The Ireland Asia Business Yearbook 2015

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2015

CMY

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IAYB COVERS.indd 1 Cover.indd 1 18/05/201518/05/2015 18:15 18:17 ASIA BUSINESS WEEK IRELAND ACCESS ASIA BUSINESS OPPORTUNITIES 8-14 JULY DUBLIN | CORK

SPEAKERS INCLUDE

Mr. Markus Beyrer Mr. Haruki Hayashi Mr. Phil Hogan Mr. Sang Woo Kim Director General of Business Europe Managing Director, Mitsubishi European Commissioner for President of Corporate Affairs Europe, International Corporation (Europe) Plc. Agriculture & Rural Development Samsung

Mr. Colin Ellis Ms. Jan O’Sullivan TD Mr. Zhang Feng Mr. Danny McCoy Chief Credit Officer, Minister for Education and Skills Director, Institute of Food Safety at Chinese Chief Executive, Moody's Investor’s Services Academy of Inspection & Quarantine Ibec

DUBLIN EVENTS Ireland China Asia Ireland Education Asia Ireland Financial Business Summit & Global Talent Forum Services Forum 8 JULY 2015 9 JULY 2015 9 JULY 2015

Asia Matters Economic Seventh EU Asia Top Asia Fashion Innovation Award Dinner Economist Round Table Showcase 9 JULY 2015 10 JULY 2015 11 JULY 2015

CORK EVENTS Cork China Asia Ireland Food & Business Summit Agritech Forum 13 JULY 2015 14 JULY 2015

IN COOPERATION WITH

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Cover.indd 2 19/05/2015 17:57 The Ireland Asia Business Yearbook is published by Asia Matters in association with Business and Leadership Ltd CONTENTS ©Asia Matters

Executive director: Martin Murray [email protected] Director for marketing and communications: Stephanie FitzGerald-Smith [email protected] www.asiamatters.eu +353 1 9065333

4 FOREWORD COUNTRY PROFILES By the Prime Minister of Ireland, An Taoiseach Enda Kenny 40 Minister for Foreign Affairs Charlie Flanagan outlines importance of Managing director: Sam Hobbs 6 INTRODUCTION Ireland’s relationship with Asia [email protected] Chairman of Asia Matters Alan Dukes 42 China +353 1 6251425 outlines key developments 46 Japan 50 Indonesia www.businessandleadership.com 8 PRESIDENTIAL VISIT Editor: Sorcha Corcoran 54 India State visit of President Michael D 58 Korea Production editor: Karina Corbett Higgins to China 62 Philippines Designer: Keith Wealleans 66 Singapore SECTOR PROFILES 70 Malaysia Asia Matters is an economic institute based in Dublin dedicated to 72 Vietnam developing Ireland-Asia and EU-Asia business partnership. It is an 10 FOOD AND DRINK 76 Thailand independent, not-for-profit organisation with a strong educational remit Minister for Agriculture Simon 79 Laos 80 Myanmar delivered through business briefings, conferences, policy research, social Coveney on the lifting of the EU milk 81 Brunei media and publications. The chairman of Asia Matters is Alan Dukes, quota and Ireland’s agri-food strategy the former Irish Minister for Finance, and the executive director, Martin 82 Mongolia 84 Cambodia Murray is Honorary Consul of the Republic of Indonesia in Ireland. 18 EDUCATION VIEW FROM DUBLIN Within Ireland, Asia Matters provides thought leadership, market Minister for Education Jan O’ Sullivan insights and business connectivity through networking events such as discusses how partnership links are 86 Capital connections with Beijing, the annual ‘Asia Business Week Ireland’ summit and publications such being strengthened between Ireland Hong Kong and China and Asia as the annual ‘Ireland Asia Business Yearbook’, the book of reference CORK for bilateral trade relations. Asia Matters works collectively with and 26 ICT 90 Partnership with China: Shanghai complimentarily to Irish Government departments, diplomatic missions, and Jiangsu agencies and business organisations for the greater good. It engages Minister for Jobs, Enterprise and at a conceptual, operational and multilateral level to create a greater Innovation Richard Bruton updates on 92 FASHION circle of understanding and connectivity between senior Irish, EU and growth in Asia for Irish ICT product Irish designers gaining recognition in Asia Asian business and government opinion leaders. Through this networked and service providers community, Asia Matters builds dynamic links and connects people to 96 CULTURE markets and business partnership opportunities. 31 TOURISM Cultural connections building deeper Minister for Tourism Paschal Donohoe understanding Within Asia, Asia Matters hosts the EU Asia Top Economist Round Table outlines how Ireland’s tourism 98 PARTNERSHIP WITH strategy impacts on Asian markets (TERT) series in association with key stakeholders on the ground. In JAPAN 2014, the TERT series took place in Tokyo and Beijing. In 2015 the 34 FINANCE Executive director of Asia Matters Eighth EU Asia TERT will be held in Tokyo and in 2016, TERT will expand Martin Murray updates on EU Japan Aviation finance has taken off in to ASEAN. Asia Matters strongly believes in Irish engagement with Asia EPA Negotiations and TERT within an EU context. Ireland

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 70,000 business users each month.

Ireland Asia Business Yearbook 2015 3

IAYB_page02-03_contents.indd 3 20/05/2015 14:13 FOREWORD Cork Institute of Technology (CIT) is a leading higher education institution based in Cork City on the south coast of Ireland.

Cork, one of Ireland’s major cities, is noted as a CONSISTENT centre of entrepreneurship, business development and employment generation. Many international investors have established signiﬁcant locations in Cork, resulting in the creation of specialist clusters in the life sciences, information technology, and engagement agri-food sectors.

ED EDUCAT CUS ION FO ORLD INN U R- L-W OVA LE EE EA TI A WITH its vast population and power as a driver of global economic growth, Asia is R R O D A N IN home to increasingly influential global actors. It retains its status as an important C G One of the largest providers priority for the Irish Government, and we remain committed to expanding and -E of Engineering Programmes D in Ireland countries. G E One of the largest providers R E of Professional Accountancy S Programmes in Ireland E High level visits and meetings help to deepen government-to-government A Cultural City with safe R and friendly environment programme of engagement. Important high level visits and trade missions C H for students promotion meetings and events in five cities Ð and education-focused trade missions to both China and India. Home of Ireland’s leading I am delighted that China recently lifted its ban on beef imports from Ireland. campus incubation centre “The Rubicon” producers. In December, President Michael D Higgins, accompanied by Minister for Leading-Edge Research Finance Michael Noonan and Minister for Foreign Affairs and Trade Charlie engagements with Asian partners, including Prime Minister of Vietnam Nguyen CIT boasts a population of over 14,000 students which continues to grow year on year. The Institute offers a wide range of ﬂexible higher education programmes from Bachelor to PhD level in the following disciplines: development of deep and lasting relationships. The Government and its agencies Business & Humanities / Engineering / Science & Computing / Art & Design / Music / Maritime Studies

For further information With students enrolled from over 125 different countries, CIT’s excellence in higher education is recognised worldwide. CIT offers International Ofﬁce CIT a safe and welcoming environment to international students in addition to providing excellent educational qualiﬁcations and the tel 00353-214335453 availability of an entrepreneurial environmental. International email [email protected] students are attracted by CIT’s innovation ecosystem and its ability www.cit.ie/international to develop graduates who are capable of making an immediate impact in industry and business. 4 Ireland Asia Business Yearbook 2015 © Asia Matters

Cork Institute of Technology (CIT) is a leading higher education institution based in Cork City on the south coast of Ireland.

Cork, one of Ireland’s major cities, is noted as a centre of entrepreneurship, business development and employment generation. Many international investors have established signiﬁcant locations in Cork, resulting in the creation of specialist clusters in the life sciences, information technology, and agri-food sectors.

ED EDUCAT CUS ION FO ORLD INN U R- L-W OV LE E EA AT A RE R IO D A N IN C G One of the largest providers -E of Engineering Programmes D in Ireland G E One of the largest providers R E of Professional Accountancy S Programmes in Ireland E A Cultural City with safe R and friendly environment C

H for students

Home of Ireland’s leading campus incubation centre “The Rubicon”

Leading-Edge Research

CIT boasts a population of over 14,000 students which continues to grow year on year. The Institute offers a wide range of ﬂexible higher education programmes from Bachelor to PhD level in the following disciplines: Business & Humanities / Engineering / Science & Computing / Art & Design / Music / Maritime Studies

IAYB_page04-05_foreward.indd 5 18/05/2015 17:20 INTRODUCTION ENGAGEMENT at every level Alan Dukes, chairman, Asia Matters outlines key developments for the institute over the past year and ambitious plans for the future

ASIA MATTERS was established in early 2012 and has built global peers producing valuable work and, through social media a networked community of senior government and business channels, has shared over three thousand commentaries, stakeholders in Ireland, the EU and in Asia. economic updates and market insights on Asia. Through its role as an institute dedicated to developing 2014 was a pivotal year for the work of the institute. Asia Ireland-Asia and EU-Asia business relations, Asia Matters works in close partnership with Irish, EU and Asian governments and agencies. Asia engagement and maps opportunities for future trade and As Ireland develops partnership engagement in Asia, Asia investment. This report outlines the need to: Matters works with Irish diplomatic missions and business ¥ development agencies to raise awareness of the vast targeted sectors in key Asian markets opportunities in key Asian markets. ¥ focus our market engagement in five sectors where Ireland Asia Matters, as an educational think tank, delivers cross has competitive advantage: food and agri-tech; education cultural and business learning for key stakeholders through and skills; tourism; information and communications briefings, conferences and policy research. Asia Matters has technology; and international financial services organised some 50 briefings, over 20 conferences and three ¥ Ireland Asia Business Yearbooks. and expand the role of existing Ireland-based multinational In addition, Asia Matters has ongoing engagement with corporations to take on Asia responsibilities

HE Yu Hongjun, vice president of the Chinese People’s Association for Peace and Disarmament delivering keynote address at the Sixth EU Asia Top Economist Round Table in Beijing in November 2014, with Xiang Bing, dean, Cheung Kong Graduate Business School (CKGSB) and HE Hans Dieter Schweisgut, Ambassador of the European Union to China

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Asia Matters has now completed six successful TERTs, establishing Ireland as a key player in EU Asia trade relations. In 2015, Asia Matters continues its ambitious plans to drive Cork. Taking place from 8-14 July, the events will focus on higher education and global talent (Dublin) and food and agri-tech (Cork) - both key growth sectors where Ireland has global best- in-class expertise to work with Asian partners. Key China events in Dublin and Cork will feature, along with the Seventh EU Asia Top Economist Round Table, a special Naoko Saiki, director general, Economic Affairs Bureau, Ministry of Foreign Affairs; Martin Murray, executive Design 2015. director, Asia Matters and Prof Susumu Yamauchi, president, The Asia Matters team visited 13 cities in Asia in the first Hitotsubashi University at the Fifth EU Asia Top Economist quarter of 2015, working closely with the Irish Ambassadors on Round Table in Tokyo in November 2014 the ground. The programme of visits gave us the opportunity to support the new Irish missions in Bangkok, Jakarta and Hong ¥ comprehensively update the Irish national Asia Trade Kong, and learn directly of their key role on the ground as focal Strategy through collective stakeholder engagement to points for inward/outward trade visits and as centres for local maximise the potential of key relations ¥ build Asia competencies through educational programmes and graduate placements. Asia Matters, in partnership with Dublin City authorities and the higher education sector, organised Asia Business Week Dublin in June 2014, bringing high-level business and government visitors from China, India, Indonesia, Japan and Vietnam together with key Irish stakeholders to develop business partnership opportunities. At EU Asia level, Asia Matters took its signature EU Asia Top Economist Round Table (TERT) series to Beijing for the Philippe Avril,CEO,BNP Paribas Securities (Japan) Limited first time and ran its second in the series in Tokyo. The events and (r) Alan Dukes, Chairman Asia Matters enjoying Q & A reached an audience of over 500 delegates and featured CEO- engagement with Toshiyuki Shiga, Vice Chairman, Nissan level speakers from top companies such as Airbus, Nokia, Motor Co. Ltd. at the Fifth EU Asia Top Economist Round Table in Tokyo in November 2014 Philips. Irish business communities. The visits also provided the opportunity to plan Asia Matters 2015 hosted by the prestigious Keio University as well as an engagement with ASEAN in 2016. In 2015/2016, Asia will continue to drive global growth. The Asian Infrastructure Investment Bank (AIIB) has won support from a number of major European and BRIC powers with 57 Asia Matters strongly advocates Irish membership. In Japan, the impact of the Abenomics reform agenda continues to progress. The EU Ð Japan Economic Partnership Agreement can meet its 2015 deadline whilst combining the tight timescale with real substance. A further major 2015 development is the ASEAN Economic Lawrence Barron, chairman, Airbus Group China, Markus Borchert, president, Greater China Region, Nokia, and David Wu, government and regulatory affairs leader, Beijing Office, chairmanship. Significantly, the EU and ASEAN have PwC China at the Sixth EU Asia Top Economist Round Table in Beijing in November 2014 planned for late 2015.

