is made in Ireland.

Seafood is another area we are promoting through investment in Irish companies. China’s growing middle class is interested in trying different foods and products,” says Dixon.

In China and Malaysia, a major opportunity exists in education services as Irish universities target students and set up joint programmes and degrees (see page 32). “Before I came to Shanghai in 2008, I didn’t appreciate the significance of education. It is Australia’s third largest revenue earner after coal and iron ore and Australia is targeting China and India for students,” notes Dixon.

“The US, UK and Canada are big players in this space too, appealing to Chinese students because of the English language and they know them through television programmes. Ireland had over 5,000 Chinese students in 2012 and we also successfully used social media in India, attracting 800 students. We expect this figure to double in the next three years. Minister for Education Ruairi Quinn’s visit to China and March will be important in this regard.”

Irish exports into the region by Enterprise Ireland clients grew by 12pc to reach €989m in 2011 and Dixon expects growth of at least 8pc for 2012.

“Asian markets continue to grow for Irish companies although China has slowed a bit, but this was to be expected. The focus within China is more on domestic consumption rather than exporting. It has a relatively well-off middle class made up of 140 million people, which means a major opportunity, particularly in the consumer goods area.

“Japan has experienced turbulence following the tsunami and earthquake. Nevertheless Irish companies are doing well and a number have been there for many years. India is a difficult market – it tends to be more about partnership than in China.”

In 2007, just before Dixon moved to Shanghai, Australia would have been Ireland’s biggest market in Asia Pacific; two years later China had taken over and is now its No 1 market in the region.

“Taken together, Southeast Asia is the third largest market where Irish-owned companies have a presence. Important markets are Singapore, Malaysia, Vietnam, Indonesia and Thailand. Each Asian market offers different opportunities and you won’t necessarily get the same Irish companies throughout the region,” he notes.

In every Asian market face-to-face contact when doing business is required to a much larger degree than in western markets.

“One thing that would link all of the successful Irish companies in Asia Pacific is that they aggressively pursue the market, go there regularly and meet potential customers. It’s being in front of decision-makers in the first 18 months that really separates them from companies that might just visit once a year,” says Dixon.

“A great opportunity exists in Asia Pacific for Irish companies, but it isn’t for everybody.”

Ireland Asia Business Yearbook 2013 9

NETWORKS

Targeting the market Enterprise Ireland has identified the Asia Pacific region as one of immense potential, says chief executive Frank Ryan BUILDING on a strong export performance overall for the past number of years, Enterprise Ireland is continuing to harness the as yet unexploited potential of Asia Pacific markets, according to chief executive of Enterprise Ireland Frank Ryan.

“We are prioritising Asia Pacific, but this is not to say that we’re taking away from existing markets. We must maintain growth in those, but we view Asia Pacific market as offering significant growth potential for the future,” he says.

Client exports to Asia Pacific climbed 17pc to reach €978m in 2012. This compares with client companies’ largest market for exports, the UK, which climbed 4pc to €5.5bn and Northern Europe, which rose 18pc to €2.16bn in the same year.

Under the Government’s ‘Action Plan for Jobs 2012’ Enterprise Ireland was directly involved in 105 of a total of 270 actions, which will continue to reinforce its activities in the Asia Pacific region.

“Throughout the year we delivered on these targets in areas such as setting up a Potential Exporters division and initiatives in the areas global sourcing and international and female entrepreneurs,” says Ryan.

“The world economy is predicted to grow moderately in 2013, according to the World Bank. This is important because it provides a context and offers opportunities for Irish companies to continue to grow their exports, which in turn creates additional employment in Ireland.

“Throughout the year, Irish exporting companies persevered and faced severe global economic conditions with determination.

They are now, more than ever before, leaner, stronger and continue to increase their appetite for international growth.”

10 Ireland Asia Business Yearbook 2013

Ryan notes that Enterprise Ireland has built up a vast amount of knowledge and connections right across the Asia Pacific region and can help companies interested in venturing into one of the markets in various ways.

The agency has a national network of nine regional offices throughout Ireland and over 30 international locations. Eight of these are in Asia Pacific – in Australia, China, India, Hong Kong, Malaysia, Singapore, and South Korea.

“We can help companies with research and prequalification before they incur the expense of going into the markets.

Servicing Asia Pacific markets is expensive, but a lot can be done beforehand through our country desk officers in Dublin,” says Ryan.

“Once a company has decided to go into a market our network of offices on the ground can work with colleagues in Dublin to help them to find suitable local partners. Finding the right partner in Asian markets does take time. However, putting in the time and effort results in a better quality outcome in the longer term.”

Ryan provides the following advice to any Irish company contemplating targeting a market in Asia Pacific: “You need to start from what the opportunity is for your sector and use what you’ve done closer to home as a reference point, spending time and resources on developing your offering to suit the market.

“For example, if your company has done something special in the area of biotechnology, you could consider targeting Singapore as there is a large cluster of biotech companies there.

Or if you’ve found a niche in financial services it might be best to start in Hong Kong or Singapore as they are viewed as financial centres in the region.”

IRISH EXPORTS

Stepping up Colin Lawlor, chairman of the Irish Exporters Association, provides his insights into Irish exports to the Asian region

IN overall terms, Ireland exports significantly less than our potential to Asia – generally, less than 4pc of Irish exports go to the region, compared to more than 20pc of exports from our European neighbours.

Within this there is, however, some encouraging news – for example, merchandising exports to Japan increased 18.9pc last year to more than €2bn; merchandising exports to India also increased by 5.9pc, but from an incredibly low base to just over €230m.

On the other hand, exports to China actually decreased by 8.9pc to just over €2.2bn. In overall terms, our business in Asia is smaller than the opportunity suggests.

Opportunities are expanding throughout the region. Despite some reductions in growth levels (as traditional export markets for these countries such as the US and EU have struggled), the Asian Development Bank recently reported that domestic consumption continues to grow throughout Asia.

This is driving opportunities in many categories from food through consumer products, healthcare, education, financial services, aviation and technology.

We see China, Japan, India, Republic of Korea and Malaysia as the top priority markets. The key is to ask which market is at the right stage of development for what your company can deliver competitively and which market makes sense to start in.

It does not always follow that the biggest, ie China, is the right market to enter first for many reasons.

Since the Irish Exporters Association set up the Asia Trade Forum (ATF) in 2011, we have worked hard to ensure that policymakers are listening to the needs of its members. One tangible

example of that is the introduction and now expansion of the Foreign Earnings Deduction scheme.

In addition, there are several such initiatives that we are working on to support all exporters and these include access to finance and working capital and expansion of R&D tax credit arrangements.

At a more practical level, we have helped more companies to get their first step on the ladder through our free events in Ireland focusing on practical, concrete advice for exporters from people who have already done it. Last year we also ran the first business mission to India, which helped a number of exporters open relationships and even seal deals.

Finally, our joint programme with the Smurfit UCD master’s programme to link students with businesses to focus on practical first steps for companies was a great success and we plan to expand it.

When it comes to Irish exports to Asia, the first and most important thing is to recognise the importance of the opportunity.

It is there, and significant, and for many companies should be a factor in their thinking from the beginning. Then, the next step is to do the homework and make the investment to make it happen.

The same exists at Government level – we need more of the great resources from Enterprise Ireland, IDA and Bord Bia on the ground in these markets for longer.

We are late in this race versus our competitors, but we can catch up – it is just a matter of driving the issue to ensure it gets the focus.

Our work with the ATF will not be done until Asia represents at least 10pc of total Irish exports.

Ireland Asia Business Yearbook 2013 11

FDI

Broadening

horizons

Key growth markets such as Asia Pacific represent major opportunities for Ireland going forward, says IDA chief executive Barry O’Leary

WHILE the US and Europe accounts for most of IDA’s investment projects, Asia Pacific and the other key growth markets like Brazil and Russia represent Ireland’s future, according to IDA chief executive Barry O’Leary.

“We have committed as part of the current IDA strategy implementation to achieving 20pc of our greenfield investment flow from these markets by the end of 2014 and have put in place a dedicated team to drive this,” he says.

“Japan has led the Asian investment to Ireland up to now and we have a representation there for almost 40 years – in fact the first post-war investment by a Japanese company took place in 1958 in Ireland when Brother established a manufacturing and distribution facility in north Co Dublin.”

IDA currently has 23 Japanese client companies employing close to 2,500 people in Ireland.

Focusing on sectors, information and communications technology has led the way in terms of investments to date, closely followed by pharmaceuticals, but O’Leary says IDA is also seeing some positive opportunities in financial services and aviation/engineering, and in sub-sectors such as digital media and games.

The agency recently opened offices in Shenzhen, Seoul and Singapore in the past three years, in addition to its longer standing representation in Tokyo, Sydney and Shanghai.

12 Ireland Asia Business Yearbook 2013

“In addition we have signed important and symbolic memorandums of understanding in China and Japan with the likes of ICBC (the largest bank in the world) and Sumitomo Mitsui Banking Corporation to promote enhanced communication and information sharing on investment opportunities,” O’Leary notes.

“Building on the momentum we have created in these markets, the senior management team in IDA and I have extensive travel planned in Asia in 2013 to further support our front line executives in converting investment opportunities.

“I’m pleased to report that we have a firm commitment from a number of Government ministers to travel to our key Asian markets this year to enhance our efforts and the work of Enterprise Ireland, while also strengthening bilateral diplomatic relations with these countries.”

O’Leary adds that IDA has been “very encouraged” with the geographic spread of investment from Asia over the past couple of years, which endorses its decision to broaden our market representation in the region.

“Key investments in that regard include ICBC Financial Leasing and Huawei from China; Rakuten, Fujitsu and Sumitomo Mitsui Banking Corporation from Japan; and emerging investments from India and Malsysia with Aris Global, Braahmam and Amanie Partners respectively.”

FOOD AND DRINK

Irish food and drink exports to Asia have seen substantial growth in the last two years and there is optimism that this trend will continue, says Bord Bia chief executive Aidan Cotter

Minister for Agriculture, Food and the Marine Simon Coveney TD; Michael Carey, chairman, Bord Bia; and Aidan Cotter, CEO, Bord Bia at the opening of the Irish Food Hub, Shanghai

Driving double-digit growth ASIAN markets are very important to Irish food and drink companies as they are growing rapidly – as chief executive of Bord Bia Aidan Cotter points out, exports to the region climbed 26pc in 2012 to reach €467m.

“When you consider that overall Irish food and drink exports went up by 2pc to reach over €9bn in 2012, you can imagine how important the growth rates in Asia are,” he says.

“The main components for Ireland in Asia are dairy ingredients, pig meat and seafood. There are growing middle classes throughout Asia as well as a shift in dietary habits towards more protein-based products, which Ireland has its own strengths in.

There is a good alignment in terms of what the region needs and what Ireland can provide.”

Focusing on individual markets, within the total export figure to the region China is by far the largest, reaching around €259m in 2012, 39pc up on 2010.

“In fact, total food exports to Asia are 75pc higher than in 2010, with markets such as Japan, Malaysia, South Korea, Vietnam and Thailand all showing double-digit growth for Irish food and drink exporters,” notes Cotter.

Growth has been particularly strong for Irish food and drink over the past two years because of a greater focus by companies on Asian markets in terms of a greater investment of resources.

Among Bord Bia’s key initiatives this year will be the continued development of its sustainability programme Origin Green, which Cotter says will be important in Asia.

Since launching in June 2012, some 164 companies accounting for almost 60pc of Irish food and drink exports have signed up to the programme.

Bord Bia announced plans in January to recruit 10 new ‘Global Ambassadors’ as part of Origin Green, with Southeast Asia and India two of the areas to be targeted.

Cotter says for first-time exporters the sheer scale of the Asian region can sometimes be quite intimidating, especially for smaller companies.

One of the ways Bord Bia addressed this issue was to launch the Ireland China Food Hub and the Ireland-China Food Network last year.

The network will bring together members of the diaspora based in China, while the Food Hub is a shared office facility for Irish food and drink exporters targeting the Chinese market.

“There are six companies from the meat and seafood sectors initially working together to share resources and market knowledge with a view to increasing their presence in the market. We are optimistic about the attractiveness of this way of growing Irish companies’ business in Asia generally,” Cotter explains.

Bord Bia has a programme of research ongoing in the region with the aim of identifying opportunities for Irish companies. For example, last year it carried out ethnographic research in South Korea, Vietnam and Indonesia, which involved researchers living in people’s homes to see how they ate and shopped during the day.

Ireland Asia Business Yearbook 2013 13

TOURISM

TOURIST

attraction

The markets in Asia offer positive long-term prospects for Irish tourism, says chief executive of Tourism Ireland Niall Gibbons THE Chinese and Indian markets offer exciting possibilities for tourism to the island of Ireland in the medium to long term, according to Niall Gibbons, chief executive of Tourism Ireland.

“The majority of overseas visitors to the island of Ireland come from the core markets of Great Britain, mainland Europe and North America, and while this will continue, it is important that we expand our focus beyond these markets and look to the long-term opportunities presented by the markets in Asia, and in particular China and India,” he says.

“The United Nations World Tourism Organisation has forecast that the Asia-Pacific region will be one of the fastest growing regions for outbound travel in the coming years.”

In China Tourism Ireland has a presence in Beijing and Shanghai and in India in Mumbai and Delhi.

The Irish Government’s short-stay visa waiver scheme, introduced in 2011, has been a real boost in helping to raise awareness of the island of Ireland in both China and India, according to Gibbons.

The scheme makes it easier for tourists from emerging tourism markets to visit Ireland when they are visiting the UK – they can now continue to Ireland without the cost or hassle of applying for a separate visa.

Tourism Ireland has been highlighting the scheme extensively in China and India, and many Indian and Chinese tour operators are now including the island of Ireland in their programmes for the first time ever because of the scheme.

In terms of strategy, Tourism Ireland’s activity in China and India involves establishing and consolidating relationships with key intermediaries – including tour operators, travel agents, airlines and media.

It also operates a programme of fact-finding or familiarisation visits for travel agents, tour operators and journalists to Ireland.

“In China, we focus mainly on three geographical areas:

14 Ireland Asia Business Yearbook 2013

Zhao Ruo Hong and Zhao Yan try their hand at hurling at Muckross Traditional Farm in Killarney, Co Kerry

Shanghai (eastern China), Beijing (northern China) and Guangzhou (southern China),” Gibbons explains.

“Our promotions are targeted to reach approved destination status groups; business travellers; summer and winter school groups; as well as luxury and independent travellers.”

Tourism Ireland’s target markets in India include the 25–44year-old segment from Mumbai, New Delhi and Bangalore; also business travellers and family groups.

Online and social media activity is important too, Gibbons notes. “We are currently developing the Chinese version of our new website Ireland.com. We have more than 74,000 Facebook fans in India and in China Tourism Ireland has about 233,000 followers on social networks, including Tencent and Sina Weibo.”

More than 82 million Chinese people travelled overseas in 2012, an increase of 17pc over 2011; outbound tourism expenditure reached US$98bn, up 35pc over 2011. The Chinese outbound travel market is predicted to increase to 94.3 million people in 2013.

“The growing disposable income of Chinese consumers [there are an estimated 562,000 ‘high net worth’ individuals in China], has boosted confidence considerably,” says Gibbons.

“Independent travel is increasingly a strong personal statement and those who are able to travel independently internationally are generally web savvy, speak good English and can afford the time and money required by the planning.”

Until recent years, India’s outbound tourism was restricted to the privileged few. The recent explosion in travel is due to many factors – including the thriving economy and subsequent rising incomes; higher pay scales and double income families; enticing fares, packages and offers; attitude changes, and media influences and trends.

The number of outbound Indian travellers exceeded 14.3 million in 2011 and is estimated to reach 20 million by 2015.

The Dublin City Business Association (DCBA) is a not-for-profit voluntary association that has worked tirelessly for the restoration, development and promotion of Dublin city centre for over 35 years. DCBA is a guiding force in the decision making process in local and national governance. It has a strategic vision of the development and sustainability of the city centre and the greater Dublin area.

DCBA is represented on relevant decision-making panels, strategic policy committees and other committees in Dublin. DCBA provides a forum for networking with your colleagues and peers. We make sure that you are up to date with credible market information. We take action to achieve results for the benefit of our members.

DCBA has a significant source of information. DCBA operates an open door policy for its members and we are available for an update or discussion in confidence. All members have access to DCBA website policy papers, issues and events. Regional and local issues – the matters that concern you.

YOUR DUBLIN – YOUR VOICE – DUBLIN CITY BUSINESS ASSOCIATION David Brennan, chief operations officer Dublin City Business Association, 21 Dawson Street, Dublin 2 Tel: 00 353 1 662 2995, email: david@dcba.ie, web: www.dcba.ie

CITY TWINNING

Twin

perks

The twinning agreement between Dublin and Beijing has been mutually beneficial as both cities continue to learn from one another, explains Lord Mayor of Dublin Naoise O’Muiri LORD Mayor of Dublin Naoise O’Muiri was part of a delegation that went to the inaugural World Tourism Cities Federation (WTCF) conference in Beijing last September, as part of the twinning agreement between the two cities.

WTCF is the world's first non-profit international non-governmental organisation set up to promote global tourism. With ‘to create better city life through better tourism’ as its core idea, it’s committed to promoting exchanges and co-operation between member cities.

Having worked on the idea for a number of years, the twinning of Dublin with Beijing first came to fruition two years ago when the two cities signed a memorandum of understanding (MOU), explains O’Muiri.

“It was included as part of the original MOU that Dublin would be a founding member of the WTCF.” Based on the twinning agreement Dublin has with San Jose for over 25 years, the link-up with Beijing involves a practical programme of activity of mutual benefit to both cities.

“We send a delegation to Beijing every year and vice versa, which works very well. We are hoping to take two interns from Beijing Municipal Government to work in Dublin City Council soon, which means developing a relationship between the two local authorities,” says the Lord Mayor.

“Educational institutions have been ploughing ahead on the basis of the co-operation too, such as the Confucius Institute in University College Dublin. In addition, the Chinese New Year

Festival in Dublin has grown in size and we will continue to develop that.”

Dublin has become one of the top five honeymoon destinations for Chinese people and a new tourist map of the city in Mandarin was launched last year, he notes.

“Dublin and Beijing can learn a lot from each other thanks to the twinning agreement. Something Beijing can learn from us is that Dublin is quite unique in terms of its cultural heritage. It is a city of cubby holes with an intimate experience available – very different to Beijing, which is a city of great scale, a lot of which is newly built, and a lot built around the Olympics. We have been sharing experiences of attracting tourists and gaining insights.

“The Olympics represent an example of how Chinese people are very good at long-term planning, which is something we in Dublin can learn from. They decide where they want to be in five years’ time and stick with it.”

O’Muiri recently became the first Dublin mayor to go to Japan, having participated in an intercultural conference in Hamamatzu last autumn.

“We took the opportunity to meet business people and educational institutions in Tokyo with the aim of developing links in the greater Dublin region. From the trip I could see there are certainly opportunities for Irish companies to work in Japan but it doesn’t happen overnight. You have to spend time working on relationships.”

‘The Olympics represent an example of how Chinese people are very good at long-term planning, which is something we in Dublin can learn from’ 16 Ireland Asia Business Yearbook 2013

CITY TWINNING

Since becoming a sister city of Shanghai, Cork has been developing that relationship, explains Lord Mayor of Cork Councillor John Buttimer

Relationship building CORK has been a sister city of Shanghai since 2005 and has been working with the Shanghai Municipal People's Government on the relationship since 2002.

