SmartWorking around the World- Enterprise Ireland’s trade mission to China

What’s happening?

A six-day trade mission began on the 31st October 2018 as 45 of Enterprise Ireland’s clients travelled to China to highlight the innovative trade and investment links between the two countries. The mission aimed to raise Ireland’s profile on the mainland as well as Hong Kong, through two important events: Hong Kong Fintech Week and the China International Import Expo (CIIE) in Shanghai.

What is the main mission?

The aim is to diversify Irish firms into the Chinese market, particularly in light of the potential implications of Brexit on our imports and exports in the event of a hard border. Our future with Britain is uncertain so we need to increase our open trade links to the global sphere. It is reported that Enterprise Ireland’s client exports to the Asia Pacific region grew by 9pc to €1.97bn in 2017 and exports to Greater China specifically grew by 9.7pc to record levels of €1.03bn. China now accounts for a massive 52pc of client exports to the Asia Pacific region.

Building on this strong foundation, Enterprise Ireland aims to grow exports to Greater China by 40pc by 2020, and increase exports to the Asia Pacific region by more than 50pc to €3bn in the same timeframe. CEO of Enterprise Ireland, Julie Sinnamon, said that

“China and the wider Asia Pacific region present an increasingly strong growth opportunity for Irish companies, adding that the trade mission is a key step in reaching the ambitious export growth targets for 2020.”

On the back of the trade mission, Irish Breeze, Reagecon, Solvotrin Therapeutics and Novaerus have agreed sales deals with Chinese partners at the inaugural China International Import Exhibition. These include:

• Irish Breeze’s deal with JD.com which has potential for sales of €25m over five years for the company’s Water Wipes product.
• Reagecon Diagnostics which have agreed a distribution agreement with Beijing Thorigin that could amount to €10m over five years.
• Solvotrin Therapeutics has inked a distribution deal with Shanghai Fosun Pharmaceutical for Active Iron that has potential for €15m in sales over the next three years.
• Novaerus, an air disinfection specialist has secured a deal with  Hangzhou Door Import & Export that calls for up to €760,000 product purchasing over three-year period.

Speaking in light of these announcements, Minister Humphries commented,

“The deals we’ve seen formalised today by Global Shares, Know Your Customer and CurrencyFair at Hong Kong Fintech Week demonstrate how much value Irish fintech companies can deliver to partners worldwide. It’s heartening to see recognition from companies the world over for the Irish fintech advantage.”

How do these trade deals impact on you, your business and employees?

In terms of business innovation, an open trade relationship with China and Hong Kong offers a range of opportunities to Irish start ups, SME’s and entrepreneurs to grow and prosper on a global scale. It gives Ireland a chance to showcase its skills and quality product. International trade inevitably provides a foundation for international growth, improves financial performance and encourages market competitiveness.

Sourcing talent

In addition, these open links will require employees and specific talent to be able to work and communicate across the border. As a business owner, you may need employees to monitor interrelations between companies. With todays level of technological infrastructure, this is possible. By sourcing talent via matching platforms such as Abodoo, business owners can access large talent pools both at home and abroad. Positions that arise on the back of these trade agreements should not be determined by geographic location. Employees should, for the most part, be able to choose where they work from which in turn cuts costs for employers. We believe in harnessing geographic flexibility in order to attract, retain and grow talent.

Are you a business owner #GoingGlobal? Are you finding it hard to source talent abroad? We have a solution for you.

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