IAYB_page06-07_intro.indd 7 19/05/2015 17:59 PRESIDENTIAL STATE VISIT REINFORCING diplomatic relations President Michael D Higgins’ all-encompassing visit to China in 2014 represented the first visit by an Irish head of State since 2003

IN December 2014, President Michael D Higgins embarked on great cultural importance in China. a State visit to China to deepen the political, cultural, business, scientific and educational relationships between Ireland and China. With a population of 1.35 billion people and a GDP of over sector, and the Irish Chamber of Commerce in Shanghai, a strength to strength and the State visit to China further fields of culture, food promotion, education, trade and science. reinforced diplomatic relations, resulting in a return visit to President Higgins a warm Irish welcome to China. During his Beijing visit, President Higgins and his wife Sabina starting in Beijing, the diplomatic capital, then to Shanghai, Hall as well as a state dinner, hosted in their honour, at the Great Hall of the People.

A warm welcome Official talks were held with President Xi Jinping in the Great Hall of the People in Beijing. Upon arrival, he was met with full a return visit. Ð what China can learn from Ireland about sustainable food President Xi Jinping and President Michael D Higgins

8 Ireland Asia Business Yearbook 2015 © Asia Matters

PRESIDENTIAL STATE VISIT diplomatic relations

President Michael D Higgins with CEO of Alibaba, Jack Ma

Keqiang was accompanied by an Taoiseach Enda Kenny, and visiting Ireland every year, and there are hopes that the new Minister for Agriculture Simon Coveney to a family farm in Co British-Irish Visa Scheme will boost these numbers further. Mayo, before bilateral talks were held at Ashford Castle. President Higgins then traveled south of Shanghai, to Whilst in China, President Higgins witnessed the signing of a Hangzhou, an important cultural capital in China. There he number of memoranda of understanding, including one between Ireland and China to support closer people-to-people relationships, through city twinning, joint research between Michael Noonan, Minister for Finance, and Gary Fallon, director, Irish and Chinese universities, and cooperation in science, Greater China at Enterprise Ireland. technology, and entrepreneurship. Under this agreement, exchanges between educational great place to do business, its good track record of attracting institutions will be encouraged. Currently, there are ten twinning foreign direct investment and rich start-up environment and how arrangements in place between cities and regions in Ireland multinationals such as Facebook and Google are headquartered and China. These include Cork-Shanghai, Beijing-Dublin, Cork in Ireland. Minister Noonan extended an invite for Ma to come County-Jiangsu, Galway-Qingdao, Meath-Guizhou and Belfast- to Ireland. Hefei, with a prospective twinning between Clare County and During their bilateral meetings in Beijing, President Xi said he Yunnan on the horizon. recalled with fondness his previous trip to Ireland. He said he During the State visit, Minister Flanagan met with Foreign was glad that since that visit bilateral relations between the two Minister of China Wang Yi. They discussed the strong countries had gone to the next level in many areas, including relationship between Ireland and China; common approaches trade and other areas of cooperation. to tackling global issues; and how to effectively increase trade “Next year will mark 35 years since the establishment of between the two countries Ð which currently stands at ¤8bn a bilateral relations between China and Ireland. I hope this will be year. the starting point in taking relations to a new level,” he said. This is the first State visit by the President of Ireland to China Strengthening relations since Mary McAlease visited in 2003. It follows the visits by then In 2014, the value of exports to Asia jumped 45pc to reach vice president Xi Jinping to Ireland and by An Taoiseach Enda ¤850m overall. Irish food and drink exports to China were up Kenny to China, in 2012. Whilst in China, An Taoiseach signed a Strategic Partnership market, second only to the UK, and will likely soon become our for Mutually Beneficial Cooperation with the then Premier Wen second-largest market for food. Jiabao. The partnership provides a clear framework for closer Li Keqiang in the Great Hall of the People and addressed engagement and cooperation in key areas of interest to Ireland, the Chinese media at a promotional event hosted by Tourism such as science and innovation, culture, education exchange, Ireland. trade and investment, and agriculture and food. This type of Around 5,000 Chinese students currently study across Ireland agreement is particularly important in the Chinese political, at third level institutions, with almost 40,000 Chinese tourists administrative and business system.

IAYB_page08-09_statevisit.indd 9 19/05/2015 18:04 SECTOR PROFILE: FOOD AND DRINK

Mission being accomplished Recent developments in dairy and beef further highlight the massive potential that exists for Irish food and drink exports in Asia. Sorcha Corcoran reports

THE abolition of EU milk quotas in April 2015 represents the billion litres at the start of the decade.” In 2014, Ireland exported dairy produce across a range of in a generation, meaning production can be focused to market commodities and other value-added offerings to around 130 requirements in existing but primarily new markets such as Asia, nations worldwide to a value of over €3bn. the Middle East and Africa. Minister Coveney says the focus will continue towards meeting “Until now, production had been artificially shackled in an effort the increasing demand for safe, sustainable and high quality dairy to support EU prices. Over time world prices and EU prices have products in emerging markets across Asia, Africa and the Middle showed evidence of convergence in dairy products,” explains East as well as elsewhere. Minister for Agriculture Simon Coveney. He notes that Irish dairy has already made “great strides” in the “Quota abolition will be of benefit to all stakeholders in the Chinese and wider Asian market, particularly recently. supply chain and all elements therein have been planning for “Supported by Government, the Irish dairy sector has this for some time. Ireland expects to increase milk production to succeeded in positioning itself as a major international player. We around 7.5 billion litres by 2020, from an estimated base of five have seen several industry announcements in relation to supply

10 Ireland Asia Business Yearbook 2015 © Asia Matters

IAYB_page10-11_food.indd 10 20/05/2015 11:55 SECTOR PROFILE: FOOD AND DRINK

arrangements between Irish companies and Chinese partners and inspection and quarantine] agreed at that time to send a veterinary the development of value added products which can maximise the value of our dairy output. “This inspection followed last December and the Irish food safety “The Irish dairy sector received a huge boost during my trade controls were passed without any issue. This resulted in the very mission to China last November with the official launch of the welcome announcement recently by the Chinese authorities of the lifting of the ban on Irish beef.” Increasing demand for beef in China will be driven by which will involve the selling of infant formula produced in Ireland for the Chinese market (see page 14). Chinese diet. “I hope this example will lead to further co-operation and joint ventures between Irish and Chinese food companies.” inhabitants living in urban areas forecast to grow to as much as mission led by Minister Coveney. Aside from the dairy products ambitious plans to change. The second phase of urbanisation is reach one billion. Eleven Irish seafood companies participated in the largest ever Minister Coveney says there is market potential in China not for traceable manufacturing beef for the expanding fast food sector. One of the most significant breakthroughs during the trade “The lifting of the ban will pave the way for Irish operators to get a share of that market. It is also critically important from a access to the Chinese market. reputational point of view that Irish food safety control systems “My Chinese agriculture counterpart Minister Han Changfu have come through the intensive scrutiny of Chinese inspection and his colleague Minister Shi Zhuping [who is responsible for authorities with flying colours.”

Asia and the Irish agri-food sector Irish agri-food exports to Asia amounted to € contributing € merchandise exports. China (including Hong Kong) is by far the largest market accounting for € employment and makes a particularly significant contribution to employment in rural areas. ingredients including infant formula (€ by 4pc to reach €€ (€€67m) and fish (€47m). The main driver behind these figures is the Chinese and Minister. “I expect that the reaching € issue its report by products in Asia are Japan (€€ the summer of this Vietnam (€ year and in view of the importance of formation of an industry-led committee to formulate a strategic plan for the development of the Irish agri-food sector over the increasing exports to Asia is likely to be a particular focus of the strategy.” Minister for Agriculture Simon Coveney and Minister Zhi Shuping

SECTOR PROFILE: FOOD AND DRINK

Meeting global demand Glanbia Ingredients Ireland’s new infant formula facility in Co Kilkenny is expected to further boost Irish food and drink exports to Asia

A MAJOR new development for Irish food and drink exports to Asia happened in March 2015 when Glanbia Ingredients Ireland (GII) more than 50 countries. officially opened its €235m infant formula facility at Belview, Co It is a division of the wider global performance and ingredients Kilkenny. group Glanbia headquartered in Co Kilkenny, which has more The Belview plant will allow for the manufacture of specialised than €3.5bn in annual revenues and employs 5,815 worldwide milk powder products and nutritional ingredients to meet the (see panel on page 13). demands of multinationals in infant formula and other industries With support from the Department of Jobs, Enterprise and operating in Asia, the Middle East, Africa and Central America. of over €235m in Belview represents the largest indigenous not possible to determine the exact volume going into specific infrastructure investment made by an Irish company in 80 years - in preparation for the generational opportunity offered by the products that will be supplied by Belview. removal of EU milk quotas on 1 April 2015. Currently, GII processes 1.8 billion litres of milk or 30pc of The facility will create 1,600 direct and indirect jobs while

Glanbia Ingredients Ireland in Belview, Co Kilkenny

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IAYB_page12-15_food.indd 12 20/05/2015 11:55 XX profile

contributing an estimated €400m a year to the Irish economy. cognitive development and brain health.” CEO of GII Jim Bergin said at the opening ceremony that it He notes that there is strong growth in China and Southeast represented the culmination of a long journey “from local vision to Asian markets for “super-premium” infant formulas, particularly the realisation of the global opportunity presented by the removal supporting cognition and immunity benefits. of EU daily quotas”. “There is strong scientific evidence that milk fractions Ð whether “This state-of-the-art facility is primed to meet the global from whey, skim milk or milk fat Ð support these functional demand for the highest quality, sustainably manufactured, benefits. Companies such as GII, which have the expertise to nutritional ingredients,” he noted. manufacture infant formula grade quality powders, are able to give significant advantage to manufacturers enabling them to dry blend milk formula. With the capacity enabled here at Belview, working a proportion of the milk solids as opposed to relying solely on processing directly from milk,” he says. Last December, GII opened a newly built milk protein facility 63pc over the next five years.” on its existing site in Virginia, Co Cavan, where it employs 100 EU Agriculture Commissioner Phil Hogan pointed out at the people, which also has implications in terms of exports to Asia. opening that since the Glanbia Group started to scope out this Over € project four years ago New Zealand has grown its milk pool by milk protein unit, which will more than double current milk protein capacity from 4,000 to 10,000 tonnes. output. The expansion is specifically designed to meet the exacting “In the past four years the changes have been dramatic and technical standards of the clinical and lifestyle nutrition market, a Europe has had to stand on the sidelines while world trade in dairy business, which is growing worldwide and predicted to expand by has grown from 53 billion litres to 65 billion litres,” he said. double digits over the next 10 years. “Each year until 2030 at least 150 million people will be entering “The milk proteins produced in Cavan have applications across clinical and sports nutrition as well as yoghurt Ð all growth sectors into a middle income bracket. In China alone, demand for dairy is in Asia currently,” says Whelan. set to grow by 43pc by 2019. Ballyragget, Co Kilkenny, Wexford town and Virginia, Co Cavan are seen and will continue to be seen as world-class in terms of hi-tech and high value-added.” focus is very much on nutritional markets. “We have developed expertise in the manufacture of enriched milk powders (fat-filled milk powders) over the past 40 years which are used in dairy nutrition in emerging markets in Southeast Asia. Our advanced milk proteins and infant formula grade base powders are a focus for China in particular in both infant formula and adult nutrition sectors. “Our strategy going forward is to focus on the provision of quality ingredients into value-add nutritional markets in Asia. Inside Glanbia’s facility in This includes milk proteins to target muscle retention, calcium to Belview, Co Kilkenny target bone health and phospholipid enriched powders targeting

GII Ð A KEY GROWTH DRIVER FOR GLANBIA The company said strategic investments in capital expenditure In February 2015 Glanbia reported a 6.9pc increase in revenue for and acquisitions totalled €222m, further building its two growth 2014 to €3.52bn. platforms. Earnings before interest, tax and amortisation (EBITA) for “I am pleased to announce the fifth consecutive year of double the group were up 7pc to €245m while total profit after tax was digit growth for Glanbia in 2014 with a 10.1pc increase in adjusted €161.2m, up from €145.2m in 2013. earnings per share, on a constant currency basis,” said group The company said its global performance nutrition division had managing director Siobhan Talbot. delivered strong results, including revenue growth of 13.5pc, a 120 “Our focus on two scale growth platforms, global performance basis point margin expansion and a 26pc increase in EBITA. nutrition and global ingredients, continues to drive earnings It said its global ingredients division had delivered a strong as we leverage our market leadership and sector expertise. In performance in the context of challenging dairy market dynamics performance nutrition our investment in brand growth, innovation with EBITA of €100.4m, broadly in line with the previous year. and acquisitions drove a strong performance. Our global Revenue at its dairy Ireland division was down by 5.4pc to ingredients business delivered a satisfactory overall performance €€19m. in the context of challenging dairy market dynamics in 2014.”