In 2009, both city governments concluded a five-year plan to manage the relationship to 2014. Cork has also signed friendship co-operation agreements with Hangzhou in Zhejiang Province (2011) and Wuxi in Jiangsu Province (2011). In 2013, it will sign an agreement with Shenzhen in Guangdong Province.

Each agreement is organised around the themes of local government; education; business; and culture and tourism.

In Cork, these relationships are managed through the China Project Group, which reports to the City Council’s International Relations Committee.

The organisations represented on the China Project Group are Cork City Council, Cork Chamber, Cork Institute of Technology (CIT), University College Cork (UCC), Fáilte Ireland South West and City of Cork VEC. In 2008, the UCC Confucius Institute (UCCCI), led by Prof Fan Hong, was founded in partnership with Shanghai University.

Lord Mayor of Cork Councillor John Buttimer is a board member. “The UCCCI now delivers language and culture classes to in excess of 50 schools in Munster and further afield,” he explains.

“In 2011, it was selected as a Confucius Institute of the Year in a worldwide competition, with its close relationship to the city government in Cork highlighted as a particular factor in its success.

In 2012, it was selected to design the new short course in Chinese for the Junior Certificate.”

In parallel, since 2008 Cork City Council has sponsored the forming of formal relationships between 10 schools in Cork with

counterparts in Shanghai.

Cork Chamber has concluded agreements with chambers in Shanghai and Hangzhou.

The Shanghai intern programme has seen nearly 20 officials spend up to 12 weeks working with Cork City Council and studying in UCC. Cork has a track record in providing a positive experience for foreign companies, some of which have been here for over 40 years and have added more high value functions and activities in that period, he continues.

“It is particularly strong in pharma, biopharma, ICT, international services, medical devices, education, health, public administration and tourism.

“In addition, Cork is spawning its own hi-tech companies and start-ups that would be very attractive to Asian partners for joint ventures or acquisition. The two Chinese companies in Cork, Huawei and Firecomms, both acquired local companies. UCC is developing a College of Asian Studies with a focus on China, Korea and Japan, in addition to Taiwan. One of the biggest Irish companies in China, PCH, is headquartered in Cork.”

The Lord Mayor says that Cork continues to seek opportunities with partners in Asia. “The focus to date has been on China, but strong relationships exist with Japan, the Philippines, India, Pakistan and Saudi Arabia through the activities of individual companies and the nationalities represented in the local labour force.

“Cork City Council as the lead government agency works closely in partnership with the commercial sector and the thirdlevel sector to promote, develop and sustain links with both established and emerging economies in Asia.”

Ireland Asia Business Yearbook 2013 17

FOREIGN AFFAIRS

Land of the rising opportunity The prospect of a free trade agreement between the EU and Japan is good news for Ireland, according to Pat Breen TD, chairman of the Joint Committee on Foreign Affairs and Trade PAT Breen TD, chairman of the Joint Committee on Foreign Affairs and Trade, went on an eight-day trip to Japan last November, which came about following a visit from the Japanese parliamentary senior vice-minister for foreign affairs Kazuya Shimba to Dublin.

Covering Osaka, Kyoto and Hiroshima, Breen describes the trip as “quite exhaustive”, involving a lot of meetings, including with politicians, Japanese external trade organisations, and IDA Ireland and Enterprise Ireland representatives on the ground.

“The Japanese ambassador to Ireland Chihiro Atsumi was anxious that a senior Irish politician travel to Japan before Ireland took up the EU presidency,” Breen explains.

The impression Breen got from his visit was there wasn’t a high awareness of Ireland as a market generally, but those that had heard about Ireland had good things to say.

“They’re positive about the new Government and feel that confidence has been brought back to the economy. They’re impressed with how we met all our troika targets and don’t associate us with Spain, Portugal and Greece.

“I found people to be very understanding of how the downturn affected Ireland because Japan went through something similar in 1989 when their property bubble burst.”

The process towards reaching a free trade agreement between Europe and Japan started during Breen’s visit and negotiations are continuing.

It is estimated that the successful conclusion of a free trade agreement between the EU and Japan could add €42bn to EU GDP. “The removal of tariffs and barriers would be of huge benefit to Ireland. Japan imports about 60pc of what they consume and Ireland exports a huge amount of food into Japan, worth about €1.8bn in total, while we import about €800m from there.

Agriculture there is quite weak following the tsunami,” he says.

“During the trip I emphasised to members of parliament the importance of opening up the beef trade again with Japan, which has been gone since the BSE crisis in 2000. Some of Europe has got the go ahead, with France and the Netherlands having the ban on their beef lifted on 1 February. Ireland is next in line.

“I would hope it will be achieved before the Japanese prime minister Shinzo Abe comes to Northern Ireland for the G8 conference next June. The beef trade to Japan was worth €20m a year to Ireland before the ban. I would hope too that the prime minister will make an official visit to the Republic this year.”

Breen feels Ireland should be pushing trade with Asia and that Japan is very important.

“Japan is Ireland’s 11th largest trading partner, and our second largest in the Far East. I believe there is huge potential to increase beef, pork and shellfish exports. Japan is Ireland’s third largest market for pork exports. The ‘Ireland House’ concept where Enterprise Ireland, IDA Ireland and the Irish embassy are taking a co-ordinated approach is working well.

“There are 50 Japanese companies in Ireland, 22 of which are IDA Ireland assisted, and which created 200 jobs in Ireland last year.

“It is important that senior members of parliament on both sides foster favourable relations. Ireland is very much seen in Japan as making a comeback.”

‘During the trip I emphasised to members of parliament the importance of opening up the beef trade again with Japan’ 18 Ireland Asia Business Yearbook 2013

STRATEGY

Director general of employers group IBEC Danny McCoy believes Ireland can benefit from emerging trends in Asia

Building trading BLOCKS IRELAND’S nimble business model, combining both traditional sectors, such as food and drink, with hi-tech sectors, such as software and medical devices, means it can take advantage of emerging trends in markets across Asia.

So believes director general of employers group IBEC Danny McCoy, who says for this to happen, companies need to recognise the diversity of the Asian economies and societies.

“While the rise of China and India is remarkable, we must recognise there are economies across Asia, such as Indonesia, Thailand and Kazakstan, that offer opportunities for engagement and trade.

“Geographic distance still represents a challenge when looking at opportunities for development. While not the limiting factor it once was, it still hampers some opportunities and we need to take this into account when considering our trade strategy.”

On a more basic level, McCoy points out that Ireland tends not to have the same shared history or background as we do with many of our developed trading partners such as the UK and the US. But this shouldn’t distract or stop us from engaging fully with Asian partners.

“Recognising these differences, we need to have a better understanding of culture in Asia and the impact this has on doing business. IBEC has been working with a number of partners, including University College Cork, in developing training for companies considering exporting to Asia.”

Ireland’s relationship with Asia matters on a number of levels.

“Over the past decade we have seen the increasing interconnectedness between our economies. Asian equity and debt markets now price in and react to changes in European markets,” says McCoy. “The Asian economies are developing at a rapid pace. They are not homogenous – at one end of the scale we have the relationship between the EU and Japan, a relationship that is decades old. The EU is the biggest investor in Japan, while Japanese companies employ thousands of people across Europe.

“The continuing pace of development across Asia presents a huge and growing market for business. Across areas as diverse as services, food, education, consumer goods, European business have great opportunities. Equally, Asian economies are looking to advance into the EU and US economies.”

Ireland is well positioned to act as a gateway to Europe for many Asian companies, according to McCoy. “We have already seen some investment begin to flow in that regard, but this needs to grow in a sustainable and enduring fashion.

“For Europe, Asia represents not only an important trading block, but also a geo-political partner. Meeting the challenges of the 21st century requires defining a new and imaginative relationship between Asia and Europe, and recognising each other’s strengths and respecting our cultural differences.”

Ireland Asia Business Yearbook 2013 19

COUNTRY STRATEGY

Realising

potential

The Japanese market is largely untapped by Ireland, believes Sean O’Driscoll, chairman and chief executive of Glen Dimplex WHEN it comes to Asian trade strategy, Ireland has put a vast amount of its emphasis in the past five years on China, which is as it should be, but we have to get the balance right between it and other countries, according to Sean O’Driscoll, chairman and chief executive of Glen Dimplex.

Over the past 10 years or so Glen Dimplex has grown rapidly to become the largest Irish company operating on the ground in Japan with annual turnover of €70m, seven offices, five distribution centres and 120 employees.

The Japanese company represents 5pc of the Glen Dimplex group, but a very important 5pc, says O’Driscoll, who is a former member of the Government appointed Enterprise Advisory Oversight Group and the Ireland Asia High Level Strategy Group.

“China has overtaken Japan as the second largest economy in the world – this is the headline everyone thinks about. If you drill down into the detail, China has a population 10 times the size of Japan, which translates back into per head of population wealth a multiple of what it is in China. That is the opportunity.

“You can look at the big picture, but you lose the opportunity.

Japan is wealthy and prosperous, a country fixated on quality whose citizens are prepared to pay premium prices for that quality.”

Glen Dimplex started looking at seriously targeting the

20 Ireland Asia Business Yearbook 2013

Japanese market about 12 years ago when it decided there was a need to go further afield generally in terms of sales. A junior sales executive went to investigate and reported back 10 days later that he believed there wasn’t an opportunity for its products there.

“We decided to spend time in the market at a more senior level so international business development director Neil Naughton and I went for a week. A lot of our business meetings were organised by Enterprise Ireland, which we found fantastic.

We saw an opportunity to sell heating appliances that are premium, European manufactured and renewable,” O’Driscoll explains.

“On a train journey the CEO of a distributor we knew in Japan asked me exactly what were we trying to achieve. I told him we wanted to establish our own company there and he asked me to consider him as the person to run it. Seiji Kasama continues to be our chief executive in Japan.”

O’Driscoll describes doing business in Japan as “a very slow burn”, but when it did happen it turned into a long-term sustainable business very fast. It is now working in partnership with the likes of Panasonic, which is a significant supplier to the Japanese building industry with an extensive portfolio of showrooms. The model of working with large customers that sell Glen Dimplex products is working.

“During the first couple of years we made lots and lots of

COUNTRY STRATEGY

‘Japan is a great country to do business in but, I believe, largely ignored

by Irish business people’

visits, speaking to potential Japanese customers. We had lots of enquiries but very few orders. It was frustrating for our nonJapanese colleagues on the ground as every day there were more questions about the technical aspects of our products with the same question being asked in different ways. But this wasn’t translating into hard orders.

“Then after about two years it all changed and orders started to come and come very strongly. I always say that process was about our Japanese colleagues building relationships with potential customers. They knew that before we could sell with any degree of confidence we needed to be 100pc sure potential customers understood us, what motivated us and were convinced we were quality focused.

“The Japanese are the best marketers in the world because they really understand their products and are able to communicate this in a simple way.”

Last year, Glen Dimplex set up a dedicated renewables division in Japan, focused on selling energy efficient heat pumps to displace air conditioning systems. They are going into hotels, glass house complexes for growing vegetables, and spa resorts where they are replacing kerosene boilers.

One of the secrets of Glen Dimplex’s success in Japan has been gaining a proper understanding of the culture, according to O’Driscoll.

“It’s not just about the language or the legal system. In the

case of Japan, you have to meet the decision-makers face to face regularly. Unless you’re prepared to do that you can forget about Japan. We invested a lot of time in understanding their culture. The Japanese are slow to engage with you until they’re confident, but when they do they make tremendously loyal business partners.

“It is a society of absolute attention to detail and order – it has the highest quality expectations of any market we have ever operated in. Everything has to be done on time. Learning from this has made us a better business worldwide.”

Elsewhere in Asia Pacific, Glen Dimplex recently set up new subsidiaries in Malaysia and India, and Australia and New Zealand are growing since it entered those markets four years ago.

“In Asia Pacific we are taking it step by step. As you put down a footprint and become successful you can look at other markets in the region. Malaysia has come out of what we’ve been able to do in Japan, as has New Zealand. Singapore is the next area on our horizon,” says O’Driscoll.

“Japan is a great country to do business in but, I believe, largely ignored by Irish business people. To me, if you are in the export business, of the two countries, China and Japan, the biggest opportunity lies in Japan. China’s focus at the moment is more on exports than imports. You have got to work very hard in Japan to build up the level of trust needed but it’s worth it.”

Ireland Asia Business Yearbook 2013 21

DOING BUSINESS IN JAPAN

links

FORGING

Chairman of the Japan Business Society of Ireland Yoshihiro Tsuchiya explains the way in which Irish companies should approach entry to the Japanese market

MANAGING director of Mitsui Sumitomo Reinsurance in Dublin Yoshihiro Tsuchiya believes the key areas for opportunity in Japan for Irish businesses include eco-business, pharmaceuticals, information technology, education and tourism.

Mitsui Sumitomo Reinsurance was established in 1998 in Dublin as a strategic overseas subsidiary in MS & AD Insurance Group (the largest non-life insurance croup in Japan) to write reinsurance business from Europe, Africa, the Middle East and Asia and has been successfully expanding operations to date, according to Tsuchiya.

“The Japanese market is generally very competitive, especially for quality and services. Irish companies also need to be clearly aware of the business culture and regulations, which can be difficult for overseas people,” he says.

“On the other hand people are open to high quality goods or services, which Irish companies are good at so I believe there will be a good opportunity for Irish companies to do business in Japan.”

Tsuchiya is currently chairman of the Japan Business Society of Ireland, which was established in 1977 and currently consists of 19 Japanese or Japanese-related companies, plus all the individual members from the Japanese Embassy in Ireland,

22 Ireland Asia Business Yearbook 2013

including the Japanese Ambassador.

“The main aims of the society are to promote mutual friendship and share information amongst members; to support a Japanese supplementary school in Ireland; to co-operate with the Japanese Embassy and assist its activities as necessary; and to collaborate and contribute to anything especially related to the Japan/Ireland relationship,” Tsuchiya explains.

“Based on my experience I feel the Irish people and culture have a good affinity with Japanese people and culture, so there is a good chance that Irish companies can establish good and long-term relationships with Japanese people and the market overall.

“Although the impression of Ireland is good for Japanese people, frankly Ireland is not a familiar country for Japanese people generally, so it could take time to make your business partners understand the Irish brand.

“Also it is essential to invest enough time to establish relationships with key people or key companies. If you just seek a quick outcome it is not easy.

“On the other hand once you successfully establish a good relationship it would tend to promise a long-term and stable outcome.”

COUNTRY STRATEGY

The Chinese

The business opportunities in China are limitless, believes founder and chief executive of PCH International Liam Casey LIAM Casey, founder and chief executive of PCH International, says China is moving at an incredibly fast pace and Irish exporters have to keep up, continually evolve and stay relevant to be competitive.

PCH International started out as a sourcing company in Ireland with operations in Shenzhen, China in 1996. The business grew from just one person in the first two years, offering sourcing services, to more than 1,200 people today in China, Ireland, the UK, the US and South Africa, offering complete end-to-end product development and supply chain solutions.

It creates, develops and delivers technology products for leading brands and is now a leader in the accessories market for smartphones, e-readers and tablets.

“I’m still learning new things about China every day. As a business person, you have to look for opportunities and you have to go where the opportunities are – that’s what brought me to Shenzhen over 17 years ago and why I am still here,” says Casey.

“China is a long-term commitment and you have to be ready to take risks and risk failure to achieve breakthroughs and success.

24 Ireland Asia Business Yearbook 2013

Most importantly, focus on people – your clients, their customers and hire the best people.”

The opportunities in China are limitless and Casey believes Irish companies should move quickly to sell consumer products there.

“The middle class in China is expected to make up 75pc of the population by 2050. That’s over 300 million people who can afford to buy luxury brands. Shenzhen, where PCH’s operational headquarters are now located, has the highest per capita GDP of any city in China – people have money to spend and they have a phenomenal appetite for foreign brands.

“Tourism, education, agriculture, information and communications technology, and life sciences are all growing sectors.”

Casey has witnessed a marked evolution in terms of doing business in China since 1996. “In those days if you could find a factory, you were in business. Years ago, the China challenge was a knowledge challenge. Today, it’s an execution challenge. You no longer just have to know where to get things done, you have to do it quicker and better than your competitors,” he notes.

COUNTRY STRATEGY

‘China is a long-term commitment and you have to be ready to take risks and risk failure to achieve breakthroughs and success’

“In the beginning, we were concerned about copyright and poor quality. But those challenges are now the exception rather than the rule. The new China lies in design, quality, cleantech and sustainable supply chains, innovation, and in setting new world standards for global business.”

With this in mind, PCH International opened a sustainable packaging design centre of excellence operating from Shenzen and San Francisco in the US last August.

In Shenzen, the centre of excellence has a material library, a structural design engineering and quality test lab and product showroom.

Up to 20 new jobs are being created in the next year or so in diverse roles including project managers, material expert supply base managers, lab operators, print supplier management specialists and green practice experts.

The packaging design team will work closely with PCH’s existing cleantech team in developing sustainable packaging for existing clients, new clients and also start-ups through the PCH Accelerator programme.

“The high-end brands we work with all want beautiful packaging for their products. At our sustainable packaging design centre, we design and create beautiful packaging that has the maximum impact on the consumer and minimum impact on the environment,” Casey explains.

“We evaluate everything from material sourcing, packaging design, manufacturing and transport to final disposal. The centre also offers clients access to our eco-friendly manufacturing

facilities for their products.”

PCH has built up its market presence in China by focusing on offering the best customer service, developing partnerships and delivering peace of mind, according to Casey.

In October 2011, it opened PCH China Direct, a 6,000 sq metre facility also in Shenzhen, which enables brands to sell customised, personalised accessories and other products to into China.

“PCH China Direct has helped us to offer global clients an entry into the domestic China market. We are also catering for large Chinese brands looking to distribute and fulfil goods around China.

The operation is performing very well,” says Casey.

“The facility in Shenzen has a licence for domestic trading and we offer the same services to PCH China Direct clients as to exporting clients. We have the capacity for about five million units a year.”

Casey is very optimistic about the opportunities that China offers, and thinks there has never been a more exciting time for Irish businesses to look at the market.

“China used to be a place to make cheap products; then it became a cheap place to make products. In our industry today, it’s the most competitive place to make products and is fast becoming the place to sell these products.

“Of course you need to know why you’re doing business in China and what it is you’re offering. Some companies get carried away by the thought of China’s 1.3 billion-strong population. It may sound obvious, but in such a huge market, clarity is very important. You need to know if you want to make products or sell products and you need separate entities to do both.

“Our business has grown organically and from word of mouth.

You can’t expect to get things done overnight in China, but if you’re patient you’ll find that it’s worth the time invested. A tip for Irish companies is that you can’t be afraid to fail – in fact you have to fail at some things to be successful and break new boundaries.”

Casey’s relationship with China isn’t just going in one direction.

He was appointed as Start-up Ambassador for China by Enterprise Ireland last year, which involves him assisting the agency to encourage Chinese entrepreneurs to choose Ireland as a location for their start-ups, particularly in the hi-tech space.

“Chinese start-ups are thriving and they’re looking to overseas markets for potential business opportunities. My role is to encourage them to choose Ireland as their preferred destination,” he says.

“Ireland offers advantages such as a gateway to Europe, free flows of information, capital and goods and soft skills such as innovation, creativity, entrepreneurial spirit, and a highly educated workforce.

