Ireland wishes for closer links with China on finance
Ireland envisioned tighter links with Chinese financial institutions as an alternative gateway to European market after the Brexit, the Irish financial minister said.
Some companies will have difficulties passporting to the EU after the Britain leaves the union in 2019, and Ireland can serve the demand with the country’s financial strength in banking, asset management, insurance, fintech, and aviation areas, said Michael D’Arcy, Minister of State at the Department of Finance and Public Expenditure and Reform.
Bank of America has moved its EU headquarters to Dublin, while Barclays and some Lloyd’s of London insurers made similar decision in July last year.
The country takes up nearly half of the world’s aviation leasing business and is a center in EU on par with Luxembourg for fund management due to preferential tax regime and strong talent.
The minister said talks are being held with Chinese banks and fund managers for potential business opportunities in Ireland.
Latest available data showed China’s trade with Ireland doubled rose 14 percent year-on-year in 2016 to US$8.1 billion, and China’s foreign direct investment in Ireland jumped more than 50 percent to reach US$2 billion in 2016, making China the fourth largest source of FDI for Ireland.