IAYB_page12-15_food.indd 13 20/05/2015 11:56 SECTOR PROFILE: FOOD AND DRINK Kerry made

Established in 1968, Dairymaster’s first exports were in 1990 and its entry into Japan led to other Asian markets

CO KERRY realising they must manage each cow as an individual.” started at the World Dairy Expo in the US 10 years ago where Securing the partnership with Cornes has been quite a coup for Dairymaster as it has access to the top 50 producing dairy showed an interest in its innovative technology. farms in Japan, many of which have very large rotary installations. Established in 1861 in Yokohama, Cornes is the oldest farms. range of activities and employs over 700 people there and hundreds The way the relationship works is that Cornes looks after all the day-to-day selling and servicing for Dairymaster on the ground, In Japan, where it has 16 branches across the country, agricultural machinery is one of its four main areas of business. “The Cornes representatives looked at the impact our technology was making in the US market and then wanted to see it in action on farms. Once they witnessed this they decided they Zealand and the US, followed by central Europe, Russia and then wanted to distribute it in Japan,” Dairymaster CEO and technical It employs 320 people at its Kerry headquarters where all products are assembled on site and shipped out in kit form. producing food as efficiently and economically as possible using Outside of Ireland, Dairymaster employs 15 people in its US automation, which in turn makes farms more profitable and operation and 10 in the UK. Three-quarters of production is now sustainable. One of its most recent innovations is the MooMonitor+, a “We believe there is an opportunity for our technology in all behaviour on a 24/7 basis, measuring activity, rumination, resting and feeding times Ð up to three million measurements a day. the need for sustainable food supply and the demand from these The mobile app allows two-way interaction with the system, markets is focused on a desire to make things more efficient in which removes the need to go back to the computer. When the this context,” he says. system detects sick cows it will send an immediate notification out the right partner; it is not about making a quick sale. When “This can completely revolutionise productivity on farms as the it comes to farm equipment, milking and feeding animals, it is a MooMonitor+ allows the cow to follow her natural cycle resulting in long-term purchase and we need a good support organisation on more calves and healthier cows which can perform at their peak the ground.” In China this organisation is Qingdao Sinoinox Industry Co in “Right across the world, herds are getting bigger and if farmers Shandong Province, which Dairymaster signed up as a partner want to achieve the best performance from a herd they are last year.

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20/05/2015 11:56 “We are very active in China at the moment and are gaining a foothold there, having secured orders and sales. We are installing our technology in rotary parlours in the biggest private dairy farm in China, which manages 80,000 cows. “We are finding that even in countries where cheap labour is available, farmers are looking for automation to eliminate human error and improve efficiency.” Dairymaster took a slightly different approach in South Korea. Going with local partner Kiyoung Midas about three years ago, it started by selling to smaller and more basic milking parlours than those it is targeting in China and Japan. “Farmers are happy with our product range and we are developing the market slowly,” says Harty. Elsewhere in Asia, Harty says there has been interest recently from Taiwan in the MooMonitor+ following a US trade show and the strategy now in other Asian markets is to make people aware of the level of technology Dairymaster offers. “Last year we won innovation awards at the top three agri exhibitions in the world Ð the World Dairy Expo in the US, Eurotier in Germany and the National Ploughing Championships in Ireland. Such recognition is important when we are looking at entering new Asian markets as we are observing that in many developing countries the agri-sector wants to access the best technology in Dairymaster CEO and technical director Dr Edmund Harty the world.”

IAYB_page12-15_food.indd 15 20/05/2015 11:56 Interested in dairy technology SECTOR PROFILE: FOOD AND DRINK from a leading company?

• Dairymaster milking parlours produce up to 5% more milk per • The Dairymaster MooMonitor+ is a unique device to provide milking and milks each cow up to 1 minute faster. farmers with real-time information about the health and fertility • Dairymaster milking equipment has the lowest levels of liner slip status of each cow in their herd, it integrates mobile phone in the world. technology with nanotechnology. • Dairymaster feeders help each cow maintain their best possible • Mobile connectivity is available across the product range keeping condition, increasing milk yields and reducing the number of the farmer in control at all times. times the vet has to be called. Infant • Dairymaster built a climatic performance laboratory for enhancing the performance of Dairymaster’s milk cooling equipment.

development Milking Feeding Cooling Manure Scrapers Health & Fertility Monitoring Tel: +353 (0)66 7131124 www.dairymaster.com Since setting up its first overseas subsidiary in Ireland, Chinese infant food specialist Beingmate has been on a globalisation strategy

CHINESE infant food specialist Beingmate set up its first overseas market Ð the growing middle class of Chinese consumers who are subsidiary in Ireland, in City Gate, Mahon, Co Cork in 2013, which more discerning about the products they buy. It is being distributed Jianglai Weng, head of business development at Beingmate by Beingmate, which has a distribution chain across the entire country, incorporating over 500 distributors. strategy. According to Weng, things have been progressing well since Established in 1992, Beingmate is headquartered in the the launch. “Green love+ has been selling in supermarkets and Hangzhou hi-tech development zone near the West Lake. other retailers in China since November 2014. We are very The business is involved in production, research and confident about the market for this Irish original packed product. The Keenan System has been proven on development and many fields related to infant food and service “Plans for the future include working more closely with Kerry with a brand value of more than around US$805m. Group to continue to implement the strategic co-operation by 12% within 1 year of adoption (ref. FAO 2013 At the Mahon, Co Cork operation, the key functions are objectives of launching more infant milk formula products, LOCAL KNOWLEDGE international trading and co-operation, science research and enhancing co-operation in the area of science, research and innovation, business development and investment. innovation, and consistently improving food safety management GLOBAL IMPACT Kerry Group has been one of the top suppliers of Beingmate systems.” China for many years. Weng explains how links between the two Kerry Group entered the Chinese market in 2000 and now have evolved: “We have forged strong business relationships operates four factories there, employing a total of 500 people. with Kerry over the past decade, which escalated in 2012 to us Frank Hayes, corporate affairs director at Kerry Group, establishing a strategic partnership to invest in an infant milk has stated that the Beingmate partnership provides strong export formula project. growth opportunities for added-value dairy ingredients from Kerry “The result was that Beingmate Ireland invested in the For China’s 7m milking cows, this is worth Listowel, Co Kerry. 70m RMB per day and an additional 6.4b formula plant in Cork, which has passed the Certification and litres of milk per year. Accreditation Administration of China (CNCA) audit and launched direct relationships with big brand infant formula players in various successfully in China in September 2014.” parts of the world. The Green Love+ product is aimed at the super premium

16 Ireland Asia Business Yearbook 2015 © Asia Matters keenansystem.com

IAYB_page16-17_food.indd 16 20/05/2015 11:30 Interested in dairy technology from a leading company?

• Dairymaster milking parlours produce up to 5% more milk per • The Dairymaster MooMonitor+ is a unique device to provide milking and milks each cow up to 1 minute faster. farmers with real-time information about the health and fertility • Dairymaster milking equipment has the lowest levels of liner slip status of each cow in their herd, it integrates mobile phone in the world. technology with nanotechnology. • Dairymaster feeders help each cow maintain their best possible • Mobile connectivity is available across the product range keeping condition, increasing milk yields and reducing the number of the farmer in control at all times. times the vet has to be called. • Dairymaster built a climatic performance laboratory for enhancing the performance of Dairymaster’s milk cooling equipment.

Milking Feeding Cooling Manure Scrapers Health & Fertility Monitoring Tel: +353 (0)66 7131124 www.dairymaster.com

The Keenan System has been proven on by 12% within 1 year of adoption (ref. FAO 2013 LOCAL KNOWLEDGE GLOBAL IMPACT

For China’s 7m milking cows, this is worth 70m RMB per day and an additional 6.4b litres of milk per year.

keenansystem.com

IAYB_page16-17_food.indd 17 20/05/2015 11:30 SECTOR PROFILE: EDUCATION Learning Links Minister for Education and Skills Jan O’Sullivan shares the Irish Government’s perspective on education links between Ireland and key Asian markets

ASIA is an extremely important region for Ireland and the Ireland and Asia. Government of Ireland remains committed to deepening our relations with the region. Educational engagement plays a key role in developing these position Ireland as a global leader in the provision of high quality crucial relations by connecting Irish and Asian higher education education. institutes and learners, attracting talent from across Asia to our China, India and Malaysia are three of the six priority markets higher education institutions and in providing Irish learners with opportunities to engage with their Asian counterparts. Overall it signed international education agreements with China and provides an important platform upon which we can develop long- Malaysia, undertaken eight ministerial-led education missions to term relationships and build stronger inter-cultural links between

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China India Last year, I led my first my first education mission to China. During the visit, I witnessed the signing of 12 memoranda of with the number of Indian students studying in Ireland having understanding between Irish and Chinese higher education doubled to more than 1,500 over the past three years Ð again institutions, held bilateral meetings with the Chinese Minister for providing major opportunities to develop key relationships between Education and with affiliated agencies and delivered a keynote India and Ireland. address at the annual conference of the China Education Last year Minister for Skills, Research and Innovation Damien Association for International Exchange. English led an education trade mission to India in which he During my visit, agreement was secured that Ireland will be participated in the launch of Science Gallery Bangalore, the first Science Gallery outside of Europe and part of the award-winning and Education Expo of the China Education Association for Links International Exchange (CEAIE) in Beijing in October 2016, the largest international education conference held annually in China. Agreement was also reached with the president of the CEAIE in Ireland fair. that Ireland will be included in the itinerary of a visiting high level delegation from Chinese universities travelling to Europe later Malaysia this year. The visit will provide another opportunity to deepen This year there are 1,725 Malaysian students studying in Irish relationships between Irish and Chinese higher education institutions, and provide other Chinese universities with their medicine and finance, representing an increase of 34pc on the first exposure to the Irish education system. Some 30 Chinese 2010 numbers studying here. university heads are likely to participate in the visit. Later this year, I will travel to China to accept the baton of education programmes in Malaysia.

International education strategy to 2020 Working together with the sector and government agencies, This year will see the development of a new international it is my hope that the result of these combined efforts will education strategy, which will prioritise the importance of our relationship with Asia and include China, India and Malaysia Asia and create opportunities for future generations here and as priority countries with whom we wish to deepen our in Asia to connect and develop long lasting relationships and international education engagement. engagement.