“I think entrepreneurs appreciate having other entrepreneurs’ guidance on the challenges and opportunities in specific markets and I believe the Enterprise Ireland ambassador programme is adding a lot of value.”

Looking to the future and Asia generally, Casey says PCH International’s focus, as always, is to offer the best customer service possible. “We will have an increased focus on China as a market and will look at new technology and product capabilities, further geographical expansion, offering a sustainable supply chain, and hiring the very best people we can find.”

Ireland Asia Business Yearbook 2013 25

DOING BUSINESS IN CHINA

ADVANTAGE

IRELAND Ireland has a unique advantage, especially when it comes to innovation and creativity, says Professor Bing Wu, head of Asian partnerships at Dublin Institute of Technology

HEAD of Asian partnerships at Dublin Institute of Technology (DIT) Professor Bing Wu believes one of Ireland’s advantages compared to other countries that Chinese people appreciate is the ethos and experience we have of educating our graduates in a relatively short time (three to four years at bachelor’s level) to meet industry needs.

Wu has been involved in collaborative partnerships in China for over 10 years and believes the most important thing about doing business there is to know the people and be known.

“How you become known is through your product or service quality and your sole aim should be to build up trust and friendship based on that. You can’t go into China saying you have a product or service and you want to sell it to them to make a profit. You need to establish what the Chinese requirement is and customise your offering according to that,” he says.

“As a nation, we Irish need to learn more about China as our knowledge is limited. We do have business people working there but this is not enough. There is a lot of reliance on local agents and brokers – we need to be able to speak directly to customers ourselves.”

DIT’s track record of collaboration in China goes back 10 years ago when it formed a strategic partnership with Harbin Institute of Technology (HIT), one of the top nine higher education institutions in China.

Having linked up with a number of other partners since, in January of this year, it officially opened a new office in Haikou on the island of Hainan to facilitate the development of new strategic relationships for DIT in China.

“We have received EU funding to support our work with HIT, which involves DIT trying to pass on our Irish ethos of industryoriented practice and our high quality education assurance system to them,” explains Wu.

26 Ireland Asia Business Yearbook 2013

“Together with this, one of our programmes, the bachelor honours degree in computer science, has been approved by the Chinese minister for education to be offered in HIT. This is a great achievement as it is the only Irish BSc (hons) programme to be approved then by the minister. Our Chinese graduates have done very well – for example the chairperson of the Association of Chinese Professionals in Ireland Hauran Guo works in Datalex and is one of our graduates.”

Something which Wu says is far more influential in a bigger way than the HIT partnership has been DIT’s collaboration with the Chinese government’s administration of foreign expert affairs on the development of a new education model.

“We ran training courses in Dublin for leaders in Chinese education. The significance of this was that it came through a government authority and we were viewed as experts in the field.

“Last October, we ran another programme at DIT for Chinese professors and lecturers looking at how institutions there could potentially meet the standard achieved here in terms of the time it takes to do a bachelor’s degree. A researcher from the government think-tank, the Academy of Educational Science in Beijing, was in attendance.

“We know what we are good at in Ireland from an international perspective – agriculture, marine products and some hi-tech areas. Another area that we are not that well known, and in my view which is much more valuable, is creativity and innovation.

“The Chinese are historically good at producing and copying things but sometimes face issues in relation to keeping standards high and managing this. Ireland is successful in this regard. We can produce meat, biotechnology, finance, tourism and so on and maintain high standards by being dynamic with innovation and creativity. We should harvest from this. We really do have a unique advantage in this area.”

Always looking further afield...

The Irish dairy farmer takes nothing for granted.

Not our temperate climate, our unpolluted waterways, our rich grasslands nor our valuable dairy herds. These are the building blocks of one of our most important national assets, the Irish dairy industry.

The Irish Dairy Board also takes nothing for granted, continually researching new markets and carefully adapting our product lines to meet culturally diverse market requirements. We are at the forefront of building routes to market and seek new opportunities to deliver Irish dairy goodness around the globe.

www.idb.ie | www.kerrygold.com

Whether as consumer-packed retail products under the Kerrygold brand or as specialised ingredients, the Irish Dairy Board’s extensive portfolio reaches consumers in over 80 countries around the world.

As leaders in a global market, this is what Irish dairy farmers have come to expect from the Irish Dairy Board.

And that is what we continue to do.

INNOVATION

With his company Prep Zone thriving in Singapore, Micheál Collins plans to enter the Chinese market later this year

Prepare to succeed MICHEÁL Collins originally went to Singapore as an MBA student around eight years ago and decided to stay as he saw opportunities for entrepreneurs. Having started out in 2006 with two people, his training company Prep Zone now employs 40, has an office in Dubai and expects to enter the Chinese market in the second half of this year.

Since arriving in Singapore, Collins has served as executive director of the Irish Business Association and president of the European Chamber of Commerce there and was also chairman of the EU ASEAN Business Council.

“We started out as boot-strappers and to date haven’t taken on investment or debt. We thrived because we were fortunate that at the time the costs of starting and doing business in Singapore were far lower than they are today and we addressed direct needs not sufficiently taken care of in the marketplace – although there was and remains stiff competition,” he recalls.

Prep Zone coaches people through exams and applications processes for the world’s top MBA and undergrad programmes. It recently started new firm Business Test Methods, which creates entrance exams and evaluation processes specifically for executive education using technology.

When doing business in Singapore, Collins advises Irish business people to come prepared. “Have a good track record to show for your work and be open to door-opening projects that don’t make you money. Coming as a foreigner with no track record to deal with Singaporean firms is a disadvantage you have to take in your stride.

28 Ireland Asia Business Yearbook 2013

“Hiring people will be tough as there is effectively full employment. The best Singaporeans generally prefer to work for established prestigious firms, or else the brightest will start their own.

“Cost and talent volatility remain the biggest challenges to stability in Singapore for small firms such as ours. Almost all our education staff in Singapore were recruited directly from top US universities – we would not be able to source them locally.”

In terms of deal making, Collins says to expect price to be a deciding factor and presume you will be asked to maintain the relationship. “You can count on the regulatory framework to support you and English is perfectly appropriate.”

Singapore is a relatively small market, but it is one with a lot of people with willingness to spend. In Prep Zone’s case, the education business worked well, says Collins, as people value education highly and Singapore is viewed as a place where people from other Asian countries go to bring their education and careers to the next level.

Collins believes it’s not a country to use to develop other markets. “You could consider it as the first country if you have a multicountry strategy, however it’s becoming increasingly easier to set up and live in other ASEAN nations that are typically far cheaper places to live and operate.

“Conversely of course the markets are less rich so consumer products are a better bet in Singapore for SMEs and the emphasis should be on premium goods. Singapore is a good centre for corporate services as multinational firms use it as a base for sales, operations, HR and finance.”

IT SERVICES

Route to market Doing business in Japan doesn’t have to be complex, explains EIRE Systems’ co-founder Matthew Connolly EIRE Systems is different from other market entry companies from Ireland as it originated and was founded in Japan, by Matthew Connolly and Paul Timmons, in 1996.

As Connolly explains, they both went on the FÁS overseas graduate programme around 20 years ago with Dublin Institute of Technology and stayed on to work as IT consultants in the networking environment.

They spent nine months developing their business idea and working on it part-time and decided to set up the company once they felt the opportunity was there in terms of demand.

EIRE Systems provides a wide range of IT services in the infrastructure space, such as project work for clients moving buildings, deploying upgrades of Windows or dealing with disaster recovery.

Currently employing around 100 people in Tokyo, EIRE Systems has a further 50 employees in Hong Kong, Singapore and Shanghai, and has done work in every major Asian city. Around 65pc of the staff are Japanese, with the rest coming from different countries.

It now has a couple of hundred clients, most of which are large international companies. “We focused initially on the financial sector and moved into supporting the pharmaceutical and technology sectors and have also done some work with retail and hospitality clients,” says Connolly.

One of the reasons EIRE Systems has grown in Japan has been its western mindset with local ability to deliver solutions, which is particularly important to international companies, he adds.

“There is an impression of Japan being particularly advanced in IT, but it isn’t true. It is in terms of electronics and advanced software gaming, but there are no famous Japanese IT companies the likes of HP, Dell or Lenovo, and there are no Japanese software companies that are up there competing with Microsoft. Toshiba is big now in terms of laptops, but this has been an add-on to its original business.

“A lot of technology used by business in Japan comes from the US. When we set up our company, the value for us over our Japanese competitors was that they were stuck in their own way of trying to sell old systems while we were deploying new networks based on Microsoft and Novel, for which there were no Japanese equivalents.”

In Connolly’s view the regulatory system in Japan makes it relatively easy to do business there.

“There are set rules that don’t change – there are no backhanders to officials to get things done. If you follow the process you will achieve what you’re aiming to do.

When trying to set up a company, for example, there are around 30 documents you need to submit to the authorities,

but once that’s done it takes about three weeks to have your company incorporated.

“In China you might have the same 30 documents, but then the authorities might ask for extra ones that weren’t on the list. It is evolving in terms of preparing its own regulations and how it does business.”

In terms of adapting to the culture in Japan, Connolly says most of it is about being sensible and polite and fitting in with what people want; and not asserting yourself too much.

He provides the following tips: “Make sure you have 200 business cards and wear your new suit and are always on time. Go with the flow, listen thoroughly and learn from what people say.

You will get feedback but it could be during drinks and dinner later and you might have to wait for a few visits to get it. There is no reason why people in Japan have to buy from you. You can’t have the attitude of ‘this is my pitch, why didn’t they go for it?’.”

‘There is an impression of Japan being particularly advanced in IT, but it isn’t true’ Ireland Asia Business Yearbook 2013 29

FUNDS

Investment

capability Chief executive of the Irish Funds Industry Association Patrick Lardner provides an overview of the importance of Asia to Ireland in the funds area

THERE are many underlying markets and segments that combine to make up what we know as the Asian funds market. The potential size of the market in terms of population is clearly important, but also the relatively low penetration of investment funds usage there, and an increasing number of locally based investment managers who want to internationalise their businesses will provide a range opportunities for our industry.

During the past 20 years the industry in Ireland has been built to a position of being globally recognised and respected on the back of our success in connecting investment managers with their end clients.

We do this by providing the services that allow investment funds to be established, operated and administered to the highest standards. It is exactly this capability that we bring to the various Asian markets because international fund managers continue to want to attract Asian sourced capital and Irish funds, solutions and services that are globally recognised.

But there’s another important aspect here and that’s the potential for the industry in Ireland to help burgeoning investment managers throughout Asia attract capital outside their home markets, much like we have done for managers from many countries, notably from the US and UK. This ability to partner firms looking in either direction backed by proven skills, capability and scale is a compelling proposition and one we are keen for all to be aware of.

In recent years the rate of growth in demand for investment management products in Asia has exceeded that of many traditional western markets. This growth, while impressive, is coming off a relatively small base. By way of example, according to PricewaterhouseCoopers, the assets under management of foreign fund managers in China is 2.3bn Yuan (€290m), which is a relatively low figure when you consider that the assets under

30 Ireland Asia Business Yearbook 2013

management of US mutual funds last year came to US$11.6trn (€9.1trn).

Z-Ben Advisors estimates that the total market size of financial products in China, as at 2010, was worth 92.5trn Yuan (€11.4trn), of which 71.8trn Yuan is in bank savings. Z- Ben expects mutual funds to show the strongest growth among all financial products in China by 2015, reaching 6.9trn Yuan (€850bn).

We want to be a partner to a range of entities during this period of growth – and beyond.

NEW DEVELOPMENTS In Irish terms, it has been significant that we have seen new partners from the region select Ireland over others. For example, Value Partners, one of Asia's largest asset management firms, launched its first Ucits fund through its Dublin base in June.

Also, in 2012 we attracted our first fund promoter from Malaysia, further strengthening its position as the leading regulated centre for Islamic finance outside the Middle East.

The CIMB-Principal Islamic Asset Management (CIMBPrincipal Islamic) Irish Ucits funds range became the first Malaysian fund promoter to establish funds in Ireland.

At the time of the launch the chief executive of CIMB-Principal Islamic Noripah Kamso was quoted as saying: “Ireland is right for us as we believe it will provide global flavour to our products and be the passport for international investors beyond Europe. Dublin is more cost efficient due to our present relationship between Ireland and CIMB-Principal Islamic. This is also supported by existing successful conventional funds in Dublin by our shareholder, Principal Financial Group (PFG).”

In addition to these successes it is apparent from recent visits to the region that investment managers, regulators and trade associations have a good understanding of Ireland and its offering.

FUNDS

speaking at industry conferences, we met six of the top 10 mainland Chinese fund managers who have a presence in Hong Kong. Between them they account for 41pc of all the mutual fund assets on the mainland and include firms such as China Asset Management, E Fund, Harvest, China Southern Management and Bosera.

In addition to the work undertaken in Hong Kong, the IFIA and member companies are regularly meeting managers in China, Japan, Taiwan, Malaysia, Korea and Singapore, showing them the strength and real substance that exists in Ireland as both a domicile and a service centre for international funds.

What is important now is that we engage regularly and indepth with these managers to create meaningful, long-term relationships.

Indeed in Hong Kong we have met managers who were in the process of re-domiciling funds from the Cayman Islands to Ireland.

IRISH ENGAGEMENT WITH ASIAN FUND MANAGERS A local presence is critical and we achieve this in a number of ways. Our relationship with IDA Ireland has given us a presence in Singapore, Tokyo, Shanghai and Sydney to date, and this is crucial in extending Ireland’s reach.

Another important milestone in 2012 related to Hong Kong where the Irish Funds Industry Association (IFIA) opened a representative office in partnership with the Irish Chamber of Commerce there, headed by Conor O’Mara.

Having a presence on the ground naturally makes it easier for managers to find out about Ireland and what we can do for them.

This is greatly assisted by a growing number of Irish fund industry companies who either have full-time staff on the ground in locations like Hong Kong or who spend significant time in the region on a regular basis.

Finally, the embassies and consular staff around the world have always been of tremendous support to us and the value of having this cannot be underestimated in our promotion of Ireland.

Following the announcement regarding the IFIA’s Hong Kong representative office we had a delegation from Ireland visit the region in November where, in addition to hosting seminars and

FUTURE PROSPECTS AND OPPORTUNITIES One fundamental opportunity lies in rising wealth in the region, which is occurring against a backdrop of countries where the social net is still underdeveloped so people will want to make provision for pensions and healthcare.

As the regulatory environment develops and encourages fund investment, as it is doing in China at present, we see opportunity.

Separately, ageing populations also provide a catalyst for greater savings. Governments do not want to be faced with rapidly increasing retirement income related liabilities against a declining base of working taxpayers and this is a serious issue.

According to the UN’s Population Division, some 42pc of Japan’s population will be over 60 by 2050 and even China will see a significant increase, with 30pc of its population being over 60 by the year 2050.

The rapid economic development in Asia brings an associated deepening of capital and financial markets, which is already sowing seeds, allowing investment firms to be formed. Once these firms establish themselves and build credentials domestically, they will seek to grow overseas and, in doing so, will set up fund structures that will allow them to gather capital internationally. We want to make sure that they know what Ireland has to offer them so when it comes to making that decision we are forefront in their minds.

Also, from talking to those on the ground in Asia, another important catalyst is the internationalisation of the Renminbi.

While the range of opportunities that may manifest themselves will only become apparent in time, Ireland should be thinking of providing a European base for operations.

‘As the regulatory environment develops and encourages fund investment, as it is doing in China at present, we see opportunity’ Ireland Asia Business Yearbook 2013 31

HIGHER EDUCATION

Education destination

Competition is strong, but when it comes to higher education Ireland is differentiating itself, says Marina Donohue, manager education, business and consumer services at Enterprise Ireland and head of Education in Ireland CHINA is one of a number of priority markets highlighted in the Government’s ‘Building Global Partnerships’ strategy for 2010–15, which focuses on the internationalisation of the higher education sector in Ireland.

According to Marina Donohue, manager education, business and consumer services at Enterprise Ireland and head of Education in Ireland, this has manifested itself in two ways since.

“China is now the No 1 country of origin for international students in Ireland, reaching 5,123 in 2011/12 and taking over from the US. [The total number of international students is around 26,000].

“Student mobility and exchange are important aspects of the China-Ireland relationship in higher education. Half of the Chinese students enrolled with Irish institutions are studying offshore.

“The second piece is around strategy and institutional relationships. Universities in Ireland and China have collaborated to provide joint degrees, which involve spending some time studying in both countries, or on research projects. There are now over 160 institutional relationships and this is growing.”

While there was a lot of interest 10 years ago in forging alliances between Ireland and China in education, this really only took off in the past couple of years when Irish institutions became much more focused and targeted, she continues.

“They started opening offices and all of the universities have a presence on the ground in China now. Institutes of technology and private colleges visit the market very regularly. Ireland has two Confucious institutes – in University College Dublin [UCD] and University College Cork – and Science Foundation Ireland is this year providing International Strategic Co-operation Award funding to encourage further collaboration at research level between China and Ireland.”

In other recent developments, Dublin Institute of Technology opened its first campus facility in China in February, in Hainan, and UCD was expedient in establishing the first international university

32 Ireland Asia Business Yearbook 2013

in Beijing a year ago when it signed a contract with Beijing University of Technology to create Beijing-Dublin International College.

Having welcomed some students already, Beijing-Dublin International College will initially admit 350 undergraduate students and plans to scale up rapidly to 3,000 by year four, with expansion also into postgraduate training and executive education.

Minister for Education Ruairi Quinn TD is leading an education mission to Beijing and Shanghai in March, profiling Ireland as a destination of choice for Chinese institutions and students.

“Competition is strong with UK, US and Australian universities aggressively targeting the market and German universities are now offering engineering degrees and master’s through English,” says Donohue.

“Ireland is differentiating itself around safety and security around education, the fact that it’s English speaking, is in the EU and that education has a good connection to industry. The aim is to get the message across that it’s about more than just education; it’s about life experience and career development.”

Apart from China, priority markets for Education in Ireland are the US, India and Malaysia since it launched in 2011.

“India is at a different stage of development to China. There are about 800 students in the Irish education system now from a total of 200,000–300,000 who study in a year. This compares with 500,000–600,000 in China, of which we have over 5,000. There is an opportunity to grow both markets further,” says Donohue.

“We have been doing some work on the value of international students to the Irish economy and have estimated that they contribute about €1bn on an annual basis in terms of fee income and what they’re spending on living here and family visits.

“In Asia there are really encouraging trends in the whole area of PhDs and science, technology, engineering and maths [STEM] for Ireland.”

Dublin Institute of Technology With over a century of experience in teaching, learning and research, Dublin Institute of Technology (DIT) is one of Ireland’s largest publically funded doctoral awarding higher education institutions. It combines the academic excellence of a traditional university with professional, career-oriented learning and research. DIT specialises in developing graduates for productive leadership roles both nationally and internationally. The core values reflected in its mission emphasise student-centred learning, useful knowledge, rigorous processes of discovery and critical enquiry while encouraging entrepreneurship and promoting diversity.

DIT offers over 150 programmes at bachelor’s, master’s and doctoral levels from our four colleges: • Arts & Tourism • Business • Engineering & Built Environment • Sciences & Health With students from over 85 countries around the world you are guaranteed a true international experience in the heart of Dublin, Ireland’s cosmopolitan capital city.