IAYB_page18-25_education.indd 19 19/05/2015 15:11 SECTORprofile XX PROFILE: EDUCATION Education Nation Initiatives are underway to raise further awareness of Ireland as a student destination as the number of international students coming to Ireland to study has risen by 60pc since 2010

SINCE 2010, the number of international students coming to Ireland to study Ð many of them from Asia Ð has risen by 60pc to over 41,000 in 2014. In a bid to build on this growth, planned initiatives to raise further awareness of Ireland as a student destination include closer collaboration with third- level institutions in Asia, in-country Irish university offices and more frequent attendance at regional education fairs. The work falls under the aegis of Education in Ireland, the brand that is managed by Enterprise Ireland to promote Irish higher education institutions (HEIs) in overseas markets. internationalise the Irish education sector, the latest programme focuses strongly on three main target markets in Asia; namely India, China and Malaysia. Work is also underway to attract more students from Thailand and Vietnam. Data from the OECD shows Asians are the largest group studying overseas in OECD countries. China sends as many of its students abroad to other countries as the EU does (17pc each). Some 6pc of international students in OECD countries come from India and a further 4pc are Malaysian. “The number of international students coming to Ireland in the past couple of years has risen, which is a positive sign, but we have even more work to do to increase the perception of Ireland as a possibility when these students are looking at their options. This is a very competitive environment,” comments Some of these initiatives include increased visibility on social media, which many Asian students increasingly use as part of their research into potential study venues. In the Indian market,

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for example, promotional activities for the coming year will include webinars for students Ð either generally outlining the benefits of In markets such as Malaysia, agents have a more prominent studying in Ireland, or focusing on a particular industry sector where Ireland is strong, such as IT or biotechnology. Indian who would deal with the Irish higher education institutions, so they students like to research heavily before making their decision, and counsel the students and help them with the documentation and Nation social media plays an active role for the Education in Ireland brand. applications. Most importantly, the Irish colleges are visiting Asia The results are already being seen, according to Wendy several times a year, and going to education fairs and making Dsouza, India adviser with Education in Ireland, who has attended school visits, so people are getting a much better understanding of four education fairs in the past 18 months. with Education in Ireland. they know the courses and they know what institutes they want to meet. Students in India do their research very well, and most Regional education fairs students in India are really tech-savvy so digital research is Increased participation in regional education fairs is also helping to important. There is greater awareness of Ireland as a result put Ireland on the map, he adds. “Four or five years ago, we were going once a year to one big fair in January. Now I would say that Irish colleges are engaging in Malaysia throughout the year, so that In a similar vein, this March saw the launch of a Chinese Historically, around 90pc of Malaysian students in Ireland came language website to promote Ireland. This is a critical piece of from medical disciplines, but that balance is slowly changing. the puzzle, says Peter Yang, senior market adviser for education “We have about 1,750 Malaysians studying in Ireland, and with Enterprise Ireland. “Overseas universities with English-only about two-thirds of those are medical students and about 20pc websites put themselves at an immediate disadvantage as many are accounting and finance students and the balance are IT, Cutbacks to Malaysian government-funded student scholarship Research partnerships programmes have seen Education in Ireland working in greater The number of research partnerships between HEIs and their numbers with self-funded students in areas outside medicine, he adds. Asian counterparts is also helping to raise awareness on campus. Many Irish HEIs have also begun setting up offices in-market, Warm welcome which is positively perceived as a sign of commitment to a market. A local presence is also important from a practical standpoint strongly with Asian students looking to further their education at because it can field queries or provide support in the same time third-level. For Malaysian student Tan Phey Yin, who is studying zone as students that are interested in making further enquiries. for an MSc in cloud computing at the National College of Ireland, In addition to being English speaking, Ireland benefits from the country has exceeded her expectations. “The people here are being in the eurozone. Moreover, observers say the recent fall compared to rival destinations. Education in Ireland has also begun taking a more segmented The feedback we have from students who have already been to approach to the needs of individual markets. For example, in Ireland to continue their studies is overwhelmingly positive. They China, partnerships between Irish universities and their Chinese find Ireland a friendly and safe place. For students travelling from counterparts are seen as a far stronger way of attracting students than by using agents. Yang points out that 40pc of Chinese For Asian students, the one-year stay back option after students going to the UK do so through established channels graduating allows them to take advantage of the strong links between Irish HEIs and industry based in Ireland Ð more than many Chinese universities actively seeking partnerships with 1,000 multinationals as well as Irish-owned technology companies. overseas universities, Yang says Irish HEIs must look to establish The potential opportunities make a compelling case for Ireland as a similar linkages with their Chinese equivalents. study destination and more. “The combination of quality of education, links with industry, and Irish universities/colleges to Chinese universities and develop the overall life experience of being in Ireland, add up to the perfect joint programmes, as this is more sustainable than students from

IAYB_page18-25_education.indd 21 SECTOR PROFILE: EDUCATION Bringing the Irish system to Asia Asia is becoming increasingly important for Dublin Business School, which is currently engaged in two key projects in the region

DUBLIN Business School (DBS) is engaged in two major projects, higher education. Since last September at Kolej Poly-Tech Mara (KPTM) in Accounting and Finance degree which is accredited by Quality and Managed by the Malaysian government ministry MARA, KPTM has grown to be among the biggest Bumiputra educational students spread over seven campuses. DBS has been working in Malaysia with MARA since the early Malaysian Dublin Business School student Asiyah Binti Ahmad with Abd Rahim Ahmad from MARA Ireland and Gerry Fahy, DBS Lecturer This new venture, re-initiated by MARA, involves an educational partnership between KPTM and DBS by which Malaysian students will complete a three-year DBS degree in Malaysia, and then are Government sponsored.

A Shanghai story The connection between the two colleges had been university. “The experience the Irish students gained was invaluable, city such as Shanghai. “The Chinese students also very much enjoyed their time in Ireland, joining with other international students in CIT to travel well received, and two pieces were donated to CIT and to Cork around Ireland at weekends and to experience the creative City Council. turn CCAD hosted two Chinese students, who were based artwork.

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RCSI and University College Dublin created capacity in Progress in Penang the pre-clinical years in Dublin and Irish clinical teachers An important opportunity arose in Malaysia in the developed and delivered the clinical teaching in Penang using mid-1990s for the Royal College of Surgeons in the Irish curriculum. Our curriculum is delivered by senior Irish clinicians teamed Ireland (RCSI), according to Prof Hannah McGee, with local clinical leaders in Penang hospitals, following an dean, Faculty of Medicine & Health Sciences, immersion in life away from home in a Western culture. RCSI In 2013, the 1,000th Penang Medical College doctor Malaysian students have been coming to the RCSI in Dublin graduated with the National University of Ireland Medical since the 1970s. Over time the demand for medical seats Degree, which is the same degree that is conferred on in Dublin far outstripped our capacity to accommodate this students graduating from the Dublin campus. demand and we needed to look for opportunities to create In Kuala Lumpur, RCSI is in a public-private government additional capacity. partnership since 2011 involving the RCSI undergraduate An opportunity arose in the mid 1990s with the Penang curriculum and degree being delivered at Perdana University. Development Corporation which was looking to create a There are 60 students per class each year, with the first class medical campus in Penang. It was a perfect match. due to graduate in 2016.

partner KPTM in this regard. We have two full-time academic staff “We are now starting to look at Indonesia and are at the permanently based in Malaysia. Our Malaysian-based staff are finalisation stage of signing an agreement with a leading Turkish complemented and supported by DBS teaching staff who visit on university which is based on the Asian side of Istanbul.” regular basis. Additionally, KPTM have allocated 20 staff to the programme,” explains DBS chief executive Gerry Muldowney. “From an educational development aspect, we are essentially A multidisciplinary approach bringing the Irish higher education ecosystem to Malaysia, working Trinity College Dublin (TCD) announced a new Masters in in partnership with a locally based partner college.” Chinese Studies and the opening of the Trinity Centre for “There are currently not enough qualified accountants Asian Studies in October 2014. in Malaysia, especially amongst the indigenous Bumiputra Dr Lorna Carson, director of the new centre, says these population. Successful graduates of this programme will help to developments grew out of the work TCD has been doing meet this demand. For next year [2015/16], we would envisage for many years in the area of promoting learning of Asian having about 300 students enrolled on the programme.” languages. Another DBS project is in Fujian Province, China with Xiamen “TCD has been teaching Mandarin and Japanese for University, a university founded in 1921 which currently ranks 23rd 20 years and in 2009 came up with a plan to make them out of 2,036 higher level institutions in the country and has 38,000 credit bearing for all TCD students. It means that a student full time students. from any discipline can take a five-credit module in either The collaboration follows a different type of model to the one in language Ð and we subsequently added Korean too Ð and Malaysia, says Muldowney. this would be taken out of their total of 60 credits to achieve “We have been working closely with Xiamen University a degree. since 2011 to establish a pathway between our accounting and “The popularity of this initiative really pushed us to grow finance and financial services degree programmes and theirs. Asian studies in a more dedicated way, incorporating We developed a joint curriculum which allows Xiamen students cultural studies. Seeing the growth in the area, TCD provost through a recognised prior learning pathway to enter the final and president Dr Patrick Prendergast suggested that we year of the DBS degree programmes in Dublin. Students then set up a dedicated teaching and research centre to allow have further study options to complete a masters or professional students to flourish without being tied to languages.” accountancy qualification. The Trinity Centre for Asian Studies launched its DBS lecturers visit Xiamen University to deliver elements of the programmes during its first three years, which Muldowney says gives Xiamen students an opportunity to experience the Irish were immediately filled, according to Larson. “There are higher education learning style. now 80 students a year now studying modules across The first cohort of 27 students from Xiamen University arrived the different Asian languages. TCD wants to create an in Ireland last September to complete their final year studies and institutional name for taking a multidisciplinary approach to Muldowney expects this number to rise to 40 for 2015/16. language learning and Asian studies.” “We have developed a really strong bond with our partners in The first course of its kind in Ireland, the new Masters Malaysia and China and regularly host visits from academic staff in Chinese Studies was enabled through a philanthropic from the respective institutions. The key to our success to date in donation by Dr Sam Lam, a Trinity alumnus from Hong our Asian education strategy has been the development of strong Kong. relationships.” he says.

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SECTOR PROFILE: EDUCATION Achievements in ASIA Professor Brian Norton, president, Dublin Institute of Technology, highlights the institute’s key achievements, especially in relation to Asian links

Purdue University FINEC, Moscow

HongKong Polytechnic

Rochester IT, New York VIED,Vietnam Hokkaido University, Japan

OTC, Oman

San Francisco State University LANITH, Laos KYU, South Korea TAR UC, Kuala Lumpur

Mozambique Eyecare Project Hainan University, China CAPES, Brasilia Professor Brian Norton, president of DIT, Minister Paschal O’Donohoe and Gerry Murphy, CEO of the National Transport Authority at DIT’s new campus in Grangegorman RMIT, Melbourne

UK International Education through Collaboration

www.dit.ie

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Ad May 2015.pdf 1 14/05/2015 13:52

Purdue University FINEC, Moscow

HongKong Polytechnic

Rochester IT, New York VIED,Vietnam Hokkaido University, Japan

OTC, Oman

San Francisco State University LANITH, Laos KYU, South Korea TAR UC, Kuala Lumpur