Dublin Institute of Technology International Office 143–149, Rathmines Road, Dublin 6, Ireland Tel: +353-1-402-3436 Email: international@dit.ie Web: www.dit.ie/international

Our research activities are focused on real-world problem-solving, social and technological development, and on innovation that advances human knowledge and that makes real impacts on society and economically.

Research is built around four key thematic research areas: • Information & Media Technologies • Materials Technologies • Environment & Health • Society, Culture & Enterprise Close engagement both locally and internationally with society and the economy and active collaborations with industry and academic institutions are essential components in everything DIT does. In addition to many institutional bilateral agreements, DIT is a member of the European Universities Association (EUA) and the International Association of Universities (IAU).

Being a student in DIT is not all about study – we have almost 150 clubs and societies that offer everything from drama to soccer so you can pursue your interests while studying. Located in the centre of Dublin, students enjoy a vibrant and diverse cultural experience.

As a UNESCO designated City of Literature, European City of Science (2012) and home to all major political, social and sporting organisations, Dublin has something for everyone.

We look forward to welcoming you to Dublin and being a part of DIT’s future.

CONSUMER PRODUCTS

Crystal king

Finding partners and engaging with consumers is necessary when entering the Chinese market, advises Declan Fearon, managing director of Tipperary Crystal

MANAGING director of Tipperary Crystal Declan Fearon says that one of the most interesting things for his company to learn in recent months is that Beijing and Shanghai are like two different continents when it comes to the appetite for western consumer brands.

Fearon’s son David is based in Shanghai and his daughter Julianne is in Beijing. Both are learning Mandarin and their presence on the ground has proved invaluable in terms of market insights.

For example, David has learned through friends in Shanghai that there is a massive appetite for Jameson and Irish whiskey generally, which young people drink in preference to wine. He feels that because of this there is a growing inclination to drink whiskey from nice crystal glasses.

“Wine is still very expensive and there are a lot of fake and reused bottles. There is a market for second-hand high

Australian Open winner Li Na with the trophy produced by Tipperary Crystal

34 Ireland Asia Business Yearbook 2013

quality labelled wines. As a result young people are cautious about what they drink and the only drink they feel really safe with is something they can identify as not being a fake or else beer,” says Fearon.

“We made the mistake of entering the market with crystal wine glasses when we should have started with whiskey, spirit or ‘gam bay’ style glasses, which are more part of the Chinese culture. We need to make items specific to cultural use. We are now working with groups that sell fine whiskeys to market pre-packed boxes, including our glasses.

“While I hold my hand up in terms of being wrong about this initially, a lot of the things we’re doing in China we’re very happy with. It’s like doing a jigsaw. We now have some semblance of where we’re going. China is not going to happen quickly for anyone, it really is a big commitment, but the opportunity is massive. A lot of firms have tried and

CONSUMER PRODUCTS

walked away. It takes time and endurance and you need to have representatives living there.”

Tipperary’s story in China began in 2009 when Fearon contracted Ivory Capital in Singapore and Morgan Stanley in Hong Kong to find a suitable partner for the company.

Nearly two years later and after around 70 meetings, he made a connection with the largest manufacturer of crystal jewellery in the world – Neoglory, which is owned by Linda Zhou, one of the richest women in China.

“Neoglory has 500 furniture shops and 500 jewellery outlets in China and Zhou saw a parallel in what she was doing and what we planned to do. In China, you must show that you’re willing to listen. Zhou came to Europe to view our operation; we came up with business plans and memorandums of understanding. You can’t achieve things overnight in China.

They like to look into you, understand you and see if you are a suitable person for them to deal with. It’s not uncommon in China for someone to think for a year and do a deal in a day,” Fearon notes.

A number of Neoglory stores carrying the Tipperary Crystal brand opened in quick succession in China, but then after much investment in the relationship the strategy had to change in the autumn of 2012.

“We have recently very amicably moved away from Neoglory,” explains Fearon. “This came about because many projections promised weren’t delivered and things weren’t happening at the pace we had agreed. It became obvious during the summer at meetings that Neoglory’s focus was more on its core businesses of jewellery and property development.

They were more interested in going back to basics, not diversifying as planned.

“Things had taken a rapid turn, so we parted company.

However, only last month [February] we found another partner, a group in Xian which owns 12–14 shopping malls in north-west China. This involves a totally different model than the one we originally planned. However, we now have our own warehouse and office run by David in Shanghai where everyone can communicate in Chinese, which will make it easier. We are opening our first store in Xian this spring.”

The single biggest obstacle when entering China is not your product, but the cultural barriers to getting placement in stores or convincing your retailer or consumer that this is something they want, according to Fearon.

“There is a perception that Chinese people will pay anything if they get a western brand and are all consumed by anything expensive. The reality is Chinese consumers are no different to their European counterparts in that price is very important to

them. Brand dictates certain criteria – they may want heavily branded products but they don’t want to buy a European brand manufactured in China. It needs to be clearly identifiable as having European traits and manufactured in Europe.

“I believe there’s been a change, in that there is a bit more patriotism coming into the Chinese mindset. For example, five years ago buyers from all over the world would have populated the Guanzhou consumer goods trade fair twice a year, but today a significant number of buyers are Chinese themselves.

This tells us that Chinese consumers are more willing to buy something made in China now.”

In the consumer products sector, new offerings will be copied very quickly. One of the attractions from the outset for Tipperary Crystal was that the Chinese don’t know how to make crystal, and don’t necessarily want to.

“We thought this was a huge attraction as a selling feature but soon realised we had to create the desire for the product. It wasn’t enough to say we’re unique; we needed a brand ambassador identifiable to the Chinese people or else spend millions on advertising.

“It was helpful to us in this regard when Tipperary Crystal sponsored the Australian Open and we got permission to show winner Li Na with the trophy we had produced. You need that kind of lead in with a new brand.”

Tipperary Crystal first started to evaluate the Chinese market when Waterford Crystal got into difficulties four years ago.

“The group that took Waterford Crystal over – KPS Capital – had nearly €1bn in stock at retail value and this started coming into the market at discounted prices,” Fearon says.

“As a consequence, we started to look elsewhere and decided the only place to go was east. Our original plan was to open a crystal factory in Asia. However, after a while we realised the simplest thing was to roll out a retail programme with the option of opening a factory later when we saw what the demand was.”

Tipperary Crystal currently employs 10 full-time people and 10 contracted staff. For any Irish companies considering entering the Chinese market Fearon has this to say: “You can only genuinely do it if you follow a similar path to the one we have, ie find partners and engage with consumers out there. If you think you can do it your own way, you’re digging a big hole and you might as well throw your money into it.”

‘The reality is Chinese consumers are no different to their European counterparts in that price is very important to them’ Ireland Asia Business Yearbook 2013 35

profile

JAPAN

Positive

prospects

THE Japanese economy showed signs of a moderate recovery in 2012, with domestic demand acting as the driving force for growth, led by the demand for reconstruction after the previous year’s Great East Japan Earthquake.

Following the general election in late 2012, there was a change of government. To put an end to Japan’s prolonged deflationary trend and return the economy to a path of sustainable growth, the new administration made public a three–pronged strategy consisting of bold monetary policy, flexible fiscal policy and a growth strategy that encourages private sector investment.

In January 2013, emergency economic measures for economic revitalisation were announced and are now in the process of implementation. Also, the administration and the central bank issued a joint statement for policy co-ordination.

These measures, helped by the improved economic situation in the US and Europe, have started to reinvigorate the Japanese economy. Although it is still at an early stage, market expectations are growing and the business world is already showing signs of revival.

BUSINESS SECTOR OPPORTUNITIES As a major developed nation and the world’s third largest economy, Japan has played a central role in the global economy.

With its well educated population and highly skilled workforce, Japan is the second highest spender on research and development in the world.

Its large domestic market, with a population of 127 million, provides foreign companies with great business opportunities. In recent years, Japan is also becoming increasingly important as a gateway to the rapidly emerging Asian market. Talks are now underway between Japan and the EU on concluding an economic partnership agreement, which will greatly contribute to the further expansion of trade and investment.

Though the Japanese market is a mature and developed one, it is often said that once foreign enterprises enter it, they can enjoy a long-lasting relationship with local partners, based upon mutual trust.

‘Japan is also becoming increasingly important as a gateway to the rapidly emerging Asian market’

36 Ireland Asia Business Yearbook 2013

profile

JAPAN

Key facts...

■

AMBASSADOR INTERVIEW H.E. Chihiro Atsumi

Japan and Ireland have developed traditionally friendly relations, including close economic ties. The people of both our countries are known for their hospitality, and I think we have established a good co-operative relationship in a wide range of different fields.

There are about 50 Japanese companies currently operating in Ireland in industries such as pharmaceuticals, financial services and aircraft leasing, while in Japan around 40 Irish companies are operating in such areas as electrical goods, aviation, financing, medical devices and software.

Being one of the nations with a mature economy and ageing population, Japan aims to sustain and develop its economy by further strengthening its economic ties with other countries around the world.

This will mean increased business opportunities for Irish companies in their specialist areas such as the environment, energy, medical devices, health and food.

To deepen our partnership still further, I would like to work together with Irish and Japanese friends, in particular to expand the human exchange between Japan and Ireland at all levels from the grassroots to high-profile visits.

■

■ ■ ■ ■ ■

■ ■ ■

NATIONAL FLAG ■

The Japanese language name for Japan is ‘Nippon’ which literally means ‘origin of the sun’. The national flag of Japan is called the Hinomaru (Sun Circle), and it has been used as a symbol of Japan since the 16th century.

■ ■

NATIONAL DAY: 23 December (Emperor’s birthday) DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN JAPAN AND IRELAND: 5 March 1957

■ ■ ■

National population: 127.46 million (Source: Ministry of Internal Affairs and Communications, as of 1 January 2013) Top five cities and population of each (Source: Ministry of Internal Affairs and Communications, as of 1 October 2010): 1) Tokyo (8.95 million) 2) Yokohama (3.69 million) 3) Osaka (2.67 million) 4) Nagoya (2.26 million) 5) Sapporo (1.91 million) Area: 362,220 sq kilometres (Source: Japan Statistical Yearbook 2013) Currency: Yen Religion/s: Shinto, Buddhism etc Language/s: Japanese Amount of bilateral trade with Ireland (Source: CSO, 2011): 1) Amount of Irish exports to Japan: US$4,581m 2) Amount of Irish imports from Japan: US$2,059m Note: Value of exports and imports based on the average exchange rate 2011 GDP (nominal): US$5,867bn (Source: World Bank, July 2012) GDP (purchasing power parity (PPP)): US$4,444bn (Source: IMF, 2011) Real GDP growth (Source: IMF World Outlook, October 2012, January 2013): - 4.5pc (2010) - 0.6pc (2011) - 2pc (2012 estimated) - 1.2pc (2013 estimated) GDP per capita: US$45,903 (Source: World Bank, 2011) GDP per capita (PPP): US$34,314 (Source: World Bank, 2011) GDP share of world total (nominal): 8.4pc (Source: World Bank, 2011) GDP sector breakdown: Agriculture (1pc), industry (25pc), services (74pc) (Source: Cabinet Office, Government of Japan, 2011)

Ireland Asia Business Yearbook 2013 37

profile

CHINA

Juggernaut

of growth

ECONOMIC OVERVIEW AND BUSINESS OPPORTUNITIES AS an economy, China is a ‘juggernaut of growth’, which is expected to overtake the more mainstream markets and become the largest economy in the world in 38 years’ time, according to a report published by HSBC, ‘The World in 2050’.

Latest figures from the Chinese embassy in Ireland show that it currently ranks as the second largest economy in the world at the moment with GDP of $8.2trn, having grown by 7.8pc last year.

Its main industries are mining and ore processing; metals; machine building; textiles and apparel; petroleum and chemicals; cement; consumer equipment; and transportation equipment.

Exports from China increased by 8.9pc in 2012 to reach $2.049trn, with the main export destinations being the US (17.2pc of the total), Hong Kong (15.8pc), Japan (7.4pc), South Korea (4.3pc) and Germany (3.2pc).

Meanwhile, import volumes rose by 4.3pc last year to reach $1.818trn. The main exporters into China are Japan (9.8pc), South Korea (9.3pc), the US (7.3pc), Germany (5.1pc) and Australia (4.7pc).

Over 110 Irish companies are currently operating 241 projects in China. Irish investment in China amounted to $694m while China’s investment into Ireland amounted to $150m in 2012, according to the Chinese Embassy.

There is now considerable interest in Ireland from China, which culminated in the reciprocal State visits, that of Vice-Premier Xi Jinping to Ireland and the follow-on Taoiseach-led trade mission to Shanghai and Beijing in 2012.

Irish ministerial visits are continuing. Minister for Health James Reilly TD signed a Memorandum of Understanding (MoU) with the Chinese health minister Chen ZHU as part of his official visit to the People’s Republic of China last September and Minister for Education Ruairi Quinn TD is due to go to there in March.

The main areas of co-operation outlined in the MoU on health include health regulation; e-health and telemedicine; medical professional training; health promotion; maternal and child health; hospital standards; and traditional Chinese medicine.

An EU-China summit has been scheduled for late 2013 and the EU has been assessing its priorities for its trade relationship in advance of this event. Trade between China and the EU was down 3.64pc in 2012 to reach $546.4bn.

38 Ireland Asia Business Yearbook 2013

China will be a key market for Irish exports up to 2030, as it overtakes France and Japan to become Ireland’s fourth largest export destination, according to HSBC’s latest Global Connections trade forecast for Ireland.

This is evidenced by forecasted growth in exports to China of 11pc per annum in the period 2016–2030.

Irish exports to China were up 2.5pc last year to $3.8bn, marking the sixth year as Ireland’s biggest trade partner in Asia. It was also the fourth year that there was an Irish trade surplus with China. Imports from China were down by 2.4pc to $2.1bn in 2012.

Ireland’s main exports to China include integrated circuits; pharmaceuticals; printing and binding machinery; agricultural goods; and data processing equipment. Its main imports from China include data processing equipment; pharmaceuticals; shoes; furniture and parts; and phone sets and parts.

BUSINESS SECTOR OPPORTUNITIES China sees Ireland as being well positioned in European terms as it is embedded in market of 500 million people and has tax advantages, the English language and the right time zone, according to Alan Duffy, managing director and Ireland head, corporate banking, HSBC. Duffy highlights agri-food as a particular area of opportunity now for Ireland. “Food is the new scarce commodity of the 21st century. Dietary changes in the China region are happening at a rapid pace and moving more towards meat and dairy, which is playing right into the space Ireland is strong in.

“The fact that Ireland produces 15pc of the world’s infant formula and has no issues of contamination is of large interest to China, following its well publicised problems in that area.”

China’s population is ageing rapidly and because of its onechild policy, dependency levels are changing. At the same time wage levels are increasing.

“Ten years ago 90 million people entered the Chinese workforce, in the next decade this is expected to be five million.

Those workers will have to bear the brunt of an ageing population. This trend will increase demand for medical devices and diagnostic equipment. Ireland is already well positioned in

profile

CHINA

Taoiseach Enda Kenny TD speaks with Vice-Premier Xi Jinping of China during their meeting in Beijing, China in March 2012

Key facts... this area, for example, through medical devices cluster in Galway,” says Duffy.

CEO of Dublin company System Dynamics Tony McGuire noted at a conference in Chengu, Sichuan that China produced almost seven million graduates this year, many of them in engineering and technology.

“It is estimated that by 2030 China will be producing 30pc of the world’s graduates. There is no doubt that with such numbers of technology graduates, we will soon see them offering high value services to companies worldwide.”

Partnering with Chinese technology companies that want to develop their markets in Europe is an opportunity for Ireland, he continued.

“The Chinese government and, as a direct result, Chinese industry look very favourably on Ireland. This gives Irish companies a great opportunity to lead the way in forming partnerships with the emerging Chinese technology companies and to develop mutually beneficial businesses in Europe.”

AMBASSADOR MESSAGE

■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

National population: 1.3 billion Area: 9.6 million sq kilometres Currency: Yuan Religion/s: Buddhism and Taoism Language/s: Standard Chinese, Mongolian, Tibetan Bilateral trade with Ireland: US$5.89bn in 2011 Irish exports to China: US$3.8bn Chinese exports to Ireland: US$2.1bn GDP: US$ 8.2tr, second in world GDP (purchasing power parity (PPP)): US$ 11,299.787bn Real GDP growth: Average 10pc for past 30 years, 7.8pc in 2012 GDP per capita (current prices): US$6,100 GDP breakdown by sector: Agriculture (10.1pc), industry (45.3pc), services (44.6pc) Inflation (CPI): 2.6pc Inward FDI: US$111.7bn

H.E. Luo Linquan

Since China and Ireland established diplomatic relations in 1979, the bilateral ties based on mutual respect and equal treatment have developed smoothly. The relationship has become a model of friendly co-existence for countries that have different territory sizes, cultural traditions and social systems. In 2012, China and Ireland established a strategic partnership for mutually beneficial co-operation, which marked a historic opportunity for the bilateral relations.

The Embassy of the People's Republic of China is committed to promoting exchanges and co-operation between the two countries, deepening mutual understanding between the two peoples and providing convenient and efficient consular services.

NATIONAL FLAG The red represents the communist revolution; the five stars and their relationship represent the unity of the Chinese people under the leadership of the Communist Party of China (CPC). Sometimes, the flag is referred to as the ‘Five-star Red’.

■ NATIONAL DAY: 1 October ■ DIPLOMATIC RELATIONS ESTABLISHED WITH IRELAND: China and Ireland signed the Communique on the Establishment of Diplomatic Relations on 22 June 1979

Ireland Asia Business Yearbook 2013 39

profile

INDONESIA

Propelling ECONOMIC OVERVIEW WITH a GDP of more than US$1trn, Indonesia is the largest economy in Southeast Asia. Its economy has recorded strong growth over the past few decades, and in recent years the firm pace of economic expansion has been accompanied by reduced output volatility and relatively stable inflation.

Indonesia’s economy grew by 6.23pc in 2012, the Central Bureau of Statistics (BPS) announced recently. Almost all sectors in the economy recorded growth over 5pc, except for agriculture, livestock, forestry and fisheries (3.97pc), as well as mining and quarrying (1.49pc).

The highest growth recorded was in the transportation and communication sector (9.98pc). From the expenditure side, domestic consumption remained the biggest contributor (55pc), followed by investment (33.2pc). Investment recorded the highest growth of 9.81pc in 2012, while domestic consumption grew by 5.28pc.

From 2000 until 2012, Indonesia’s annual GDP growth rate averaged 5.4pc, while over the past five years the GDP growth on average was 6pc, a remarkable feat in the face of a global economic slowdown.

Indonesia's economic performance has been shaped by government policy, the country's endowment of natural resources and its young and growing labour force.

Prudent fiscal stewardship is the keyword of Indonesia’s success story, which focused on reducing the debt burden, where the debtto-GDP ratio has steadily declined from 83pc in 2001 to less than 25pc by the end of 2011.

Indonesia has a large resource sector, where oil and gas production accounts for around 40pc of mining and utilities output and 1.5pc of global crude oil and natural gas production.

It is an important global producer of coal, accounting for over 4pc

40 Ireland Asia Business Yearbook 2013

of global production in 2010, while it also a significant producer of a number of other commodities, accounting for 27pc of global tin extraction in 2009, 15pc of nickel extraction and 6pc of copper extraction.

Indonesia is the fourth most populous nation in the world, with almost 240 million people. The dependency ratio – the number of children and elderly relative to the working age population – is low and the working age population has been rising. In addition, the educational attainment of Indonesia's population has also risen markedly over recent decades. These demographics have provided a boost to GDP growth that should continue for much of the next two decades.

BUSINESS SECTOR OPPORTUNITIES Important business opportunities in Indonesia exist in several key sectors, ranging from plantation, mining, real estate, electronics and pharmacy to food.

Indonesia is aiming to build around 20,000 kilometres of roads, 15,000 MW of power plants, ports, oil refineries, as well as other supporting infrastructure for the next five years with an investment value of around US$160bn.

Last year, the Indonesian government launched a new round of tax incentives aimed at boosting downstream investment, widening the floor for 129 business sectors, including agro processing, renewable resources, infrastructure as well as tyre and lubricant oils, to be eligible for the so-called tax allowance.

Significant and growing markets include agri-business, banking services, education and professional training, clean energy, and telecommunications technology. The mobile internet market and cellular services also offer an excellent opportunity.

profile

INDONESIA

AMBASSADOR INTERVIEW H.E. TM Hamzah Thayeb

There are many similarities between Indonesia and Ireland in terms of values. We are hard workers and, like the Irish people, Indonesians attach great importance to their family. Indonesians are hospitable, as the Irish are courteous and welcoming to strangers. Indonesians would also like to know as much as possible about their counterparts, sometimes over lunch or coffee; in the way that the Irish get to know their colleagues over a pint. An Indonesian likes to bargain as much as an Irishman is an astute negotiator.

In work or personal life, Indonesians would put a lot of emphasis on respecting their seniors. We put more emphasis on patience, deliberations and consensus while preferring to avoid conflicts and disagreements. Additionally, taking photographs is viewed as a way of honouring someone; so don’t be surprised if after a business meeting an Indonesian businessman asks to take a photograph with you.

Indonesia offers a multitude of opportunities for Irish businesses. An example would be the opportunities provided by the Master Plan for the Acceleration and Expansion of Indonesia’s Economic Development (MP3EI), which was launched by the government of Indonesia in May 2011.

The MP3EI aims to propel Indonesia into the top 10 economies and raise per capita income from US$3,000 to US$15,000 by 2025, partly by establishing six economic corridors based on the comparative advantage of the different regions of Indonesia. The total investment required for the six corridors is Rp4,012trn (US$445bn).

The MP3EI identifies eight primary programmes and 22 primary activities as the focus of national development. The eight primary programmes are agriculture, mining, energy, industrial, marine, tourism, telecommunications and the development of strategic areas. The primary activities are shipping, textiles, food and beverages, steel, defence equipment, palm oil, rubber, cocoa, animal husbandry, timber, oil and gas, nickel, copper, bauxite, fisheries, tourism, food and agriculture, the Greater Jakarta area, the Sunda Straits strategic area, transportation equipment, and information and communication technology.

Currently Indonesia is not that known in Ireland, while Indonesians would only be familiar with certain aspects of Ireland such as certain famous products like Guinness.

I believe that a closer relationship between the two countries and its people can only be strengthened through more frequent contacts, be it between government officials, businesses or people-to-people contact. This would not only result in greater understanding of each other’s culture and frame of mind, but also create avenues for more mutually beneficial co-operation between the two countries.

Key facts...

■ ■

■ ■ ■ ■ ■ ■

■

■

■ ■ ■

■

NATIONAL FLAG: The design of the Merah Putih, or red-and-white, national flag of Indonesia, is two equal horizontal bands, red on top and white at the bottom. The red stands for courage and represents the human body, while the white stands for purity and represents the human soul. Together it stands for a complete human being, one that is pure and courageous.

■ ■

NATIONAL DAY: 17 August (Independence Day) DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN INDONESIA AND IRELAND: 4 September 1984

■ ■

National population: 237.641,326 million (2010 census) Top five cities and population of each (2010) - Jakarta (capital): 9.6 million - Surabaya: 2.76 million - Bandung: 2.39 million - Bekasi: 2.33 million - Medan: 2.09 million Area: 1,904,569 sq kilometres Time zone: GMT+7 Currency: Rupiah Religion/s: Islam, Christian, Roman Catholic, Hindu, Buddha, Confucianism Language/s: Bahasa Indonesia (national language) Amount of bilateral trade with Ireland: US$183.644m (2011); US$153,239m (January–October 2012) Amount of Irish exports to Indonesia: US$107.875m (2011); US$96.539m (January–October 2012) Amount of Indonesian exports to Ireland: US$75.769m (2011); US$56,700m (January–October 2012) GDP: US$ 846.832bn (2011) GDP (purchasing power parity (PPP)): US$1.123trn (2011) Real GDP growth (2010, 2011, 2012 and prediction for 2013) 2009: 4.63pc 2010: 6.20pc 2011: 6.46pc 2012: 6.23pc 2013: 6.8pc (est) GDP per capita (current prices): US$ 3,494 (2011) GDP per capita (PPP): US$4,636.20 (2011) GDP sector breakdown (percentage composition for agriculture, industry and services) Agriculture: 14.3pc Industry: 46.9pc Services: 38.8pc

Ireland Asia Business Yearbook 2013 41

profile

KOREA

Leading by example ECONOMIC OVERVIEW WITH a vibrant economy and top-notch industries, Korea has grown from the up-and-coming country of Asian tiger days into an established leader in East Asia.

A member of the G20 and the OECD, Korea is the 15th largest economy in the world and ranks ninth worldwide in terms of trading volume. In 2012, Korea became the seventh member of the exclusive ‘20-50’ club, a term referring to just a handful of countries (the US, Japan, France, Germany, Italy and the UK) that have sizeable populations (over 50 million) and yet maintain a per capita income of over US$20,000.

Innovation and open trade are the driving forces of the Korean economy. It is a key player in sectors such as information and communications technology (ICT), electronics, semiconductors, automobiles, shipbuilding, steel, and petrochemicals.

The only Asian country to have established free trade agreements (FTA) with both the EU and the US, Korea has a global FTA network encompassing 45 countries, or 61pc of the total world economy.

In particular, the Korea-EU FTA took effect in 2011, offering greater two-way access for both Korean and European (Irish) firms.

As a hub of East Asia, with major East Asian cities such as Tokyo and Beijing all within a two-hour flight, Korea presents exciting opportunities for those entering the East Asian market.

BUSINESS SECTOR OPPORTUNITIES Situated at the heart of transportation networks in East Asia, Korea is an ideal location for Irish companies to establish a foothold in the

42 Ireland Asia Business Yearbook 2013

region. Irish businesses will have at their disposal a superb talent pool and sophisticated domestic market with high purchasing power. In the Ease of Doing Business Index generated by the World Bank that surveyed 183 economies, Korea ranked fifth in the world and the third in East Asia, only behind Hong Kong and Singapore.

Irish businesses can also expect to forge vital partnerships with leading Korean firms in key sectors. Here are some examples of the country’s flagship sectors: ■

■

■

■

■

Automobiles: Producing a total of 4.66 million vehicles in 2011, the Korean automobile industry ranks fifth in the world.

Hyundai and Kia have manufacturing facilities abroad, including in Europe.

ICT: In 2011, Korea’s IT industry production volume reached US$271.7bn. Global demand for smartphones, smart TVs and table PCs is set to propel continued growth of Korea’s ICT industry.

Display: Korea claimed the No 1 position in the world for the second consecutive year, taking 51pc of the global market for large LCD panels and 87pc of the market for OLED TVs. Semiconductors: Korean companies are particularly competitive in the Dram (dynamic random access memory) sector, with its global market share standing at 65.7pc.

New and renewable energy: Korea’s new and renewable energy production jumped nearly 60-fold from US$120m in 2004 to US$6.99bn in 2010.

profile

KOREA

Key facts...

■ ■

■ ■ ■

■ ■

AMBASSADOR INTERVIEW

National population: 50 million (2012 est) Top five cities: Seoul (10.4 million), Busan (3.6 million), Incheon (2.8 million), Daegu (2.5 million), Daejeon (1.5 million) Area: 100,460 sq kilometres Curency: Won Religions: Buddhism (24pc), Protestantism (23pc), Catholicism (8pc), other (0.8pc), no religion (44.2pc) (2005 census) Language: Korean Amount of bilateral trade with Ireland (KOTRA) – Korean exports to Ireland: US$356m (2011), US$324m (2012 January– October) – Irish exports to Korea: US$719m (2011), US$646m (2012 January– October) – Total volume of trade: US$1,075m (2011), US$970m (2012 January– October)

H.E. Chang Yeob Kim

Despite the great distance that sets them apart, Korea and Ireland have common threads of history that bring the two cultures closer together. Both Koreans and the Irish have struggled to preserve their national identities in the past, and share the same resilient spirit and pride in their heritage. At the same time, the two countries are among the most open countries in the world, fully engaged in global commerce and trade, and it is no surprise that both Koreans and the Irish place great emphasis on hospitality and openness.

Not blessed with natural resources, both Korea and Ireland are destined to seek new engines for growth in human resources and in the knowledge-based economy. Just taking a look at the Korean case – of the top seven countries that invest heavily in research and development (R&D), Korea tops the list in terms of the ratio of R&D investment to GDP. In this respect, I believe our two countries can harness their potential for co-operation, especially in areas such as ICT, biotechnology, nanotechnology, renewable energy and environmental sciences.

A stronger community in Ireland and likewise a strong Irish community in Korea, each with sizeable numbers, will play a key role in bringing our two countries together. This community will also help nurture specialists who understand the culture and language of each other’s country.

The embassy will continue to strongly support Korean language classes in Ireland and organise various cultural events around the year to make Korean culture more accessible to the Irish public.

NATIONAL FLAG Called Taegeukgi, the Korean flag has its roots in traditional Korean philosophy on the origin of the universe. In the centre, blue and red half-circles, symbolising the cosmic forces of ‘yin’ and ‘yang’ respectively, are joined together to form a whole circle, a reference to the principle that the universe evolves from the fluid interaction and harmony between two contrasting forces.

The four trigrams surrounding the circle embody the four universal elements: heaven, earth, fire and water.

■ ■

NATIONAL DAY: 3 October DIPLOMATIC RELATIONS ESTABLISHED BETWEEN KOREA AND IRELAND: 4 October 1983

Ireland Asia Business Yearbook 2013 43

profile

INDIA

Country in

motion

ECONOMIC OVERVIEW THE Indian economy is characterised by strong macro fundamentals and good performance, though clouded by slowdown in growth in the current year with continuing concern about inflation and a sudden increase in uncertainty about the global economy.

The objective of faster and inclusive growth and the initiatives taken have resulted in substantial progress towards both objectives. Inevitably, there are some weaknesses that need to be addressed and new challenges that need to be faced.

Some of the challenges themselves emanate from the economy’s transition to a higher and more inclusive growth path, the structural changes that come with it and the expectations it generates. There are external challenges also arising from the fact that the global economic environment is much less favourable. These challenges call for renewed efforts on multiple fronts, learning from the experience gained, and keeping in mind global developments.

The Eleventh Five Year Plan (2007–2008 to 2011–2012) had aimed at achieving faster and more inclusive growth. Rapid GDP growth, targeted at 9pc per annum, was regarded necessary for two reasons: first, to generate income and employment opportunities that are needed for improving living standards for the bulk of the population; and second, to generate resources for financing social sector programmes, aimed at reducing poverty and enabling inclusiveness.

The economy has performed well on the growth front, averaging 8.2pc during 2007–2011. Growth in 2011–2012 was originally projected at around 9pc, continuing the strong rebound from the crisis, which saw an 8.5pc growth in 2010–2011.

Instead, the economy actually slowed down in 2011–2012, a phenomenon common to all major economies. Measures

44 Ireland Asia Business Yearbook 2013

contemplated to revive growth to healthier levels include reigning in the fiscal deficit, addressing energy subsidies, liberalising inward foreign investment and rationalising the tax structure.

BUSINESS SECTOR OPPORTUNITIES India’s growth story led by strong domestic consumption, high savings and investment rate has created a huge market for domestic and international businesses. No sector is left untouched by booming demand and new business opportunities. The shining stories are in the telecom and automobile sectors.

In order to sustain the high economic growth, improvement in infrastructure is one of the focus areas for the government.

Development of hard infrastructure in the form of roads, airports, seaports, power plants, transport networks, communication networks and soft infrastructure in the form of a skilled work force presents large opportunities for businesses to profit from.

In addition, economic growth has also created demand in the capital goods sector, which is needed for creating manufacturing capacities. This demand for industrial goods has resulted in creating a market for commercial and business services, such as design services, automation, ICT, financial services etc.

India’s imports grew at 32pc in 2011–2012, with the highest growth rates being experienced by project goods (42pc), machinery (25pc), chemicals (25pc) and electronic goods (23pc).

The increasing focus on clean technology, renewable energy, energy efficiency and environmental services is the driver for future demand for products and services in these areas.

The business prospects in specific sectors are detailed at the weblinks www.ibef.org/industry.aspx and www.investindia.gov.in/?q=investment-opportunities.

profile

INDIA

Key facts...

■ ■

■ ■ ■

■

■

■

■

NATIONAL FLAG The saffron colour denotes renunciation of disinterestedness, indifference to material gains and dedication to work. The white in the centre is light, the path of truth to our conduct. The green shows our relation to soil, our relation to the plant life on which all other life depends. The Ashoka Wheel represents the dynamism of a peaceful change, virtue. There is life in movement and death in stagnation, therefore, it also denotes motion.

■

NATIONAL DAYS: 26 January (Republic Day); 15 August (Independence Day); 2 October (Gandhi Jayanti; Mahatma Gandhi's birthday) ■ DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN INDIA AND IRELAND: Diplomatic relations were established in 1947. India established an embassy in Dublin in 1951, and Ireland established an embassy in New Delhi in 1964

■ ■ ■

■ ■ ■ ■

National population: 1,210.10 million Top five cities and population of each (for metropolitan region, based on 2011 census): New Delhi (21.8 million), Mumbai (Bombay) (20.8 million), Kolkata (Calcutta) (14.6 million), Chennai (Madras) (8.9 million), Bangalore (8.7 million) Area: 3.3 million sq kilometres Currency: Rupee Religion/s: Out of the total population of 1,210.10 million in the country, Hindus constituted the majority with 81pc, Muslims came second at 13pc, followed by Christians, Sikhs, Buddhists, Jains and others Languages: There are 22 different languages that have been recognised by the Constitution of India, of which Hindi is an official language. English has by law been designated the language for official purposes Bilateral trade with Ireland (in million US$): 2007–2008 = 574.78, 2008–2009 = 688.83, 2009–2010 = 525.39, 2010-2011 = 529.60, 2011–2012 = 774.31 Irish exports to India (in million US$): 2007–2008 = 260.32, 2008–2009 = 239.06, 2009–2010 = 264.82, 2010-2011 = 259.26, 2011-2012 = 394.05 Indian exports to Ireland (in million US$): 2007–2008 = 314.47, 2008–2009 = 449.77, 2009–2010 = 260.57, 2010–2011 = 270.34, 2011–2012 = 380.26 GDP: US$1,680bn (2011–2012) GDP (purchasing power parity (PPP)): US$4,503bn (2011 on PPP basis) Real GDP growth: 2009–2010 = 8.0pc, 2010–2011 = 8.4pc, 2011–2012 = 6.2pc, 2012–2013 = 5.0pc (at factor cost at constant prices) GDP per capita (current prices): US$1,526bn (2011–2012) GDP per capita (PPP): US$3,627 GDP share of world total: 5.65pc on PPP basis for 2011 GDP sector: Agriculture (14pc), industry (27pc), services (59pc) (at 2004–2005 prices)

Ireland Asia Business Yearbook 2013 45

profile

VIETNAM

Rising star

Key facts...

■ ■

ECONOMIC OVERVIEW VIETNAM has successfully transformed from a centrally-planned economy with heavy bureaucracy and subsidies to a socialist-oriented market economy characterised by strong dynamism and rapidly growing entrepreneurship.

It has recorded average annual GDP growth of 7pc over the past two decades (5.89pc in 2011 and 5.03pc in 2012). It is a highly open economy, with international trade exceeding 160pc of GDP, and is the world’s No 1 exporter of rice, coffee and black pepper, and a major exporter of textiles, seafood, electronics, software, crude oil and furniture.

Vietnam is regarded as one of the top emerging economies investment destinations, one of the ‘next 11’ emerging economic powers, and one of the next BRICs (Brazil, Russia, India China), attracting $6.5bn in FDI in each of the past five years.

The Ernst & Young report on rapid-growth markets (published in October 2012) calls Vietnam a rising star with GDP predicting growth of 6pc a year for the next 25 years, a GDP per capita increase of six times over the next 25 years; and the number of households earning over $30,000 rising from less than 6,000 in 2011 to more than 60,000 in 10 years’ time.

BUSINESS SECTOR OPPORTUNITIES Infrastructure, agriculture, energy, IT and human resource development, including education and training, continue to be the sectors that would offer the best opportunities for Irish businesses both in the short and long terms.

The ongoing privatisation process gives foreign investors good chances to participate in the restructuring of the national economy. Vietnam is implementing a number of existing multilateral and bilateral free trade agreements (FTAs), including a bilateral FTA with the EU scheduled to be signed in 2013.

■ ■ ■

■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

National population: 92 million Top five cities and population of each: Ho Chi Minh city (7.921 million), Hanoi (7.189 million), Hai Phong (1.978 million), Da Nang (1.051 million), Can Tho (1.298 million) Area: 331,210 sq kilometres Currency: Vietnam Dong (VND) Religions: Buddhist (9.3pc), Catholic (6.7pc), Hoa Hao (1.5pc), Cao Dai (1.1pc), Protestant (0.5pc), Muslim 0.1pc Languages: Vietnamese, English, French, Chinese, Khmer Bilateral trade with Ireland (2012): US$728,004,000 Irish exports to Vietnam (2012): US$647,028,000 Vietnamese exports to Ireland (2012): US$80,976,000 GPD 2012: US$137.681bn GDP (purchasing power parity (PPP)) 2012: US$320.450bn Real GDP growth: 6.78pc (2010), 5.89pc (2011), 5.03pc (2012), forecast 5.3pc (2013) GDP per capita (current prices) 2012: US$1,523 GDP per capita (PPP) 2012: US$3,545 GDP share of world total 2012: 0.387pc GDP sector breakdown 2012 (percentage composition for agriculture, industry and services): 21.65pc, 40.65pc, 37.7pc

Sources: IMF, General Statistics Office of Vietnam

AMBASSADOR INTERVIEW H.E. Vu Quang Minh

Vietnam and Ireland share a lot of common values. We both are nations that had to fight hard and made great sacrifices for national independence. Our peoples are at the same time peace loving, kind hearted and hard working. We both have strong family values. We both value education as key to human development.

The sectors offering most opportunity to Irish businesses include IT, including software development; agriculture and food processing; dairy products; chemicals; plastics; oil and gas; pharmaceutical; textiles; education, including vocational training; infrastructure development; services; environment technology; energy; tourism; engineering; machinery; and equipment.

I would like to see a historic visit to Vietnam in 2013 by the Taoiseach Enda Kenny TD with an accompanying large trade mission to improve links between our two countries.

NATIONAL FLAG: The national flag of the Socialist Republic of Vietnam is rectangular in shape, its width is equal to two thirds of its length, and in the middle of fresh red background is a bright five-pointed yellow star. It was first used in the ‘Southern Uprising’ of 23 November 1940 against French rule. The red background represents blood and also the revolution spirit, while the yellow foreground represents ‘the color of our race’s skin’. The five points of the star represent the unity of intellectuals, peasants, workers, traders and soldiers.