Mozambique Eyecare Project Hainan University, China CAPES, Brasilia RMIT, Melbourne International Education

through Collaboration

www.dit.ie

IAYB_page18-25_education.indd 25 19/05/2015 15:12 SECTOR PROFILE: ICT

The Asia Pacific region has seen strong growth in recent Minister for Jobs, years for Irish ICT product and service providers, according to Enterprise and Innovation Minister for Jobs, Enterprise and Innovation Richard Bruton Richard Bruton Scaling Heights IRELAND has been successful in attracting information and opportunities in these areas. communication technology (ICT) companies from Asia, particu- The indigenous software sector comprises some 600 active larly given the distances in terms of both geography and culture. companies that produce software for applications in finance, Already, Asian ICT giants such as Huawei, Tencent and enterprise, travel, telecoms, internet, digital media and e-learn- Lenovo from China, and Fujitsu, Trend Micro and Gala Games ing. from Japan and Wipro, Aris and Tata Consulting Services from The sector has grown strongly in Ireland in the past 10 years. India have strategic operations in Ireland. Supporting the continued development of the sector through As Asian companies develop greater brand awareness and increasing the number of start-ups and assisting scaling and innovation capabilities, we can expect to see a wide range of established companies to increase their international footprint Asian companies coming to Ireland to join their US peers such is core to the Enterprise Ireland Strategy 2014Ð2016 and the as Apple, Facebook and Google. Action Plan for Jobs. The pipeline for the next 12 months is strong and is mainly in The Asia Pacific region has seen strong growth in recent the areas of IT infrastructure/cloud management, analytics and years for world-class Irish ICT product and service providers. digital content. Irish ICT companies have found Australia to be a particularly In terms of multinationals, Ireland already has a well-estab- fruitful market given its similar and familiar business environ- lished portfolio of leading ICT clients from the US and Europe, ment. with nine of the top ten leading US technology firms operating But in addition there are also close to a billion new connected from Ireland. consumers in the broader region and consequentially strong The first wave of investment growth from Asia into Ireland growth opportunities are opening up in areas such as e-com- came from business-to-business suppliers that were supplying merce, payment technologies, security, telecoms and travel components and systems for leading western brands. technology across the diverse markets of China, Japan, Korea Now we are seeing a surge in innovative products from Asian and Southeast Asia. Irish companies, with Enterprise Ireland support, initially set already carrying out extensive research and development (R&D) out to win the all important reference site sale in the region and activity in Ireland. then tend to build out from regional trading hubs, including Hong As more and more Asian companies develop consumer tech- Kong and Singapore. nology in areas such as mobile communications, wearable tech- Business in the ICT sector in Asia Pacific is highly competitive nology and gaming, Ireland can build on our existing experience but has proven to be a great fit for world-class Irish companies with leading western brands to make a strong investment case such as Daon, Fexco, Cartrawler, Ding and Monex, to mention for Asian brands going global. but a few. - The Asia Pacific region requires patience and commitment ing, big data/analytics and the internet of things will be of great and the challenge in the future is to achieve further scale in interest to new Asian investors, who are excited by the potential these vast and exciting markets.

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The information and communications technology (ICT) sector in Ireland is characterised by well developed links between industry and researchers Driven by data

ONE of the aspects of the Irish information and communications Foundation Ireland CEO Mark Ferguson said it was the biggest technology (ICT) sector which is likely to carry an increasing single investment by a Government in the world in this area,” says amount of weight for potential Asian investors is its emphasis on Clancy. innovation and research Ð in particular the close links that exist One of the hot topics that Insight researchers are working on between industry and researchers in clusters around the country. now is assisted living and how deep data analytics and sensors In Cork, for example, there are 460 PhD researchers at the can be used to produce products, he notes. National Tyndall Institute, which was established in 2004 with a Japanese ICT giant Fujitsu is currently involved in a three-year mission to support industry and academia in driving research to research project with Irish research institutions TRIL, Casala market. and Clarity aimed at providing monitoring services and assisted With particular expertise in microelectronics and semiconductors, independent living for senior citizens and patients who live in smart Tyndall is capable of prototyping new product opportunities for its houses. target industries - electronics, medical devices, energy and com- The Irish research institutions have each pursued monitoring, munications. diagnostic support and other advanced activities involving the use of ICT in a variety of scenarios, including medicine and daily life. such as US multinationals Analag Devices, Qualcom and Xilinx. It has 200 industry partners. The dynamic of having a cutting edge game-changing trend in the ICT sector and indeed our world now research institute in a cluster of such companies is of particular and Ireland is well positioned to embrace this, Clancy maintains. interest in Asia,” says Leo Clancy, divisional manager ICT at IDA “There are a lot of good companies in this space in Ireland, Ireland. including Chinese multinational Huwaei and Japanese firm Trend “Also important to Asian companies is the fact that the research- Micro, which has operations in Cork and is involved in biometrics ers at Tyndall are responsible for unique inventions globally. For using personal data, fingerprints and face recognition. first junctionless transistor even smaller. This was a big deal in the world of electronics Ð it meant that more could fit on a smaller chip In addition, Clancy notes that Intel invented its microchip, the so devices such as phones could get smaller.” Galileo board at its Leixlip plant in Ireland, which is labelled as Moving to the growing area of data analytics, in December 2013 the €88m Insight Research Centre was launched. The State The Galileo chip is makes high-tech design easy for the manu- invested €58m in the centre, with €30m coming from industry. facturing and educational communities. It is a part of a new high- “Asian business people look for proper scale and credibility and this commitment in Ireland to data analytics delivers that. Science into the internet of things and wearable markets.

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GOOD

David Coughlan, GAMING chief executive, Havok Founded in Dublin, game development technologies company Havok has Growing Success key markets in Asia, South Korea and China EVER since it was founded in Dublin 15 years ago by Hugh Its three key markets in Asia now are Japan, South Korea and with China Reynolds and Steven Collins as a spin-out from Trinity College China. Experience has shown that each of these markets is very A&L Goodbody has unique first-hand knowledge Dublin, provider of game development technologies Havok has different from a gaming industry perspective, as well as in terms of working with companies investing into China and been 100pc export focused, which has contributed greatly to its of consumer trends, Coughlan notes. success, according to chief executive David Coughlan. “It is sometimes tempting to think of Asia as homogenous but with Chinese companies establishing in Ireland. Acquired by chip giant Intel in 2007 for US$110m in cash, this is far from the case. Japan has a mature gaming industry, a Through our international secondment programme Havok developed a physics engine that is used in many of strong track record and is home to some of the pioneers of the we have an in-depth knowledge of China’s legal the top selling computer games for the PC, Xbox 360 and original video games. and business environment. As a result we have PlayStation 3 platforms, and its technology has been used in “South Korea and China are newer to the gaming industry, but established a strong and broad network base in films such as The Matrix, Kingdom of Heaven and Charlie and represent enormous markets. South Korea is one of the largest the Chocolate Factory. consumers of video games in the world and a pioneer in PC China. This expertise enables us to deliver innovative Coughlan says the Havok team was forced to think big and online games while in China there are many large media com- solutions to companies doing business between panies such as Tencent, which are major players in the global Ireland and China. industry in Ireland at the time that it could target its software games industry.” solutions towards. “We had to go and knock on the doors of the largest enter- market first Ð knowing it would take a sustained effort to estab- For further information please contact: tainment companies in the world and were forced to prove our lish itself there Ð and setting up operations on the ground in Marie O’Brien product line in some of the most challenging and largest mar- each market. Partner and Head of China Programme kets in the world. This was a stepping stone to success in other “Before entering the Japanese market, the initial step was just T: +353 1 649 2705 markets.” to fact find. We networked and talked to anyone we could who EUROPEAN LAW FIRM IRELAND’S MOST OF THE YEAR INNOVATIVE LAW FIRM Having started with the US and built success there as well was selling product into the region, particularly software related, E: [email protected] as in other western markets, Havok turned its attention towards and thought about how the product would best fit the market,” W: www.algoodbody.com Asia about eight years ago in the conviction that it had a globally Coughlan explains. applicable solution. “We ruled out using a distributor at an early stage, simply

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because of the nature of the product. You have to evaluate dif- Asia and see enormous plcs such as Nintendo and Sony using ferent industries on their own merits in Japan. Because we are our software as an important component in game production. selling a complex software product, we felt we needed our own We have started doing business with major players in South sales and engineering team on the ground. We incorporated an Korea and China and there is a lot of opportunity to drive our entity in Japan and Enterprise Ireland helped us to get an office software as a standard in both.” set up in Tokyo. “We began relatively small, with two or three sales and engin- where it was able to at least get in the door of target companies eering staff, and applied our standard business model proven in its three Asian markets, but Coughlan stresses that there was out in western markets but on a smaller scale. From there, we much more to it than when it came to getting deals signed. grew our presence in a profitable way and then scaled the office “In a market like Japan it is absolutely critical that you have in line with the overall growth of the business. a proven market leading product as the bar is higher there than “Now all major publishers of games in Japan are using Havok anywhere else in the world. If you can prove your product to be software tools as an important part of their production process. a success in Japan, you will literally have battle tested exports Japan has been a real market success for us.” anywhere. Coughlan is confident of similar success in South Korea and “When going to meet the Japanese companies however, a China, both of which it entered four years ago by establishing local operations in Seoul and Shanghai respectively. you might expect. They will listen to success stories and they “We hired local people to work at our offices in Seoul and count for something, but Asian companies want to see how you Shanghai as we felt it was important to have our own employees do business in Asia. They want to see a sustained focus on the in these markets and that they would feel that they are part of region. the overall company. We make sure the local sales teams come “Face time is very important and you have to have a local to global sales conferences and trade shows so they experience presence on the ground and attend trade fairs. Success and the way in which we do business elsewhere,” he says. “While we are at an earlier stage in South Korea and China company and your visible commitment to Asian markets matters compared to Japan, we are at a point where we look across more.”

Growing Success with China A&L Goodbody has unique first-hand knowledge of working with companies investing into China and with Chinese companies establishing in Ireland. Through our international secondment programme we have an in-depth knowledge of China’s legal and business environment. As a result we have established a strong and broad network base in China. This expertise enables us to deliver innovative solutions to companies doing business between Ireland and China.

For further information please contact: Marie O’Brien Partner and Head of China Programme EUROPEAN LAW FIRM IRELAND’S MOST T: +353 1 649 2705 OF THE YEAR INNOVATIVE LAW FIRM E: [email protected] W: www.algoodbody.com

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VISION Taoiseach Enda Kenny; Movidius founders Sean Mitchell, COO and David Moloney, CTO; and Minister for Jobs, Enterprise and VENTURE Employment Richard Bruton Computer visioning software and hardware company Movidius received funding from the China Ireland Technology Growth Fund in a successful financing round earlier this year

THE CHINA Ireland Technology Growth Fund was one of partnership between the Irish Strategic Investment Fund (ISIF) the lead investors in the successful US$40m financing round announced in April by Movidius, a Dublin-based computer companies in Ireland access new customers and partners in visioning software and hardware company. China, and vice versa. Movidius develops low power computer vision processing Launched in January 2014, the fund is co-managed by chips and software for next generation devices and the funding WestSummit Capital, a technology growth capital investor based will lead to the creation of up to 100 jobs in Ireland. in Beijing with an office in Silicon Valley, and Atlantic Bridge, a This represents one of the largest venture capital investments technology growth capital investor based in Dublin with offices in ever in Ireland for a technology company and the largest globally London and Silicon Valley. for a fabless semiconductor company in the past two years. The fund targets companies operating in core technology Movidius currently employs 15 people in Dublin out of a total sectors such as internet, software, semiconductors and clean of 70, the rest working in its operations in Romania and Silicon Valley in the US. It will use the financing to further drive software and hardware including but not limited to agriculture, food, medical and product innovation in visual sensing for the next wave of financial services. emerging applications, including virtual reality headsets, drones, Through its offices in Beijing and Hong Kong, the China- home automation and wearables. Ireland fund platform will aim to deliver strategic and tactical According to the company, its technology will transform how support to Movidius to expand its business in the Chinese devices and users interact with the world around them through market. “intelligent, vision-based technology”. The ¤7.2bn ISIF was established in December 2014 with a “Movidius has pioneered an entirely new class of cost statutory mandate to invest on a commercial basis in a manner effective, low power and high performance processors, software designed to support economic activity and employment in the and development tools. This platform enables our customers State. to implement visual sensing that aims to mirror human vision It has made investment commitments to date of ¤1.5bn and capabilities,” said Remi El-Ouazzane, CEO of Movidius. plans to deploy the remainder over the coming years as suitable “This significant investment of capital provides us with the investment opportunities are identified. resources to expand strategically, innovate constantly and extend our market leadership.” like Movidius, the ISIF can both support and participate in the The China Ireland Technology Growth Fund is an investment considerable growth potential of the Irish technology sector.”