NATIONAL DAY: 2 September DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN VIETNAM AND IRELAND: 5 April 1996

46 Ireland Asia Business Yearbook 2013

profile

SINGAPORE

Open economy ECONOMIC OVERVIEW Singapore adopts a market-based approach for sustainable and inclusive growth, and has a highly open economy with trade amounting to three times the country’s GDP. Coupled with a diversified economic structure and strong macroeconomic fundamentals, the Singapore economy remains resilient and robust amidst the global financial crisis and grew by 1.3pc in 2012. Given its excellent geographical position, Singapore is well placed as a hub for international players engaging a rising Asia and for Asian enterprises expanding beyond their home markets. As part of this value proposition, Singapore is further developing its manufacturing, financial and logistics services sectors into globally competitive industries.

BUSINESS SECTOR OPPORTUNITIES With a prime geographical location, excellent global connectivity and businessfriendly policies, Singapore is the top choice for global companies setting up operations in Southeast Asia, and the most reliable regional gateway to access dynamic growing markets in ASEAN and larger Asia.

Following the conclusion of the EU-Singapore Free Trade Agreement (EUSFTA) on 16 December 2012, economic linkages between Singapore and the EU will increase and deepen. The EUSFTA will provide further benefits and opportunities for Irish and European companies to tap on Singapore as a launch pad into the region.

Key facts...

■ ■ ■ ■

■

■ ■

AMBASSADOR INTERVIEW

■

H.E. T Jasudasen

■

The cultures of Singapore and Ireland are fairly similar. Both are small countries with an open, export-oriented outlook. We also value education, multiculturalism and meritocracy. Our long shared history with the Irish presence in Singapore, where Irishmen have helped develop Singapore’s education, roads and public works, has generated a wealth of goodwill in Singapore for Ireland.

Sectors such as pharmaceuticals, info-comm services, nanotechnology, logistics and professional services, as well as lifestyle products and services may be of interest to Irish businesses.

Our businessmen have delved in areas such as IT, transport, logistics and real estate. There is definitely potential to do more in these areas.

We hope to see the speedy implementation of the EUSFTA, which will bring great economic benefits to the peoples of Singapore and Ireland. On the bilateral level, I think increasing people-to-people contacts will help to improve cultural and business exchanges between our countries.

■ ■

■ ■ ■ ■

National population: 5.31 million (as of June 2012) Area: 715.8 sq kilometres Currency: Singapore Dollar Religion/s: Buddhism (33.3pc), Islam (14.7pc), Christianity (11.3pc), Taoism (10.9pc), Catholicism (7.1pc), Hinduism (5.1pc), other religions (0.7pc), none (16.9pc) Language/s: Malay, Mandarin, Tamil and English are the four official languages in Singapore Bilateral trade with Ireland: US$1.26bn (2012) Irish exports to Singapore: US$869.45m (2012) Singaporean exports to Ireland: US$392.16m (2012) GDP: At 2005 market prices US$242.22bn (2012) GDP (purchasing power parity (PPP)): Int$326.68bn (2012 est) Real GDP growth: 2010: 14.8pc; 2011: 5.2pc, 2012: 1.3pc, 2013 (forecasted): 1.0–to 3.0pc GDP per capita (current prices): US$51,625 GDP per capita (PPP): Int$61,521 (2012 est) GDP share of world total: 0.38pc (2012 est) GDP sector breakdown: Business services (14.1pc), manufacturing (20.9pc), construction (4.2pc), utilities (1.5pc), wholesale and retail trade (17.4pc)

NATIONAL FLAG: It consists of two equal horizontal sections of red above white. The upper left section contains a white crescent moon, and five white stars, which form a circle. Red symbolises universal brotherhood and the equality of man, while white signifies pervading and everlasting purity and virtue. The crescent moon represents a rising young nation. The five stars stand for the nation's ideals of democracy, peace, progress, justice and equality.

■ NATIONAL DAY: 9 August ■ DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN SINGAPORE AND IRELAND: 2 December 1974

48 Ireland Asia Business Yearbook 2013

Our office isn’t down the corridor. It’ll just feel that way.

Northern Trust is a leading fund servicer for all asset classes in multiple jurisdictions. Hedgeweek named us Best Offshore Fund Administrator in the US and we won the title of Best Service Provider to Exchange Traded Funds in Europe in the Global ETF Awards. With our comprehensive fund expertise across Europe, APAC and the Americas, we’re primed to meet your needs as they evolve. We work seamlessly with your business so you can focus on what you do best — managing your funds. To learn more about the breadth and depth of our capabilities, call Paul Heffernan at +353 (0)1 542 2703 or visit northerntrust.com/corridor.

Global Fund Services Fund Accounting | Custody | Fund Administration | Middle-Office Outsourcing © 2013 Northern Trust Corporation. Northern Trust, London Branch (reg. no. BR001960) registered in England & Wales each with their registered office at 50 Bank Street, Canary Wharf, London, E14 5NT. Where Northern Trust’s UK entities undertake regulated business, they are authorised and regulated in the United Kingdom by the Financial Services Authority. Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission. Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission. Northern Trust International Fund Administration Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Financial Regulator. Northern Trust Global Services is authorised and regulated in the Netherlands by De Nederlandsche Bank. Northern Trust Global Services Limited Luxembourg Branch and Northern Trust Luxembourg Management Company S.A. are authorised and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier. Northern Trust Global Services Ltd (UK) Sweden Filial is authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen.The Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority. The Northern Trust Company has a branch in China mainly regulated by the China Banking Regulatory Commission, People’s Bank of China and State Administration of Foreign Exchange. The Northern Trust Company of Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission. The Northern Trust Company has a Singapore Branch, which is a foreign wholesale bank regulated by the Monetary Authority of Singapore.

profile

BRUNEI DARUSSALAM

Incentive to invest ECONOMIC OVERVIEW BRUNEI Darussalam has a small but wealthy economy, which is growing at a slow and steady rate. It has remained stable with an average inflation rate of 1.5pc over the past 20 years.

The economy has been dominated by the oil and gas industry for the past 80 years. Hydrocarbon resources account for over 90pc of its exports and more than 50pc of its GDP. Today, Brunei is the fourth largest oil producer in Southeast Asia and the ninth largest exporter of liquefied natural gas in the world.

Brunei Darussalam has a low tariff regime and no capital gains or personal income tax. Under its Investment Incentives Order 2001 prospective investors will also enjoy a wide range of incentives, including up to a possible 20 years exemption from corporate tax.

BUSINESS SECTOR OPPORTUNITIES Several key industry clusters have been identified that have the potential to bring value-added activities to Brunei and create spin-off opportunities.

One of the clusters is manufacturing, which includes pharmaceuticals, food and food ingredients, petrochemicals, integrated petrochemical refinery, and renewable energy.

The others are services such as information and communications technology and supporting industries (logistics and oil filed support services); emerging new technologies; and infrastructure projects.

Key facts...

■ ■ ■ ■ ■

■ ■ ■ ■ ■ ■ ■ ■

AMBASSADOR INTERVIEW H.E. Hj Mohd Aziyan bin Abdullah

Our cultural etiquette is very strong, although this applies more to our roots in the Malay Muslim Monarchy concept so perhaps those interested in business should pay some attention to this.

Industry sectors include manufacturing pharmaceuticals, food and food ingredients, petrochemicals, integrated petrochemical refinery, and renewable energy, as well as our ICT and support industries services.

Brunei is interested in areas such as education, real estate and machinery. I would welcome an improvement in trade and educational links.

50 Ireland Asia Business Yearbook 2013

National population: 408,000 (approx) Largest city: Bandar Seri Begawan, with population of about 22,000 Area: 5,765 sq kilometres Currency: Bruneian dollars Religion/s: Islam (67pc), Buddhist (13pc), Christian (10pc), other indigenous beliefs (10pc) Language/s: Malay (official), English, Chinese Bilateral trade with Ireland: US$3,444,000 (2011) Brunei Darussalam exports to Ireland: US$ 3,444,000 (2011) GPD: US$16.85bn (estimate) GDP (purchasing power parity (PPP)): US$21.94bn (est) Real GDP growth: 2010 2.6pc; 2011 2.2pc; 2012 2.7pc; GDP per capita (PPP): US$50,500 GDP sector breakdown: Agriculture (0.8pc), industry (66.6pc), services (32.6pc)

NATIONAL FLAG ■ ■

NATIONAL DAY: 23 February DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN BRUNEI DARUSSALAM AND IRELAND: 1984

profile

MYANMAR

On a fresh course ECONOMIC OVERVIEW MYANMAR is a sovereign state in Southeast Asia bordered by China, Thailand, India, Laos and Bangladesh.

Its population of over 60 million makes it the world's 24th most populous country and, at 676,578 sq kilometres, it is the world's 40th largest country and the second largest in Southeast Asia.

In the 1960s, Myanmar faced a bright future as a major rice exporter and one of Southeast Asia’s leading economies. But it has since fallen far behind, as the rest of the region transformed itself through market-oriented reforms and trade integration.

Since 2011, however, the new government has been charting a fresh course centered on domestic political reconciliation, international re-engagement and economic reforms.

Myanmar is a low income country in Asia. Per capita GDP is around US$900 and a quarter of Myanmar’s estimated 60 million people live below the national poverty line.

Tools to manage the economy are severely underdeveloped, with poor revenue performance leading to persistent fiscal deficits financed by the central bank. This has contributed to high and volatile inflation, averaging 23pc between 2001 and 2010, hitting the poor especially hard and undermining domestic confidence in the kyat.

Limited financial intermediation has repressed savings and investment. Together with weak government revenues, this has contributed to low levels of human and physical capital, notably in the form of insufficient energy and transport infrastructure.

The economy remains vulnerable to shocks, given both its narrow dependence on natural resources and low productivity agriculture.

Myanmar is a large country, roughly the size of France. Its young labour force, abundant natural resources (including natural gas, copper, timber and gemstones), and proximity to some of the most dynamic economies in the world, notably China, India and the ASEAN-5, are major advantages.

Myanmar can benefit from the experience of countries that have made similar transitions, including many of its Asian peers.

Their experiences emphasise a few key ingredients for sparking inclusive and broadbased growth and poverty reduction. Most fundamental is the need for a stable macroeconomic environment to lay the foundations for long-term growth, notably low and stable inflation, a sustainable fiscal position, independent and effective monetary policy, a unified and market-based exchange rate, and adequate international reserves.

In addition to fund investments in infrastructure and human capital, the government requires adequate resources and the financial sector needs to become more efficient at mobilising and intermediating savings and to improve access to financial services.

Openness to international trade and higher foreign direct investment (FDI) can also play an important role. Attracting such flows and utilising them well in turn requires improvements to the business climate and greater transparency.

Meanwhile, structural reforms to boost agricultural productivity and liberalise trade can help facilitate job creation in higher value-added sectors.

Key facts...

■ ■ ■ ■ ■

Population (2007/08): 57.5 million GDP (2010/11): US$45.4bn GDP growth: 10.4pc in 2011 Exports: US$10.1bn in 2012 Imports: US$10.1bn in 2012

NATIONAL FLAG The Republic of the Union of Myanmar adopted a new state flag on 21 October 2010 to replace the former flag in use since 1974. The new flag was introduced along with implementing changes to the country's name, which were laid out in the 2008 constitution.

The design of the flag has three horizontal stripes of yellow, green and red with a fivepointed white star in the middle. The three colours of the stripes are meant to symbolise solidarity, peace and tranquility, and courage and decisiveness.

Source: International Monetary Fund

Ireland Asia Business Yearbook 2013 51

profile

THE PHILIPPINES

Springboard

nation

Key facts...

■ ■

ECONOMIC OVERVIEW

■

THE Philippines has been carrying an unyielding trust in its leaders to implement necessary reform programmess. In 2012, the country posted 6.6pc growth, one of the best in Asia. This was achieved without sacrificing stability, as inflation has been kept low and fiscal deficit-to-GDP ratio is only 1.4pc.

The country’s good performance has been recognised by credit rating agencies, foreign businesses and development partners. Growth is forecast to be between 6pc and 7pc in 2013 and 6.5pc to 7.5pc in 2014. Key priority sectors, namely tourism, business process outsourcing, electronics, real estate, agribusiness, logistics and shipbuilding, will be given more focus.

■ ■

BUSINESS SECTOR OPPORTUNITIES Irish firms should consider establishing operations or joint ventures in Philippine economic zones as a springboard for the massive export market in Asia. The Philippines is an ideal location due to its many comparative advantages, including the productivity and high level of education of its labour force and its use of the English language as the business medium.

AMBASSADOR INTERVIEW

■

■ ■

H.E. Enrique A Manalo

■

The Philippines and Ireland share a common dominant faith, Catholicism, and share values in many aspects of life such as work, family and community.

The sectors that offer most opportunity to Irish businesses are public-private partnership projects, creative services/business process outsourcing, energy and aerospace. In Ireland, the sectors that offer the most opportunity to Philippine businesses are electronics, food and agriculture products, information technology, and tourism.

If there were a single development I would like to see to improve links between the Philippines and Ireland, it would be to agree on a joint plan of action consisting of activities and measures aimed at enhancing our political, economic and social ties.

■ ■ ■

■ ■ ■ ■

National population: 92.34 million (2010) Top five cities by population: Quezon City (2.76 million), City of Manila (1.65 million), Caloocan City (1.49 million), Davao City (1.45 million), Cebu City (866, 000) Area: Approximately 300,000 sq kilometres Currency: Philippine Peso Religions: Roman Catholic (82.9pc), Protestant (5.4pc), Islam (4.6pc), Philippine Independent Church (2.6pc), Iglesia ni Cristo (2.3pc) Languages: Two official languages, Filipino and English. Filipino, which is based on Tagalog, is the national language. English is also widely used and is the medium of instruction in education. The eight major dialects spoken by majority of the Filipinos are Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango and Pangasinense.

Bilateral trade with Ireland: US$264,284,000 (2011) Irish exports to the Philippines: US$240,795,000 (2011) Philippine exports to Ireland: US$23,490,000 (2011) GDP: US$240bn (2012 estimate) GDP (purchasing power parity (PPP)): US$416bn (2012 estimate) Real GDP growth: 7.6pc (2010), 3.9pc (2011), 6.6pc (2012), 6–7pc (2013 projected) GDP per capita (current prices): US$2,369 (2011) GDP per capita (PPP): US$4,119 (2011) GDP share of world total: 0.5pc (2012) GDP sector breakdown: Services (52pc), agriculture (33pc), industry (15pc)

NATIONAL FLAG: The sun represents independence, and its eight rays represent the first eight provinces that revolted against Spanish colonial rule. The three stars represent the country’s three main geographic regions: Luzon, Visayas and Mindanao. The white triangle represents equality. The blue field represents patriotism and the red field valor.

■ NATIONAL DAY: 12 June (Independence Day) ■ DIPLOMATIC RELATIONS ESTABLISHED WITH IRELAND: 9 July 1946

52 Ireland Asia Business Yearbook 2013

profile

Entry point BUSINESS SECTOR OPPORTUNITIES Malaysia is a land of endless business and investment opportunities. A good entry point for investments into the growing Southeast Asian region, it offers a competitive business environment, world-class infrastructure and high skill labour force.

The Malaysian government has introduced special taxation and financial incentives to encourage foreign investment and, in particular, investments into research and development, and has promoted activities such as manufacturing, information and communications, biotechnology, healthcare, education, and industrial related technology.

AMBASSADOR INTERVIEW

Key facts...

■ ■

■ ■

■

■

H.E. Dato’ Ramli Naam

Malaysia and Ireland share several fundamental rules on cultural etiquette in doing business.

However, it must be borne in mind that Malaysia is a multicultural country, thus practices vary between the different cultural groups. Recognising and respecting the diverse cultural, religious and customs will help build close relationships with business partners.

Malaysia offers vast business opportunities in the manufacturing and services sectors, which include oil, gas and energy; palm oil; financial services; tourism; business services; electronics and electrical; wholesale and retail; education; healthcare; communications content and infrastructure; and agriculture.

The services sector is a major contributor to the growth of the Malaysian economy. Areas in the services sector that offer opportunities for investors include IT services, shared services and business process outsourcing (BPO), regional headquarters, research and development, education, and environmental management.

Malaysia also provides various business opportunities in the field of aerospace; advanced electronics; advanced materials; fine chemicals; renewable energy; optics and photonics; petrochemicals; pharmaceuticals; machinery and equipment; and medical devices.

As a progressive Islamic country, Malaysia is recognised as a global leader in the areas of halal products and Islamic finance.

Education remains the bedrock of the bilateral co-operation between Malaysia and Ireland. Advanced science and technology is also another area that could be further explored by business investors from Malaysia.

There are also opportunities in Islamic finance as Taoiseach Enda Kenny TD is determined to ensure that Dublin’s IFSC to be a centre of excellence for this area.

MALAYSIA

■ ■ ■ ■ ■

■ ■ ■ ■ ■

National population: 29,336,800 (2012) Top five cities and population of each: Kuala Lumpur, capital (1,674,621), Johor Bahru (1,386,569), Georgetown (520,202), Ipoh (767,794), Kuching (617,887) Area total: 329,847 sq kilometres Currency: The Ringgit is the official monetary unit of Malaysia. It is divided into 100 sen (cents) and its currency code is MYR or RM Religion/s: Islam, official (61.3pc), Buddhist (19.8pc), Christian (9.2pc), Hindu (6.3pc), Confucianism, Taoism, other traditional Chinese religions (2.6pc) Language/s: The official national language is the Malay language or locally referred to as Bahasa Malaysia, while the primary medium of communication employed in government, commerce and general media is English, which is a compulsory subject in the Malaysian education syllabus. There are also other ethnic languages widely practised such as Chinese in various dialects as well as Tamil and Hindi Bilateral trade with Ireland: €0.371bn (2012) Irish exports to Malaysia: €0.24bn (2012) Malaysian exports to Ireland: €0.131bn (2012) GDP: US$307.178bn (2012) Real GDP growth: 7.2pc (2010), 5.1pc (2011), 5.6pc (2012), 5.3pc–5.5pc (2013 – expected) GDP (purchasing power parity (PPP)): US$491.967bn (2012) GDP per capita (current prices): US$10,578.45 (2012) GDP per capita (PPP): US$16,942 (2012) GDP share of world total: 0.594pc (2012) GDP sector breakdown (2012): Agriculture (0.8pc), mining (1.4pc), manufacturing (4.8pc), construction (18.5pc), services (6.4pc)

NATIONAL FLAG: The flag of Malaysia, also known as the Jalur Gemilang (Stripes of Glory), comprises a field of 14 alternating red and white stripes along the fly and a blue canton bearing a crescent and a 14-point star known as the Bintang Persekutuan (Federal Star). The 14 stripes, of equal width, represent the equal status in the federation of the 13 member states and the federal government, while the 14 points of the star represent the unity between these entities. The crescent represents Islam, the country's official religion; the blue canton symbolises the unity of the Malaysian people; the yellow of the star and crescent is the royal colour of the Malay rulers.

NATIONAL DAY: 31 August DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN MALAYSIA AND IRELAND: 10 January 1974

Ireland Asia Business Yearbook 2013 53

profile

THAILAND

Liberal kingdom ECONOMIC OVERVIEW Thailand is Southeast Asia’s second largest economy with a GDP of around US$360bn. A free market economy, the kingdom has a strong domestic market and a growing middle class, with the private sector being the main engine of growth.

The Thai economy is well integrated into the global marketplace, with exports accounting for over 70pc of its GDP. In 2012, GDP grew by 6.4pc, and exports climbed 3.2pc, with domestic demand and investment as key drivers. In 2013, GDP should continue to grow by 4.5–5.5pc and exports by 11pc, according to estimates.

Thailand has been a leader in the region in terms of trade liberalisation and facilitation with the rest of the world, starting with its Asian neighbours. A key player in ASEAN, Thailand offers convenient access to China and India, as well as to other East Asian countries such as Japan and the Republic of Korea.

In addition, Thailand’s expanding network of free trade agreements with other countries have further opened up access to markets both within and outside the region. These, coupled with its strategic positioning, have made the country a regional centre for international travel and trade, as well as a hub for various industries.

Thailand has been ranked high by the World Bank for ‘Ease of Doing Business’ over the past eight years – currently, it is 18th in the world and the sixth in Asia.

Key facts...

■ ■

■ ■ ■ ■ ■ ■ ■ ■

AMBASSADOR INTERVIEW H.E. Mr. Pasan Teparak,

■

Ambassador-designate of Thailand to Ireland ■

Thailand and Ireland have similar cultural etiquettes. Both Thai and Irish people are generally friendly to foreigners and proud of their own countries and cultural heritage. After several decades of outstanding economic performance, both countries have undergone rapid economic growth before falling into similar patterns and root causes of financial crisis. Nevertheless, both Thai and Irish people have proved themselves to as determined to follow the right path towards sustainable recovery.

Apart from medical devices and pharmaceutical products, machinery, computers, and parts and accessories – which have shown their great value in bilateral trade for a number of years – there is more opportunity for both sides in expanding their businesses in agro-industries, rubber, precious stones and jewellery, in which Thailand is one of the leaders in the region and the world.

The investment plan in large-scale infrastructure projects worth US$75bn will be implemented over the next seven years, offering further opportunities.

Only around 59,000 Irish tourists travel to Thailand a year. I believe that the enhancement of people-to-people contact will open the opportunity for Irish and Thai businesses and people to know each other more and appreciate the cultures which will bring about further co-operation in all fields.

54 Ireland Asia Business Yearbook 2013

■ ■

National population: 67.6 million Top five cities: Bangkok (capital), Chiang Mai (north), Nakorn Ratchasima (north-east), Kon Kaen (north-east), Phuket (south) Area: 514,000 sq kilometres Currency: Baht Religion/s: Buddhism, Muslim, Christianity Language/s: Thai (English is also widely spoken and understood) Bilateral trade: US$622.50m (+11.42pc) (2012) Irish exports to Thailand: US$279.07m (+ 6.13pc) (2012) Thai exports to Ireland: US$343.43m(+16.12pc) (2012) GPD: US$365bn (2012), US$417bn (forecast 2013) Real GDP growth: 7.8pc (2010), 0.1pc (2011), 6.4pc (2012), 4.5–5.5pc (forecast 2013) GDP per capita (current prices): US$5,382/year, US$6,106/year (forecast 2013) GDP share of world total: 0.8pc GDP sector breakdown: Agricultural (8.6pc), industry (39pc), services (52.4pc)

NATIONAL FLAG: The flag of Thailand is called Thong Trairong, meaning ‘tricolour flag’. The colours are said to stand for nation-religion-king, an unofficial motto of Thailand. Red is for the land and people; white is for Buddhism; and blue is for the monarchy.

■ NATIONAL DAY: 5 December (HM King Bhumibol Adulyadej’s birthday) ■ DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED: 27 January 1985

invest in remarkable

indonesia

Indonesian Investment Promotion Centre (IIPC) 3rd Floor, St Martin’s House, 16 St Martin’s le Grand London EC1A 4EN, UK Tel: +44(0)2073978564, +44(0)2073978568 Fax: +44(0)2073978565 Email: iipc.london@bkpm.go.id Website: www.bkpm.go.id

Indonesian Investment Promotion Centre

Today, Indonesia is an emerging market – an archipelago spanning over 17,000 islands and the fourth most populous country in the world with around 243 million people (40pc of the ASEAN countries’ population) with dynamic economic growth as the largest economy in Southeast Asia with 6.5pc GDP growth in 2011 and 6.3pc in 2012.

Indonesia welcomes and encourages FDI in various sectors, prioritises in food, energy, infrastructure, and manufacture processing of natural resources into semi-finished and finished goods to bring added value to the economy. It has huge potential market and abundant supply of natural resources, as well as the world’s largest suppliers of palm oil, tin, rubber, cocoa, copper, nickel and gold. Infrastructure development is national priority to interconnect different potential economic regions by developing sea and airports, toll roads, railways, telecommunication, water supplies and power plants.

Indonesia’s investment climate gives equal treatment to foreign and local investments; allows for unimpeded repatriation of capital, profit and dividend; guarantees no expropriation on investment; and has various attractive incentives such as exemption of import duty and VAT on capital goods and raw materials for production, tax allowances for certain locations and/or business sectors (agriculture, forestry, fisheries, mining, food industry, textiles, chemicals, basic metals, ship industry, waste management, road construction, storage and logistics), and tax holidays for basic metals, oil refinery, machinery, renewable resources and communication equipments sectors.

SEE CHINA IN A DIFFERENT LIGHT

Founded in 1981 to serve both the diplomatic and international business communities in China. The China Daily has become a premier English-language publication offering China and international news and commentary from an increasingly important Chinese perspective. With growing interest in China’s role regarding global business and politics, the China Daily is an indispensible resource that allows international readers access to a world of primary news information that otherwise would only be available in Chinese.

Published every Friday from London, the China Daily European Weekly is Europe’s localised edition and available in more than 30 countries. Other editions available include the main Home Edition as well as Hong Kong, US and Asia Pacific editions.

To subscribe to the China Daily European Weekly visit www.ocsmedia.net/chinadaily For more information e-mail enquiries@mail.chinadailyuk.com

www.chinadaily.com.cn Ireland Asia Business Yearbook 2013 55

profile

MONGOLIA

Access all areas

ECONOMIC OVERVIEW Mongolia operated as a Soviet-style centrally planned economy until the establishment of a new coalition government in 1990. Since then, Mongolia has transitioned into a market-oriented economy, with the private sector constituting 75.2pc of the nation’s GDP in 2011.

Over the past two decades, Mongolia has transformed itself from a socialist country with a planned economy into a vibrant multi-party democracy with one of the world’s fastest growing economies.

From 2007 through to 2011, Mongolia’s real GDP grew at a compound annual growth rate of 7.7pc; in 2011, its economic real growth rate was 17.5pc. Located between Russia (to its north) and China (to its south), Mongolia possesses vast, untapped mineral assets, which have begun to be developed.

BUSINESS SECTOR OPPORTUNITIES Mongolia is in a very strategic location for foreign investors. It borders the resource-rich, vast Siberian region of Russia to the north and rapidly emerging China to the south. This provides easy access to the large international markets of these two neighbours and important global players.

It is close to large commodity consumers in China, Siberia, Korea and Japan and close to the Northwest China industrial hub.

WORLD-CLASS MINERAL RESOURCES ■ Over 6,000 ocurrences of 80+ mineral.

■ Copper – coal – iron – zinc – fluorspar.

■ Some of the world's largest deposits.

■ Potential to become a major global commodities player.

Key facts...

■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

■ ■

National population: 2.8 million Area: 1,564,116 sq kilometres Time zone: UTC+7 to +8 Currency: Tugrik Religion/s: Buddhism, Islam, Shamanism, Christianity Language/s: Mongolian Irish exports to Mongolia US$6,027,000 (2012) Mongolian exports to Ireland US$23,900 (2012) GPD: US$9.92bn (2012) GDP (purchasing power parity (PPP)): US$15.22bn 2012 Real GDP growth: 2010 – 6.4pc, 2011 – 17.5pc, 2012 – 11.2pc, 2013 – 16.8pc GDP per capita (current prices): US$3,542 (2012) GDP per capita (PPP): US$5,435 (2012)

NATIONAL FLAG ■ ■

NATIONAL DAY: 11 June (Naadam) DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN MONGOLIA AND IRELAND: 22 December 1998

56 Ireland Asia Business Yearbook 2013

ENTERPRISE IIRELAND ENTERPRISE RELAND CONNECTING CONNECTING HU HUNDREDS UNDREDS OF IRI IRISH SH COMPANIES TO BUYERS C OMPANIES T O THOUSANDS THOUSANDS OF INTERNATIONAL INTERNATIONAL B UYERS

IF YOU NEED AN INTRODUCTION CONTACT US: WWW.ENTERPRISE-IRELAND.COM

Bord Bia, The Irish Food Board, promotes and markets Ireland’s food and drink exports to audiences around the world. Established in 1994, Bord Bia plays an important role to enhance the international reputation of Irish food and drink companies, to support their business development objectives and to forge long-lasting and productive relationships between international buyers and Irish suppliers.

www.bordbia.ie

Ireland Asia Business Yearbook 2013 57

profile

CAMBODIA

Trade facilitator ECONOMIC OVERVIEW Cambodia has undergone sweeping changes in recent years, not only in the field of political stability and security, but also in its economic and social landscape, with a view to attracting foreign direct investment.

The Royal Government of Cambodia has embarked on wide-ranging reform focusing on macroeconomic management, public financial management and the banking sector, along with the rehabilitation and reconstruction of the country’s physical infrastructure.

At the same time the government has pressed ahead with its trade facilitation agenda, aimed at reducing the cost of doing business, which includes measures such as streamlining the inspection process by rationalising the roles of government agencies involved in the regulation of export and import activities.

BUSINESS SECTOR OPPORTUNITIES Local and foreign investors are treated equally in Cambodia, meaning that foreign investors can hold up to 100pc of their investments in the country. The laws related to investment are sound, transparent and predictable.

Moreover, products manufactured in Cambodia can access key world markets through trade preferences or duty-free arrangements because Cambodia is one of the least developed countries in the region.

It is encouraging investment activities in agriculture and agri-industry; transport and telecommunications infrastructure; energy and electricity; labour intensive industries and export-oriented processing and manufacturing; tourism; human resources development; oil and gas; and mining.

AMBASSADOR PROFILE H.E. Hor Nam Bora

Key facts...

■ ■

■ ■ ■ ■ ■ ■

H.E. Hor Nam Bora was born on 27 July 1957. He joined the foreign ministry in 1988 and a year later Cambodia shifted towards free market economics.

He was rewarded with postings to Thailand (1993–1996) and a scholarship to the United Nations in Geneva (1994–1995) before becoming deputy permanent representative to the UN Economic and Social Committee for Asia and the Pacific in Thailand (1995–1996).

On return to Cambodia, he was appointed undersecretary of state and foreign affairs adviser of the head of state, positions he held from 1996 until 1998. He has been Cambodian Ambassador to the UK, Denmark, Finland, Ireland, Norway and Sweden; currently he holds the position as dean of the Asian Countries’ Group in London.

■ ■ ■ ■ ■ ■

National population: 14,952,665 (2010 est) Top five cities and population of each: Phnom Penh, capital city (2,234,566), Kampong Cham (1,680,694), Kandal (1,265,805), Battambang (1,036,523), Prey Veng (947,357), Siem Reap (896,309) Area: 181,035 sq kilometres Currency: Riel, US$1 = 4000 riels Religion/s: Buddhism Language/s: Khmer Irish exports to Cambodia: US$ 1,943,740.91 (2012) Amount of Cambodia exports to Ireland: US$12,538,243.18 (2012) GPD: US$14.204bn (20.11) GDP (purchasing power parity (PPP)): Int$36.01bn (2011 est) GDP per capita (current prices): US$931 (2008 est) GDP per capita (PPP): Int$2.361 (2008 est) GDP share of world total: 0.04pc (2010) GDP sector breakdown: Agriculture (30.9pc), industry (22pc), service (40pc) (2011 est)

NATIONAL FLAG: The flag of Cambodia symbolises the country’s slogan: ‘Nation, Religion, King’. The two large blue stripes represent royalty and the centre red stripe represents the nation. The white temple stands for the nation’s religion.

■ ■

NATIONAL DAY: 9 November DATE WHEN DIPLOMATIC RELATIONS WERE ESTABLISHED BETWEEN CAMBODIA AND IRELAND: 30 October 2009

58 Ireland Asia Business Yearbook 2013

JETRO is always ready to help foreign companies planning to start a business in Japan.

Japan is the third largest economy in the world with many business opportunities in such fields as life science, energy & environment, IT and so forth. Forthcoming EU-Japan FTA/EPA will further facilitate doing business in Japan. Through Japan’s active engagement in FTA networks in the Asia Pacific region, Japan could be a gateway to this rapidly growing economic zone.

The Japan External Trade Organisation (JETRO) is an organisation funded by the Ministry of Economy Trade and Industry (METI) that works to promote mutual trade and investment between Japan and the rest of the world. JETRO has a worldwide network of more than 70 overseas offices in over 50 countries across the world. JETRO London was established in 1959, and has been supporting Irish companies looking to invest in Japan.

The majority of JETRO’s services, which are free of charge, are aimed at helping foreign companies to establish a branch or subsidiary in Japan, such as providing market information by using a broad network across government and private sectors, legal advice and consultation according to your company’s needs, and temporary office space for foreign firms that have not yet established a business base in Japan. JETRO Investment Business Support Centres (IBSCs) are located six major cities in Japan 㸫Tokyo, Yokohama, Nagoya, Osaka, Kobe, and Fukuoka.

To find more about JETRO please visit the JETRO website ; http://www.jetro.go.jp/en/invest/ or contact JETRO. CONTACT US JETRO’s representative in Ireland Mr. Yasuyuki Ozeki E-mail: jetroct@btinternet.com TEL: + 353 (0) 87 980 0860

Japan External Trade Organisation (JETRO), London E-mail: Ldn_invest@jetro.go.jp TEL: + 44 (0)20 7421 8300 FAX: + 44 (0)20 7421 0009

EU-JAPAN CENTRE FOR INDUSTRIAL COOPERATION Helping EU and Japanese industry work together for 25 years.

WHAT DOES IT DO? Provides TRAINING COURSES on Japanese business practices Promotes SCIENTIFIC COOPERATION between EU and Japanese researchers and between clusters Provides JAPANESE TECHNICAL (POST-)GRADUATES as interns, to bring Japanese expertise to your projects Organises SEMINARS on issues of interest to European and Japanese industry Provides INFORMATION and SUPPORT services Promotes REGULATORY REFORM in the EU and Japan NEXT EVENT IN DUBLIN:

Driving Competitiveness - 29 May, Dublin Castle.

European, Irish and Japanese case studies. Practical examples of what does and doesn’t work and how to achieve competitiveness in a busy marketplace.

Organised with Enterprise Ireland; the Department of Jobs, Enterprise and Innovation and the Irish EU Presidency.

More information: www.EU-JAPAN.eu Ireland Asia Business Yearbook 2013 59

profile

LAOS

AMBASSADOR INTERVIEW

Competitive advantage ECONOMIC OVERVIEW LAOS has long been seen as a poor, landlocked, sparsely populated country.

But it is at last emerging from its isolation. The government has a vision of transforming the country into a land link with the region, investing in the construction of many cross-border infrastructure projects under the Great Mekong Sub-region (GMS) project aimed at connecting Laos to its neighbours.

Laos has had a market-oriented economy since 1986. The first investment law was implemented in 1988 and amended in 2009, which makes the investment regime more open, attractive, transparent and effective.

Laos has many competitive advantages including social and political stability; high security (a low level of crime); liberal trade and attractive investment policies and laws; and low investment costs (land, labour, utilities).

It is also rich in natural resources such as mining, energy and agriculture.

The economy is integrating regionally and internationally, having become a member of international organisations such as UNESCO, the International Monetary Fund and ASEAN. It has bilateral investment agreements with 27 countries and has recently joined the World Trade Organisation.

The seventh National Socio-economic Development Plan (2011–2015) set out the country’s priorities: sustained GDP growth of 8pc, poverty reduction and improved education. For the year 2013, the economy is expected to grow by 8.2pc mainly due to the growth in the construction, manufacturing, mining, energy and service sectors.

NATIONAL FLAG: The current flag of Laos was officially adopted on 2 December 1975 (2 December is the Lao National Day: Proclamation of the Lao People’s Democratic Republic).

The red represents the blood of the people who struggled for national independence; the blue stands for prosperity; and the white circle symbolises justice and unity of the people towards the country’s bright future.

■ NATIONAL DAY: 2 December

60 Ireland Asia Business Yearbook 2013

H.E. Khouanta Phalivong

Laos is known as a destination for historical, cultural and eco-tourist attractions for many visitors around the world. Although Laos and Ireland are located a far distance away from each other, there are some similarities in terms of the hospitality of the people and in the spirit of preserving their culture, traditions and the natural beauty of our respective countries.

Laos is rich in terms of natural resources.

The country is trying to attract investment from around the world in order to develop its economy by mobilising capital, technology and know-how, creating jobs for the people and promoting business linkages with foreign countries.

Ireland has plenty of potential in terms of its fast growing and advanced economy, so there is ample opportunity for matching the businesses of our two countries in various sectors such as agriculture, manufacturing, tourism and other related services. We could definitely strengthen our two countries’ linkages by exchanging information in various areas, together promoting tourist and business activities.

Key facts...

■ ■ ■ ■

Population: 6.5 million Religion: Buddhism (Theravada Buddhism ) Language: Lao (English is widely understood) Major cities: Vientiane (capital), Savannakhet, Pakse, Louangprabang

To be a member of the Stephen’s Green Hibernian Club is more than just paying a subscription fee to use the facilities. You are part of something.

You are part of a whole group of people who have their ‘home in the city’.

There are numerous facilities, services and benefits of membership available to members of the Stephen’s Green Hibernian Club, including unlimited access to one of Ireland’s premier private clubs, located in the heart of Dublin city.

Privacy and confidentiality are treated with the utmost respect.

Contact Emma Ellis for a tour or for more information t: 01 6730207 or e: emma@sghc.ie

Ireland Asia Business Yearbook 2013 61

EU AND ASIA

EU trade negotiations update – Asian states The following is a round-up of the state of play regarding negotiations between individual Asian countries and the European Union BURMA/MYANMAR World Trade Organisation (WTO) member. No current sign of a free trade agreement (FTA) being negotiated.

BRUNEI Brunei is interested in a bilateral FTA negotiation, but also looks towards a restart of EU-ASEAN FTA. CAMBODIA WTO member. No current sign of an FTA being negotiated.

EU-CHINA An EU-China Summit has been scheduled for late 2013 and the EU has been assessing its priorities for its trade relationship in advance of this event. On investment, the 15th EU-China Summit in September 2012 re-confirmed the intention to work towards launching negotiations on a bilateral agreement, covering both investment protection and market access. A mandate for an Investment Protection Agreement may be proposed for China in 2013.

INDIA The pace and tempo of negotiations on an EU-India FTA have picked up recently. The Commission has indicated that a breakthrough over the coming two to three months is critical and that elements for a package may be

62 Ireland Asia Business Yearbook 2013

presented by late March 2013. If the FTA is not concluded by May/June then it may not be possible this year due to a possible change in government in India following general elections in March 2014. In that case, the Commission will not revisit negotiations until 2015.