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IAYB_page30-31_movidius.indd 30 SECTOR PROFILE: TOURISM

A measured strategy

Minister for Transport, Tourism and Sport Paschal Donohoe outlines the Irish Government’s strategy to tourism generally and how this impacts on Asian markets

SINCE coming into office in 2011, the current Government has continental Europe. taken a number of fiscal measures to support the Irish tourism Another key aspect of Government policy that will contribute sector, including a reduction in VAT from 13.5pc to 9pc, and to increased levels of tourism from Asian markets is the changes reducing the Air Travel Tax to zero, as well as initiatives such as that have taken place in Irish visa policy. The Gathering and the Wild Atlantic Way driving route. In 2014 Ireland and the UK agreed the establishment of The key issue for the Government today is to ensure that the British Irish Visa Scheme (BIVS), under which a visitor to tourism continues to grow in a manner that is economically, either Ireland or the UK will require only one visa (either an Irish socially and environmentally sustainable. or UK one depending on their first country of landing). We recognised the need to establish a set of core policy The new scheme is initially being rolled out in China and India, principles that would guide support for tourism in the longer term. which are priority markets for Tourism Ireland, and the BIVS will assist in driving further growth in overseas tourism revenue from result. It sets out ambitious targets for growth in overseas visits these countries. and associated revenue, and increased tourism employment. By 2025 we want to see overseas tourism revenue of €5bn increasing diversity of visitors, and having regard to the more per year, compared with €3.5bn in 2014; 250,000 people rapid growth in visitors from new markets, the tourism sector employed in tourism, an increase of 50,000 on the current figure, should continually review its offerings to ensure that it is meeting underpinned by ten million overseas visitors to Ireland per year, the needs and expectations of those from a range of cultural which compares with 7.6 million in 2014. backgrounds. Visitors from long-haul markets such as China and India, the Recognising the strong correlation between air connectivity, fast-growing markets of the future, are increasingly important for tourism development and economic growth generally in Ireland, a the Irish tourism industry. Visitors from these markets stay twice as long as the average conditions to encourage the development of new routes and holidaymaker; they travel more widely around the island and have services from Ireland, particularly to new and emerging markets, the propensity to make a significant economic contribution to Irish including Asian markets. tourism. The policy to develop Dublin Airport as a secondary hub Therefore, in assessing its priorities for future years, Tourism airport, competing effectively with other European Airports for the Ireland will have particular regard to the potential of these markets expanding global aviation services market, directly supports this to contribute to increased overseas tourism revenue. objective. Our marketing efforts should also recognise that Ireland will In addition, Tourism Ireland has been working with the relevant rarely be the sole destination for prospective travellers but may authorities including airports and airlines to make it easier for be included in a wider trip also taking in Great Britain and/or Asian visitors to come here.

IAYB_page31-33_tourism.indd 31 20/05/2015 11:57 SECTOR PROFILE: TOURISM Spotlight on China and India China and India are the focus of Tourism Ireland’s marketing activities in Asia, says chief executive Niall Gibbons

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SECTOR PROFILE: TOURISM

active on both Tencent and Sino Weibo and have around half a to facilitate any enquiries that come in. million fans at this stage and growing.” and that we go in and are very focused in relation to the markets December was another opportunity to highlight Ireland as a destination. “We invited 150 top travel operators and media to a working in a collaborative fashion with the other agencies like IDA specific tourism event where the President spoke about Ireland,” Ireland, Enterprise Ireland and Science Foundation Ireland.” Gibbons notes. industry in Ireland to be better prepared for Chinese tourists. “For example, the Chinese love shopping and the ability to accept Chinese UnionPay cards is really important,” Gibbons says. “If currently represents 37pc of its tax refund sales, says its you go to places like Brown Thomas and Kildare Village, they director, Andrew Marshall. “Most Chinese tourists come to the village in groups that as well.” organised by tour operators and we have seen a huge growth in Chinese students who are studying in Ireland who regularly come to the village with visiting friends and markets. There are other markets that deliver numbers in terms of family,” he says. The outlet has taken a range of steps to cater for its Chinese visitors. “We have at least 20 Mandarin speakers across our boutiques with an emphasis on strong cultural training,” says Marshall. “Our website is available in Mandarin and there is Mandarin literature available to visitors in the village.” In addition UnionPay is now accepted in most of its boutiques. one so far in China, with Shanghai Village due to open total online travel service market, bringing Kildare Village to a wider Chinese audience. Year Festival for the last five years.

Priorities for Chinese visitors There will be a list of things that they want to see and do. Shopping is top of the agenda for most Chinese visitors. “The itinerary would typically be exceptionally packed “They will be looking for the big, luxury brands which can be so they can get their picture taken at as many places as a third of the cost of what they are back in China,” says Niall main inspiration for their trip to Europe.” island is something that really does appeal,” says Gibbons. “Chinese travellers want the authenticity of the experience “When the now President Xi Jinping came to Ireland in 2012 of buying brands in Europe,” says Andrew Marshall, director and visited the Cliffs of Moher, it had an enormous impact on of Kildare Village. “Accessories such as bags are particularly the number of Chinese visitors.” important, with DKNY, Hugo Boss and Coach being among the According to Tourism Ireland, the top five attractions for most particular brands that appeal to our Chinese visitors.” Chinese travellers are: Guinness Storehouse, Titanic in Unsurprisingly, sightseeing is also an important part of the

20/05/2015 11:58 SECTOR PROFILE: FINANCE

A global centre for international financial services With over 500 international financial institutions operating in Ireland, the country has become a world-leading financial services centre employing over 33,000 people across a range of areas.

ESTABLISHED in 1987 in Dublin, the International Financial Services Centre (IFSC) set out to create employment and offer services firms, aviation finance is a major source of Asian technology infrastructure, multiple time zone accessibility, availability of a talented and educated English-speaking spreading to more than 20 counties throughout Ireland, contributing € The IFSC focuses on a variety of key areas in international financial services (IFS) including banking, fund and investment

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20/05/2015 11:57 SECTOR PROFILE: FINANCE

Asia Pacific aviation opportunity

SET to continue to be the fastest growing region for aviation for at least the next 20 years, Asia Pacific is a key focus market for the global leasing sector, around 50pc of which is based in Ireland. In their respective long term global market outlooks, Boeing and Airbus estimate that at least 40pc of the new deliveries for aircraft over the next 20 years will be going into the Asia Pacific region, says Tom Woods, head of aviation finance and leasing at KPMG Ireland. “These deliveries will probably be valued at around US$2trn and the overall fleet size will probably treble in that period. “Ireland as the centre of leasing into that region is going to be heavily aviation sector.” A notable trend in recent years has been growing involvement in the market by some of the Chinese and Japanese banks, which have either set up their own leasing operations in Ireland or have invested into Irish platforms, he US$7.3bn in 2013. Of the individual markets in Asia, China is by far the largest. “Indonesia is also a very active market. And Japan is undergoing major re-fleeting at the The market is also being impacted by the growth of low-cost carriers (LCCs). lot by the lessors as well,” says Woods. “The broad theme is it is by far the largest growing sector from an aviation perspective. The carriers are financing a lot of the aircraft through the lessors years.”

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Another area for future expansion in Asian markets is shipping Dublin City Council, IDA Ireland, Enterprise Ireland and the National finance. With a view to emulating the success of the aviation sector, the offering could include leasing, innovative debt structuring high specification commercial office space to meet the future needs products and specialist maritime services, including securitising and of financial services firms and investors in Dublin. listing, which would provide major new opportunities in the IFSC for many Asian financial services firms. substantial projects including a partnership with Oxley Holdings Government strategy to drive growth Grade A office space in a site within the IFSC. This initiative aims The Government has set out its new strategy to drive growth in IFS for the next five years. The strategy covers key aspects such IFS centre. Further to his keynote address at the Asian Financial Forum, talent and skills needs for the future and importantly developing which attracts some 2,600 visitors to Hong Kong, Minister of State jobs creation opportunities for Ireland. The strategy has targeted the creation of 10,000 net new jobs in the IFS sector by 2020. outlined his plan to hold an IFS summit in Dublin to showcase In addition to the ambitious job creation targets, the strategy has It is evident that Asian financials will make up a major part of this area to enable the rate of growth required in the city. new investment as they grow internationally and seek top-class global IFS centres to expand their operations.

Expansion of double tax treaty network Chris Quinn, partner in Matheson’s banking and financial services department highlights an aspect of Ireland’s tax regime which appeals to aviation leasing investment from outside the country.

THE Irish tax authorities are very active in increasing the Armenia and Egypt. number of treaties to which Ireland is a party, particularly with Until recently, an Irish lessor could not claim a similar tax emerging market and Middle-East jurisdictions. credit for foreign withholding taxes where no tax treaty applied. However, in a welcome development, an Irish lessor carrying industry by reducing or eliminating withholding taxes on on a trade in Ireland may now also claim a tax credit for foreign inbound lease rental payments. They allow Irish lessors to withholding taxes on lease rentals where there is no applicable claim tax credits against their Irish corporation tax for any tax treaty. The relief is granted on a unilateral basis by Irish unrelieved foreign withholding taxes. domestic law. Ireland has now signed 72 double tax treaties, 68 of which This latest improvement will position Ireland as an attractive are already in force. The most recently signed double tax leasing jurisdiction for leasing aircraft and other assets into treaties include those with Ethiopia, Botswana, Thailand, jurisdictions which do not have a wide tax treaty network. Uzbekistan, Ukraine, Kuwait, Qatar, Bahrain, Saudi Arabia,

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SECTOR PROFILE: FINANCE

FUNDS FLOWING Pat Lardner, chief executive of the Irish Funds Industry Association, explains why Asia is increasingly important to the funds sector in Ireland

WITH its growing middle class population and relatively low our newsletter for Chinese asset managers. proportion of household wealth currently invested via financial markets or collective investment funds, Asia continues to offer supportive, particularly in Beijing, Tokyo and Singapore and a key significant opportunity for the Irish funds industry. development has been the establishment of a permanent consul A sizeable portion of individual or household wealth in the in Hong Kong which we advocated for very strongly. In terms of region currently sits in cash deposits, but people are increasingly working with different agencies, like IDA Ireland and Enterprise engaged in the idea of saving in a structured way as they start Ireland, we are increasingly joined up. I think there is a very good planning for their future financial requirements. China is also in the level of cohesion between what the Government is trying to do process of trying to internationalise its currency and is starting to open up its capital accounts and portfolio flows to facilitate this. There have also been a number of positive developments We believe the Irish funds industry can act as a bridge and over the last 18 months. Last October, the Irish Funds Industry facilitate global fund managers accessing securities markets in Association signed a memorandum of understanding with the the region. For example, the recently announced Shanghai Hong Asset Management Association of China in Beijing, a significant Kong Stock Connect scheme, which will allow investors to gain positive step in promoting closer co-operation, understanding and access to A shares, is a very positive development as it increases support between the industries in China and Ireland. the investment universe for global investors, increases the product Earlier in the year, the Irish domiciled CSOP Source FTSE set for international investment managers, and will also allow an China A50 UCITS Exchange Traded Fund (ETF) became the opening up of flow outward. first of its kind to offer European investors access to the China Going forward, investors in China will look to augment their A-Shares equity market. exposure to the domestic economy with exposure elsewhere in the This development blends the credibility and widespread use of world. And we think those domestically based Chinese investment Irish domiciled UCITS funds with the RQFII quota scheme and managers will want to source investment capital internationally has opened up an exciting opportunity for retail and institutional and internationalise their business. We would hope to partner and encourage them to utilise Ireland and some of the European important and untapped equity markets. product constructs that we have such as UCITS and AIFMD. This is a significant milestone for the Irish funds industry and is The importance of the region is reflected in the level of activity a clear demonstration that it remains ahead of the curve when it in Asia by the Irish Funds Industry Association. In 2014 alone, comes to enabling investment firms to broaden their distribution we held four events in Hong Kong, as well as events in Tokyo, reach through innovative, well-structured and efficient products. Singapore and Sydney. We also published a number of editions of

IAYB_page34-37_finance.indd 37 20/05/2015 11:57 SECTOR PROFILE: FINANCIAL SERVICES

Soaring success Over half of the world’s commercial aircraft fleet is managed from Ireland with nearly 900 aircraft owned by Asian-based lessors, according to Yvonne Thompson partner in the financial services tax practice, and Gavan Neary, tax director at PwC