INDONESIA Still at an early stage in discussions to deepen EU-Indonesia trade relations by negotiating a Comprehensive Economic Partnership Agreement (CEPA). The EU and Indonesia have started preparatory work to define the scope and level of ambition for such an agreement, however timing is still unclear.

Consequently, work towards launching FTA negotiations is also unclear at this stage as the parties first need to agree on a scoping paper.

JAPAN The European Council are looking to launch negotiations on an FTA at the forthcoming EU-Japan Summit, provisionally scheduled for late March 2013. The next round of preparatory talks will take place at the end of February.

LAOS WTO accession took place on 2 February 2013; Laos is the last ASEAN country to accede.

MALAYSIA It is hoped that FTA negotiations will conclude in 2013, although progress is dependent on foreseen general elections in Malaysia.

THE PHILIPPINES The Philippines is considering whether to request a scoping exercise for an FTA, which may commence when the Philippines indicate their readiness.

SINGAPORE FTA negotiations are well advanced and could finish this year, as predicted in the June 2012 European Council. In view of the advanced state of negotiations, no further full round is expected.

THAILAND Two scoping sessions for an FTA took place in July and September 2012, and it is likely that the European Council will approve a mandate to open negotiations with Thailand.

VIETNAM Commissioner Karel De Gucht and Minister Hoang Trung Hai officially launched negotiations on 26 June in Brussels, and the next round is scheduled for May 2013.

Source: Department of Enterprise, Jobs and Innovation

EU AND ASIA Fine Gael/European People’s Party (Christian Democrats) (EPP): Jim Higgins (North West), Cloonturk, Kilkelly, Co Mayo Tel: (094) 9367323, fax: (094) 9367321 Email: jim.higgins@europarl.europa.eu Web: www.jimhiggins.ie Seán Kelly (South), 4 Harbour House, Locke Quay, Dublin Road, Limerick Tel: (061) 468788 Email: sean.kelly@europarl.europa.eu Web: www.seankelly.eu Mairead McGuinness (East), Mentrim, Drumconrath,Navan, Co Meath Tel: (041) 6854633, fax: (041) 6854634 Email: mairead.mcguinness@europarl.europa.eu Web: www.maireadmcguinness.ie Gay Mitchell (Dublin), 192 Upper Rathmines Road, Dublin 6 Tel/fax: (01) 4961940 Email: gay.mitchell@europarl.europa.eu Website: www.gaymitchell.ie Fianna Fáil/Alliance of Liberals and Democrats for Europe (ALDE): Liam Aylward (East), Aghaviller, Hugginstown, Co Kilkenny Tel: (056) 7768703, fax: (056) 7768229 Email: liam.aylward@europarl.europa.eu Web: www.liamaylward.com Brian Crowley (South), Maryborough Lodge, Maryborough Hill, Douglas, Co Cork Tel: (021) 4896433, fax: (021) 4896401 Email: brian.crowley@europarl.europa.eu Web: www.briancrowleymep.ie Pat the Cope Gallagher (North West), Main Street, Dungloe, Co Donegal Tel: (074) 9521276, fax: (074) 9521133 Email: patthecope.gallagher@europarl.europa.eu Web: www.patthecope.com Labour Party/Progressive Alliance of Socialists and Democrats (S&D): Emer Costello (Dublin), Room 1410, Liberty Hall, Dublin 1 Tel: (01) 8746109, fax: (01) 8746096 Email: emer.costello@europarl.europa.eu Web: www.emercostello.ie Nessa Childers (East), 2 Belton House, 115 Main Street, Bray, Co Wicklow Tel: (01) 2962263 Email: nessa.childers@europarl.europa.eu Web: www.nessachilders.ie Phil Prendergast (South), Central House, Parnell Street, Clonmel, Co Tipperary Tel: (052) 6180627 Email: phil.prendergast@europarl.europa.eu Web: www.philprendergast.ie Socialists/Confederal Group of the European United Left–Nordic Green Left (GUE/NGL): Paul Murphy (Dublin), 150 Pearse Street, Dublin 2 Tel: (01) 6795030 Email: paul.murphy@europarl.europa.eu Web: www.paulmurphymep.eu Independent Marian Harkin (North West), 28 Emmet Place, Union Street, Sligo Tel: (071) 915 0152, fax: (071) 914 1973 Email: marian.harkin@europarl.europa.eu Web: www.marianharkin.ie

Irish MEPs: Full committee memberships Development: Gay Mitchell International Trade: Paul Murphy Employment and Social Affairs: Emer Costello, Marian Harkin Environment, Public Health and Food Safety: Nessa Childers Industry, Research and Energy: Brian Crowley Internal Market and Consumer Protection: Phil Prendergast Transport and Tourism: Jim Higgins Regional Development: Seán Kelly Agriculture and Rural Development: Liam Aylward, Mairead McGuinness Fisheries: Pat the Cope Gallagher Special Committee on Organised Crime, Corruption and Money Laundering: Gay Mitchell

European Parliament’s work The European Parliament plays a key role within the European Union institutional structure. It decides on an equal footing with the EU member states (Council) in almost all areas of EU legislation where it has the right to adopt, amend or reject proposals put forward by the European Commission. It similarly co-decides with the Council on the EU's annual budget and has the power to say yes or no to the longer-term EU budget, to key international trade agreements and to EU enlargement. It elects the Commission president and the full team of commissioners.

It has an important say on other EU appointments, such as on the president and board of the European Central Bank. It now has a greatly enhanced role on EU treaty change. As it is not subordinate to any government, it decides its own agenda and gives its opinion on a wide range of subjects, including foreign policy and human rights issues. It also looks at petitions from EU citizens.

The European Parliament is the only directly-elected body of the European Union. The 754 members are elected once every five years by voters in the 27 member states of the EU on behalf of its 500 million citizens. MEPs sit in one of the seven political groups, as well as in one or more of the 20 committees, where Parliament's decisions on EU legislation and other matters are initially prepared. Once voted out of committee, these decisions are examined by the political groups and then finally adopted in plenary.

Francis Jacobs is the head of the European Parliament Office in Ireland.

Ireland Asia Business Yearbook 2013 63

64 Ireland Asia Business Yearbook 2013

EMBASSIES ASIA DIPLOMATIC REPRESENTATION FOR IRELAND EMBASSY OF BRUNEI DARUSSALAM 19/20 Belgrave Square, London SW1X 8PG Tel: 004420 7581 0521 Email: info@bdhcl.co.uk H.E. Mr Hj Mohd Aziyan bin Abdullah, Ambassador Extraordinary and Plenipotentiary THE ROYAL EMBASSY OF CAMBODIA 64 Brondesbury Park, Willesden Green, London NW6 7AT Tel: 004420 8451 7850 Email: cambodianembassy@btconnect.com Web: www.cambodianembassy.org.uk H.E. Mr Nambora Hor, Ambassador Extraordinary and Plenipotentiary EMBASSY OF THE PEOPLE'S REPUBLIC OF CHINA 40 Ailesbury Road, Dublin 4 Tel: 01 269 1707 / 01 260 1119 Email: chinaemb_ie@mfa.gov.cn Web: http://ie.chineseembassy.org H.E. Mr LUO Linquan, Ambassador Extraordinary and Plenipotentiary EMBASSY OF INDIA 6 Leeson Park, Dublin 6 Tel: 01 497 0806/01 497 0987/01 496 6770 Email: indembassy@eircom.net / Web: www.indianembassy.ie H.E. Mr Debashish Chakravarti Ambassador Extraordinary and Plenipotentiary EMBASSY OF THE REPUBLIC OF INDONESIA 38 Grosvenor Square, London W1K 2HW Tel: 004420 7499 7661 Email: kbri@btconnect.com Web: www.indonesianembassy.org.uk H.E. Mr Teuku Muhammad Hamzah Thayeb Ambassador Extraordinary and Plenipotentiary EMBASSY OF JAPAN Nutley Building, Merrion Centre, Nutley Lane, Dublin 4. Tel: 01 202 8300 Email: protocol@ir.mofa.go.jp Web: www.ie.emb-japan.go.jp H.E. Mr Chihiro Atsumi Ambassador Extraordinary and Plenipotentiary EMBASSY OF THE REPUBLIC OF KOREA 15 Clyde Road, Ballsbridge, Dublin 4 Tel: 01 660 8800 Email: irekoremb@mofat.go.kr Web: http://irl.mofat.go.kr H.E. Mr Chang Yeob Kim Ambassador Extraordinary and Plenipotentiary EMBASSY OF THE LAO PEOPLE’S DEMOCRATIC REPUBLIC 74 Ave Raymond-Poincaré, 75 116 Paris Tel: 0033 145 530 298

Email: ambalaoparis@wanadoo.fr H.E. Mr Khouanta Phalivong Ambassador Extraordinary and Plenipotentiary EMBASSY OF MALAYSIA Level 3A–5A, Shelbourne House, Shelbourne Road, Ballsbridge, Dublin 4 Tel: 01 667 7280 Email: maldublin@kln.gov.my Web: www.kln.gov.my/perwakilan/dublin H.E. Mr Dato’ Ramli Naam Ambassador Extraordinary and Plenipotentiary EMBASSY OF MONGOLIA 7 Kensington Court, London W8 5DL Tel: 004420 7937 0150 Email: office@embassyofmongolia.co.uk Web: www.embassyofmongolia.co.uk Awaiting appointment of new Ambassador EMBASSY OF THE REPUBLIC OF THE UNION OF MYANMAR (pending accreditation) 19A Charles Street W1J 5DX Tel: 004420 7499 4340 Email: melondon@btconnect.com Web: www.myanmarembassyuk.co.uk H.E. Mr Kyaw Myo Htut, Ambassador Extraordinary & Plenipotentiary EMBASSY OF THE REPUBLIC OF THE PHILIPPINES 6-8 Suffolk Street SW1Y 4HG Tel: 004420 7451 1780 Email: embassy@philemb.co.uk Web: philembassy-uk.org H.E. Mr Enrique Manalo Ambassador Extraordinary & Plenipotentiary and Permanent Representative to the IMO EMBASSY OF THE REPUBLIC OF SINGAPORE 9 Wilton Crescent, Belgravia, London SW1X 8SP Tel: 004420 7235 8315 Email: Singhc_lon@sgmfa.gov.sg Web: www.mfa.gov.sg/london H.E. Mr T Jasudasen, Ambassador Extraordinary and Plenipotentiary THE ROYAL THAI EMBASSY 29-30 Queen’s Gate, London SW7 5JB Tel: 004420 7589 2944 Email: Thaiduto@btinternet.com Web: www.thaiembassyuk.org.uk H.E. Mr Kitti Wasinondh, Ambassador Extraordinary and Plenipotentiary EMBASSY OF THE SOCIALIST REPUBLIC OF VIETNAM 12-14 Victoria Road, London W8 5RD Tel: 004420 7937 1912 Email: vanphong@vietnamembassy.org.uk Web: www.vietnamembassy.org.uk H.E. Mr Vu Quang Minh, Ambassador Extraordinary and Plenipotentiary

IRELAND’S DIPLOMATIC REPRESENTATION IN ASIA DIPLOMATIC REPRESENTATION FOR BRUNEI is handled by the embassy in Singapore DIPLOMATIC REPRESENTATION FOR CAMBODIA is handled by the embassy in Vietnam (Hanoi) DIPLOMATIC AND CONSULAR INFORMATION FOR CHINA Embassy of Ireland, 3 Ri Tan Dong lu, Chaoyang District, Beijing 100600.

Tel: + 86 - 10 - 6532 - 2691/2914 Email: beijing@dfa.ie Web: www.embassyofireland.cn Ambassador: H.E.Declan Kelleher CONSULATE GENERAL OF IRELAND Consulate General of Ireland Shanghai, Suite 700A, Shanghai Centre, 1376 Nanjing Road West, 200040 Shanghai, China Tel: 00 86 21 6279 8729 Web: www.irishconsulateshanghai.cn Consul General: Austin Gormley HONORARY CONSUL Honorary Consul of Ireland, Suite 1408, Two Pacific Place, 88 Queensway, Hong Kong Tel: +852 2527 4897 Email: info@consulateofireland.hk Web: www.consulateofireland.hk Honorary Consul: Mr Harry Eugene O'Neill DIPLOMATIC AND CONSULAR INFORMATION FOR INDIA Embassy of Ireland, C17 Malcha Marg, Chanyakapuri, New Delhi 110021 Tel: +91-11-49403200 Web: www.embassyofireland.in Ambassador: H.E.Feilim McLaughlin DIPLOMATIC AND CONSULAR INFORMATION FOR INDONESIA Honorary Consulate of Ireland, Jakarta Stock Exchange Building, Tower I, 12th Floor, Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190, Indonesia Tel: + 6221 515 1977 Email: irelandhonconsul.indonesia@gmail.com Honorary Consul: Mr Anangga W. Roosdiono DIPLOMATIC AND CONSULAR INFORMATION FOR JAPAN Embassy of Ireland, Ireland House 5F, 2-10-7 Kojimachi, Chiyoda-Ku, Tokyo 102-0083 Tel: +81-3-32-63-06-95 Web: www.embassyofireland.jp Ambassador: H.E. John Neary DIPLOMATIC AND CONSULAR INFORMATION FOR KOREA Embassy of Ireland, 13F. Leema Building, 146-1 Soosong-dong, Chongro-gu Seoul, Korea 110-140 Tel: +82-2-774-6455 Web: www.embassyofireland.or.kr

Ambassador: H.E. Eamonn McKee DIPLOMATIC REPRESENTATION FOR LAOS is handled by the embassy in Vietnam (Hanoi) DIPLOMATIC AND CONSULAR INFORMATION FOR MALAYSIA Embassy of Ireland, The Amp Walk, 218 Jalan Ampang, 50450 Kuala Lumpur Tel: +60-3-2161-2963 Web: www.embassyofireland.my Ambassador: H.E. Declan Kelly DIPLOMATIC REPRESENTATION FOR MONGOLIA is handled by the embassy in China (Beijing) DIPLOMATIC REPRESENTATION FOR PHILIPPINES is handled by the embassy in Singapore Honorary Consul General, 3/F Max'x building, 70 Jupiter St, Bel Air 1, Makati City 1209, Metro Manila Tel: 00 63 2 896 4668 Email: irishcon@pldtdsl.net Honorary Consul General: Noreen Trota DIPLOMATIC REPRESENTATION FOR MYANMAR is handled by the embassy in Vietnam (Hanoi) DIPLOMATIC AND CONSULAR INFORMATION FOR SINGAPORE Embassy of Ireland, Ireland House, 541 Orchard Road, Liat Towers, 8th Floor, Singapore 238881 Tel: +65 6238 7616 Web: www.embassyofireland.sg Ambassador: H.E Joseph Hayes DIPLOMATIC REPRESENTATION FOR THAILAND is handled by the embassy in Malaysia (Kuala Lumpur) Honorary Consul of Ireland, Thaniya Building, 4th Floor, Room 407, 62, Silom Road, Bangrak, Bangkok 10500, Thailand Tel: +66 2 632 6720 Email: info@irelandinthailand.com Web: www.irelandinthailand.com Honorary Consul: Peter Gary Biesty DIPLOMATIC AND CONSULAR INFORMATION FOR VIETNAM Embassy Address: Embassy of Ireland, 2nd Floor, Sentinel Place, 41A Ly To, Hoan Kiem District, Hanoi, Vietnam Tel: + 84 4 3974 3291 Web: www.embassyofireland.vn Ambassador: H.E. Damien Cole

Ireland Asia Business Yearbook 2013 65

BILATERAL BUSINESS ASSOCIATIONS BILATERAL BUSINESS ASSOCIATIONS AND EU REPRESENTATION IN IRELAND IN ASIA

IN IRELAND

IRISH NETWORK CHINA IN BEIJING http://www.irishnetworkchina.com IRELAND CHINA CHAMBER OF COMMERCE IN SHANGHAI http://irishchamberchina.com IRISH CHAMBER OF COMMERCE IN HONG KONG http://www.irishchamber.hk IRISH CHAMBER OF COMMERCE OF MACAU http://irishchambermacau.com MALAYSIAN IRISH BUSINESS NETWORK http://www.mibn.com.my IRISH CHAMBER OF COMMERCE IN SINGAPORE http://www.irishchamber.com.sg IRELAND JAPAN CHAMBER OF COMMERCE http://www.ijcc.jp ASIA IRELAND CHAMBER OF COMMERCE IN KOREA http://www.aicck.org ST PATRICK’S SOCIETY OF VIETNAM http://www.irevietnam.com IRISH THAI CHAMBER OF COMMERCE http://www.irishthaicc.com

IRELAND JAPAN ASSOCIATION http://www.ija.ie IRELAND CHINA ASSOCIATION http://www.irelandchina.org IRELAND INDIA BUSINESS ASSOCIATION http://www.iiba.ie IRELAND HONG KONG BUSINESS FORUM http://ihkbf.com IRELAND MALAYSIA ASSOCIATION http://www.irelandmalaysia.com

EU REPRESENTATION IN IRELAND EUROPEAN COMMISSION REPRESENTATION IN IRELAND www.euireland.ie EUROPEAN PARLIAMENT OFFICE IN IRELAND www.europarl.ie

ATOMIC SPECIALISTS IN BRANDING AND COMMUNICATIONS FOR BUSINESS TO BUSINESS AND ASIAN MARKETS. Contact: niall@atomic.ie

T: +353 (0)1 407 0700 W: www.atomic.ie

66 Ireland Asia Business Yearbook 2013

Robert O’Shea Partner

Head of International Business Group

The first rule of success Surround yourself with the best

Client Choice 2013 award, International Law Office One of Europe’s most innovative law firms, Financial Times Innovative Lawyers Report 2012

Dublin

London

New York

Palo Alto

The success of any law firm can be measured by the quality of its people and its clients. We have the best of both.

Robert O’Shea leads a team of corporate lawyers who advise international companies on cross-border transactions and the establishment of business operations in Ireland.

Matheson. The law firm of choice for international companies and financial institutions doing business in and through Ireland.

Contact Robert at robert.oshea@matheson.com or your usual contact at Matheson.

www.matheson.com

Tokyo

Seoul

Beijing

Osaka

Fukuoka

Shanghai

Chengdu

Wuhan Hangzhou Xiamen

Delhi

Guangzhou

Taipei

Hong Kong Mumbai Manila Bangkok Bangalore Ho-Chi-Minh Kuala Lumpur

Singapore via Paris via Amsterdam

Jakarta

via Paris or Amsterdam

Denpasar

The keys to succeed in business travel to Asia # Expand your options AIR FRANCE, KLM and partners offer 12 daily flights from Dublin and Cork to hubs in Paris and Amsterdam.

From these two modern hubs, you can enjoy seamless connections to over 20 Asian destinations.

# Optimize your time With convenient frequent services from Dublin and Cork, AIR FRANCE and KLM provide you with excellent opportunities to minimise connection time whilst making the most at your final destination.

# Arrive ready For a successful business trip, it is important to arrive rested and ready to work. For trips to Asia, our aim is to minimise travel time and jet lag.

For more information, please contact your Travel Agent.

All information correct at time of printing. Subject to changes. Destinations via Paris and Amsterdam by AIR FRANCE, KLM and partners. Flights from Cork to Amsterdam and from Dublin to Amsterdam are operated

by Aer Lingus. Even more destinations with AIR FRANCE KLM partner, China Southern, such as Fuzhou, Nanjing and Shenyang.