IRELAND is regarded as one of the most attractive and tax An Taoiseach Enda Kenny said: “The Irish government has efficient locations for leasing assets in the world. consistently sought to ensure that Ireland not only maintains its In particular, it is ranked as the No 1 location for leasing aircraft position in the global air finance sector, but also continues to avail with 14 of the top 15 aircraft lessors located here, including GE of new opportunities as the sector evolves. We have ensured Capital Aviation Services, AerCap, and a number of Chinese that a balanced tax and regulatory regime kept pace with industry and Asia-based lessors such as Bank of China, Industrial and developments.” Commercial Bank of China (ICBC), Minsheng Bank, China Development Bank, BOCOM, China Aircraft Leasing Company over 1,200 people with a unique level of specialist expertise and SMBC Aviation Capital. and commercial experience. The industry is also serviced by locally-based professional services firms with industry knowledge managed from Ireland with nearly 900 aircraft owned by Asian- including lawyers, tax advisers, accountants, corporate service based lessors. providers and specialist lease management companies. years and is recognised as having pioneered the development On the tax side, a leasing company can avail of: of a supportive tax and legal environment adapted to the requirements of the leasing industry. ¥ A low corporation tax rate of 12.5pc on its leasing profits The aircraft leasing industry is projected to grow strongly. Within (provided the company has sufficient activities and substance the next five years over 900 million extra passengers will fly with in Ireland) 450 million from Asia (including 200 million from China alone). ¥ An accelerated tax depreciation write-off period of eight years The Irish Government is committed to the growth and that is significantly quicker than other leasing locations. This development of the leasing industry in Ireland and is focused in conjunction with the ability of an Irish company to carry forward trading losses indefinitely should typically result in a preferred leasing jurisdictions. deferral of any cash tax payable for the first 10Ð12 years of At the AirFinance Conference in Dublin in January 2014 the life of an asset

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SECTOR PROFILE: FINANCIAL SERVICES

50pc of the world’s Did you know? commercial aircraft fleet is managed from Ireland - that’s over €83 billion in assets

32,700 people are directly employed Ireland is No 1 for availability of success in the Irish financial services industry skilled labour, investment incentives, flexibility and attitudes to globalisation by IMD World Competitiveness Almost 80pc of Ireland’s double tax Yearbook 2012 € treaties deliver a favourable witholding tax result for aircraft leasing companies Ireland has an eight-year write off of capital spend for tax purposes compared with a typical 20-25 year economic life Dublin ranks 72nd place in the most expensive cities in the world, a 40-place Ireland is ranked as the No 1 place to pay tax drop in three years in Europe

¥ A strong double tax treaty network of 72 that is extensive and growing (10 of which are entered into with Asian countries). The majority of these provide for zero withholding tax on inbound lease rentals, which should eliminate any foreign taxes arising ¥ Generally speaking, no withholding tax on payment of interest or dividends to investors/financiers based in EU/double tax treaty jurisdictions ¥ Low rates/elimination of tax on gains on sale of aircraft and exit from Ireland; a beneficial indirect tax regime for aircraft leasing. The leasing of most aircraft is zero rated for VAT purposes and there are a number of stamp duty exemptions Yvonne Thompson, partner Gavan Neary applying to the transfer/lease of aircraft in the financial tax services tax director at PwC ¥ Attractive income tax breaks for key foreign executives tax practice, PwC relocating to Ireland and also for employees based in Ireland who spend significant amounts of time working in specified Irish leasing companies can be flexible in how they finance key jurisdictions the purchase of aircraft ¥ On the legal side Ireland has a well developed, sophisticated ¥ There are also a number of tax efficient structured finance and and reputable legal system. It is regarded as a good location investment vehicles available. These can be tailored to the for registering ownership interests in aircraft and enforcing requirements of the individual leasing company to maximise security where lessees are in default its ability to raise capital and facilitate the ease of repatriation ¥ In the absence of any minimum debt:equity requirements and of profits from its leasing activities and disposal of aircraft. with a wide number of domestic withholding tax exemptions,

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Partnership priority Minister for Foreign Affairs and Trade Charlie Flanagan explains the importance of Ireland’s relationship with Asia

THE rise of Asia is transforming the way the world works. In the China Ð a major focus of Irish trade near future, Asia will not only be the most populous region in the As the second largest economy in the world, China is a major world, but also the largest economic zone. focus of our trade, tourism and investment efforts. A strategic partnership agreement between China and Ireland, launched Strategy identifies nine Asian countries among its priority, with exploratory and high potential markets. framework to deepen bilateral engagement with this important We now have embassies in each of these nine priority Asian partner. markets, where our ambassadors lead local market teams On 17 May this year I signed a diplomatic visa waiver comprised of local State agency representatives, all working to Republic of China Wang Yi. Government-to-government level engagement is particularly The Agreement on Mutual Exemption for Holders of Diplomatic important in Asia, where in many countries economic activities are and Service (Official) Passports provides that holders of valid strictly controlled and regulated by the state. diplomatic and, in some circumstances, official passports of both High level ministerial visits and trade missions enhance 90 days to the other country. to engage with government partners there. Visits at ministerial and senior official level to and from China In 2014 there was a number of high level ministerial visits and are particularly important to developing the official and legal exchanges between Ireland and several Asian countries. Last frameworks within which our bilateral relationship can continue autumn also saw us open three new missions in Asia Ð embassies to flourish. This agreement will facilitate visits and intensify in Thailand and Indonesia and a consulate general in Hong Kong. cooperation on both sides. This is a symbol of the importance that the Government attaches A programme of high-level visits to China has boosted to the region. It also constitutes recognition that doing business in political and economic ties, culminating in a highly successful Asia means investing time in building relationships. State visit by President Michael D Higgins in December 2014. I Staff from my department are now on the ground in Bangkok, accompanied President Higgins on this State visit, together with Jakarta and Hong Kong, working to set up and establish these Minister for Finance Michael Noonan. embassies and to further develop bilateral linkages with the While in Beijing, I signed a memorandum of understanding countries concerned. aimed at supporting closer linkages between Ireland and China. The wide ranging agreement will promote and encourage greater people-to-people links and build on the strategic partnership

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IAYB_page40-41_ministerprofiles.indd 40 20/05/2015 15:36 Country PROFILES

agreement. It will boost research, education and technology ties markets is great. between Ireland and China. We have always had strong educational and business linkages A number of successful trade missions were led by my with Singapore and the Philippines. Singapore and Ireland are ministerial colleagues to China last year. Agriculture is one of our both members of the Small Advanced Economies Initiative and priority sectors and food and drink exports to China have tripled Singapore is a regional hub for many Irish businesses. The Asian in the past three years. China is on course to become our second Development Bank (ADB) has its headquarters in Manila in the biggest market in this sector. Philippines. Ireland is a member of and a contributor to the ADB. The recent announcement by China that it will lift its ban on beef imports from Ireland is to be greatly welcomed. sector, non-governmental organisations, development agencies, community-based organisations and foundations. Given the range Key developments in other markets of partnerships there may be opportunities for Irish companies to The relationship between Ireland and India is getting ever stronger work on ADB-financed projects in the region. and our challenge is to maintain this positive momentum, in particular in the areas of trade, investment, tourism and education. Irish Aid in Asia Like China and Malaysia, India is a priority market in the international education sector and Minister of State for Skills and Innovation Damien English led a three-day education trade 2012. However, the rate of poverty reduction is slowing down and mission to India in November 2014, aimed at attracting Indian inequality is on the rise. Significant numbers of people continue to students to study in Ireland and to enhance collaborations on projects between Irish and Indian higher education institutions. the UN Human Development Index. The agreement of the Partnership for Prosperity and Growth Vietnam is a key partner country for Irish Aid. In addition to the development co-operation programme, Ireland actively promotes 2013 sets out a number of economic opportunities for Ireland, trade and investment opportunities with Vietnam, an area that has including boosting two-way trade and investment, particularly in been expanding rapidly particularly in the spheres of education, the areas of financial services, food, ICT, health-tech and eco- aviation, ICT, agriculture and food, with huge potential for further tech; pursuing deeper co-operation between Japan and Ireland in development. R&D and innovation; and building people-to-people links through In 2014, the embassy in Hanoi reopened the market for Irish tourism and education exchanges. pork meat. Irish pork suppliers and processors were successfully The Taoiseach subsequently had the occasion to meet with the registered with the Vietnamese authorities for the importation of Japanese Prime Minister Shinzo Abe during the ASEM Summit in Milan in October 2014. pork came into the Vietnamese market. In addition to the programme in Vietnam, Irish Aid also supports Irish Government Ministers visited five Asian countries Ð China, modest bilateral development programmes of assistance for India, Japan, South Korea and Singapore Ð where they worked Cambodia, Laos and Myanmar. These three post-conflict countries to promote trade and investment opportunities for Ireland and are the poorest members of the Association of Southeast Asian engaged with the governments and Irish communities there. Nations (ASEAN). In the wake of Typhoon Haiyan in the Philippines in late 2013, The year ahead for example, the Irish Government provided funding and supplies Ireland has world-class produce and the possibility to ramp up worth over €7.1m for lifesaving emergency response and longer- production Ð especially in the dairy sector with the lifting of the term recovery and reconstruction support. production cap Ð offers great opportunities in Asian markets, In Indonesia, since the first embassy official landed there last where the middle class is growing rapidly and consumption is July, the new mission has been working on identifying priority below potential. Research into food and food technology also economic areas for Ireland. There is great potential for increased offers new opportunities as does food tourism. educational exchanges and tourism. There is also great potential in terms of encouraging students The launch of the ASEAN economic community later this from Asia to attend university and to study in Ireland. When she year will be another important stage for Indonesian and regional visited China last October, Minister for Education and Skills Jan trade, including for example in Thailand, which is also a high potential market. as the country of honour at the Chinese Education Expo in Myanmar too is opening up rapidly, with a strong Irish October 2016. presence working there in telecommunications and infrastructure Other opportunities exist in this sector right across Asia, where development. Although the poorest country in ASEAN, it is developing rapidly International Education Strategy are located Ð China, India and and there are business and trade opportunities in a range of Malaysia. sectors, including power generation and distribution, infrastructure With the rollout last year by the Department of Justice and and building materials, telecoms and aviation. Equality and its British counterpart of the British-Irish visa scheme It is clear that the region presents many opportunities for Ireland to China and India, the potential for increasing tourism from these and Asia will remain firmly on our agenda in the coming year.

IAYB_page40-41_ministerprofiles.indd 41 profile CHINA A new normal

AMBASSADOR INSIGHT H.E. Xu Jianguo CHINA is undergoing a process of economic restructuring. As the largest developing economy with a population accounting for a fifth promote Ireland as a great destination for high quality third-level education as well as English language learning. potential is huge for Ireland. Recent years have seen a significant deepening of the Ireland boasts strong advantages agri-food industries. Against this I believe this positive momentum will continue in 2015. I also hope more and more Irish students will choose to go to China to further their studies. economically. China has built up a competitive edge in sectors such as foremost have to understand the business culture and potential opportunities and identify the potential issues associated with barriers. faring well in Ireland. It is also crucially important to study some official documents vehicle which set a new mode of co-operation in investment management staff to help to adapt in an easier and more efficient between both countries. way. I believe bilateral trade and two-way investment will continue to China has a large population as well as a rapidly growing families Ð which has in my view paved the way for a good mutual understanding. I am encouraged by the continued increase in the number undoubtedly bring our two nations closer than ever. reached €

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profile CHINA

Key facts...

National population: 1.37 billion (estimate) List of top five cities and population of each: – Beijing: 21 million – Shanghai: 24 million – Tianjin: 15 million – Chongqing: 29 million – Guangzhou: 13 million Area: 9.6 million sq km ECONOMIC OVERVIEW Timezone: GMT + 8 Currency: renminbi, also referred to as RMB Religions: China has been a multi-religion country since the ancient times. Buddhism, Taoism, Christian are the most popular religions Language/s: Chinese Bilateral trade with Ireland: US$6.5bn (source: China Customs, excluding Hong Kong, Macau and Taiwan) Irish exports to China: US$3.7bn (source: China Customs, excluding Hong Kong, Macau and Taiwan) Chinese exports to Ireland: US$2.8bn (source: China Customs, excluding Hong Kong, Macau and Taiwan) GDP: 63tr RMB or US$10tr (source: China’s STAS) GDP (purchasing power parity (PPP)): US$17.6tr (source: IMF) Real GDP growth: – 2011: 9.3pc NATIONAL FLAG – 2012: 7.7pc – 2013: 7.7pc – 2014: 7.5pc (prediction/target) – 2015: 7.0pc (prediction/target) Growth rate: From 2012 to 2015 is 7.8pc, 7.7pc, 7.4pc and 7pc respectively GDP per capita (current prices): US$7,350 (source: China’s STAS) GDP per capita (PPP): US$13,000 (source: IMF) GDP share of world total: 16pc (source: IMF) GDP sector breakdown: agriculture 10pc, industry 43pc and services 47pc

profile CHINA

ENHANCING CONNECTIONS Hong Kong has a long-standing history of connections with Ireland, explains Peter Ryan, Consul General THE Government of Ireland decided in 2014 to open a full Consulate Team Ireland has already directly organised a range of cultural General in Hong Kong to support the long-standing Irish community events and built a network of contacts in the sector. and focus on the growing economic opportunities that exist. Hong Kong is an enjoyable and challenging environment in which The setting up of the first consulate in Hong Kong should be to operate with a high premium placed on excellence. So from viewed in the context of the broader relationship between Ireland and China. the highest standards. We have enjoyed a warm welcome on all fronts and a readiness in the Embassy of Ireland, Beijing, working closely with Bord Bia, on the part of the Hong Kong government, as well as local, Irish and broader expatriate communities, to support our efforts. Hong Kong has a rich history of connections with Ireland and is Going forward, a key priority is to enhance relations between home today to between 3,000 and 5,000 Irish citizens. For any visitor the Irish and Hong Kong governments and since the opening of the consulate we are delighted that there have been three visits Brien Road are a constant reminder of the impact of many Irish-born exchanged. people here. Minister Simon Harris visited Hong Kong in January 2015 to address our citizens and to engage with them on a wide range of issues. Tsang and Treasury Secretary KC Chan. He also addressed a seminar In addition, we are working to reconnect with people of Irish heritage, Hong Kong people who have lived in Ireland or been session with the Irish Chamber of Commerce of Hong Kong. educated in Ireland and friends of Ireland from the international In addition, he visited Macau as the first Irish Government Minister community. to meet with his counterpart and also met with the new Macau Irish From an economic perspective, Hong Kong is a hub for world Chamber of Commerce. end of his visit to China. His three-day programme included meetings It also has strengths as a regional investment and trade hub. The ambitious Hong Kong Stock Connect initiative has cemented its Kong, as well as with key Irish and local business people and position as the primary offshore centre for the internationalisation of companies, and the Irish Chamber of Commerce. Chief Secretary Carrie Lam visited Dublin in early May this year, It is already an important market for Irish goods and services, which will be the first visit to Ireland by the leading official in the Hong notably in the areas of food and beverages, financial services, and Kong administration. education, with tremendous potential for further growth. In the area of economic promotion, we are focusing on five specific areas: financial services, technology, education, food and beverage, showcasing many of the finest proponents of Irish culture, including and tourism Ð all of which offer excellent opportunities for Irish our dance, sports, literature and music. companies and for deeper collaboration.

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18/05/2015 16:59 profile CHINA

AGENT OF TRAVEL Datalex opened an office in Beijing in June 2014 and recently secured its second airline customer in the People’s Republic of China

DUBLIN-BASED e-commerce solutions provider to the travel industry Datalex secured its second airline customer in the

profile JAPAN Working in partnership

AMBASSADOR INSIGHT H.E. Chihiro Atsumi JAPAN and Ireland have corporate earnings and fall in unemployment figures, for example. steadily developed a friendly and As part of the Abenomics growth strategy formulated to put the co-operative relationship. In 2013, economy onto a sustainable path towards recovery, steps are the leaders of the two countries being taken to lower the effective corporate tax rate and develop issued a joint declaration entitled National Strategic Special Zones, while progress is being made with ambitious regulatory and institutional reforms in sectors such as the electric power industry and agriculture. to: (1) the significant potential to Further growth strategy objectives include promoting the active increase trade and investment in participation of women and young people in the workforce, and sectors such as agri-food, financial creating new markets in sectors such as healthcare and energy. Moreover, many economic partnership agreements (EPAs) are research and development collaboration in the sectors of medical being planned with other countries and regions in order to expand two-way trade and investment. It is hoped that agreement in principle will be reached by the end of this year on the Japan-EU in areas including aviation services, food and financial services, Japan and the EU countries, including Ireland. while about 70 Japanese companies are currently operating in Ireland in industries such as pharmaceuticals, financial services and aircraft leasing. companies with great opportunities. At the same time, Japan Since the joint declaration was issued, we have already started is becoming increasingly important as a gateway to the rapidly to see concrete results. For example, having lifted its long- emerging Asian markets. standing ban on Irish beef, Japan has re-opened its markets to As a mature and developed market, foreign companies tend to beef imports from Ireland, and collaborative research between view Japan as a difficult market to penetrate, but it is often said Japan and Ireland is expanding in such fields as big data analysis that once they succeed in Japan, foreign companies can enjoy a and assisted independent living for older people. In these areas in long-lasting relationship with local partners, based upon mutual particular we can look forward to a substantial increase in bilateral trust. trade and investment and research and development collaboration Partnerships with Japanese companies, with their many years in the years ahead. of experience in Asian countries, offer foreign companies the potential to broaden the scope of their business not only in Japan but throughout Asia.

46 Ireland Asia Business Yearbook 2015 © Asia Matters

IAYB_page46-49_japan.indd 46 profile JAPAN

Key facts...

National population: 127.29 million ECONOMIC OVERVIEW (Source: Japan Statistical Yearbook 2015, Ministry of Internal Affairs and Communications) government in 2012 are definitely having a positive impact. Since the Top five cities and population of each: government took office, for example, increased economic activity has boosted (Source: Japan Statistical Yearbook 2015): – Tokyo: 9.02 million substantially. – Yokohama: 3.71 million Additionally, the number of people in employment has increased by over one – Osaka: 2.67 million million, the ratio of job offers to jobseekers is the highest for 22 years, and – Nagoya: 2.25 million salaries have risen on average by more than 2pc. – Sapporo: 1.93 million An economic virtuous cycle is truly being set in motion, in which corporate Area: 377,962 sq km (Source: Japan earnings increase, employment expands, wages rise and consumer spending Statistical Yearbook 2015) grows Ð all leading to economic recovery. Timezone: UTC (Coordinated Universal Abenomics is based on three pillars aimed at overcoming deflation and Time) + 9 revitalising the Japanese economy: (1) an aggressive monetary policy, (2) a Currency: yen flexible fiscal policy and (3) a growth strategy that promotes private investment. Religion/s: Shinto, Buddhism Language/s: Japanese Bilateral trade with Ireland: €3,521m growth strategy is focused on bold regulatory and institutional reform in the (Source: CSO 2014. Excluding services) four key areas of promoting investment, strengthening the utilisation of human Irish exports to Japan: €1,761m resources, creating new markets and global economic integration. The required Irish imports from Japan: €1,760m legislation passed so far is now entering the implementation stages. GDP (nominal): US$4,898bn The government is committed to steadily implementing the policies outlined GDP (purchasing power parity (PPP)): above to ensure that the economy exits deflation, and that the benefits of US$4,667bn Real GDP growth: to achieve its stated goal of economic revitalisation accompanied by fiscal – 2012: 1.4pc consolidation. – 2013: 1.5pc – 2014: 0.8pc (estimated) – 2015: 3pc (Asian Development Bank) NATIONAL FLAG GDP per capita (nominal): US$38,467 The Japanese language name for Japan is GDP per capita (PPP): US$36,653 (Source: IMF World Economic Outlook, October 2014) GDP share of world total (nominal): 6.5pc GDP sector breakdown: services 74.3pc, industry 24.5pc, agriculture 1.2pc (Source: Cabinet Office, Government of Japan)

profile JAPAN

Supplying the World from Ireland Japan’s largest pharmaceutical company Takeda has nearly a 20-year history in Ireland and Greg Timmons, president, Takeda Ireland sees a bright future for the Irish operation

FOUNDED IN JAPAN in 1781, Takeda has three operations in The Bray and Grange Castle manufacturing operations supply Ireland Ð a formulation and finishing operation in Bray, Co Wicklow small molecule, solid oral dosage products to global markets. established in 1997, an active pharmaceutical ingredient operation “Takeda was attracted to Ireland for many reasons, but a in Grange Castle, Dublin since 2002 and a sales and marketing huge part of the appeal was the people, skills and pro-business operation in Citywest, Dublin. environment. Since we came to Ireland the country has changed in Over the past seven years, Takeda has made acquisitions worth almost every way, but not in terms of these three key ingredients,” over €20bn and transformed from a largely Japanese-managed says Timmons. company to a truly global organisation, according to president of Employing around 400 people currently, Takeda Ireland has Takeda Ireland Greg Timmons. supplied a number of blockbuster products to global markets, The network of the Takeda group spans over 70 countries and some of which have lost their patent exclusivity. It is also taking on regions and its products are marketed in around 100 countries new products and since 2012 has begun supplying the Japanese worldwide. market. It appointed its first non-Japanese president and CEO, “This is possibly our most unique characteristic, because the Christophe Weber this year, who is leading the transformation, Japanese market holds the highest standards for cosmetic quality which Timmons says is “not just a high-level corporate change, but and as such is considered the most difficult market for which to a tangible one that we can all feel and relate to”. manufacture,” says Timmons. “Christophe has brought the patient to the centre of our thoughts “Our success in supplying two key products to this market has and our business. It is a great focus area that allows us to embrace led to our selection to manufacture Takecab [a treatment for acid- compliance with regulations, knowing these patients could be our related diseases] for the Japanese market this year. This product families and friends.” will support our growth in both Grange Castle and Bray for a Takeda is responsible for discovering and launching the number of years to come.” largest selling medicine in Japan in recent years Ð a product for Timmons believes there is a bright future for Takeda Ireland hypertension called Amias (known as Biopress in Ireland), in as it has secured the manufacture of such strategic products and addition to being one of the largest global players in diabetes and supports its sister operations, some of which are much larger in gastroenterology. scale.

48 Ireland Asia Business Yearbook 2015 © Asia Matters

IAYB_page46-49_japan.indd 48 20/05/2015 16:41 profile JAPAN

“Last year Takeda appointed Thomas Wozniewski as global and seek improvements to our processes.” manufacturing and supply officer. Based in Zurich, he has Both Irish manufacturing operations are set to grow in this established a global network of manufacturing, supply and environment, Timmons says. “Grange Castle is transitioning from engineering professionals. a two-shift to a four-shift operation in August 2015 and Bray output “We now have richer exchanges and more technical resources is targeted to grow by 60pc within the next two years. On-going with whom to consult. And Ireland is well respected for its capital equipment investment will exceed €30m in our three-year contribution in these exchanges as we research new technologies plan to 2017.” Blueface in world exclusive deal with Panasonic

IRISH cloud-telephony provider Blueface secured a €900,000 said Hironobu Higuchi, manager of communication products, deal with Panasonic in November 2014 to launch a new range Panasonic. of IP phones available to purchase at the end of last year. Panasonic added Blueface to its European Cloud Solutions Ireland is the first market in the world where the new Panasonic Network in 2013. As a result, Blueface now has access phone was made available. to the Panasonic redirect server, which means that it can The launch came after an extensive six-month research and order hardware to be shipped directly from Panasonic to the development process from both companies, which included the customer. Blueface team travelling to Japan. Founded in Blueface worked with Panasonic to create a handset geared 2004, Blueface has towards the SME market in order to meet growing demands largest distributor in The plug and play phone is designed for maximum mobility Ireland through its around an office, retail space or any industrial environment. The reselling of the UT handset operates from a very small base station that plugs into range of Panasonic a broadband router. SIP hardware - a The exclusive partnership announced at the Web Summit in phone system allows Dublin eliminates the need for wires and works over wireless Blueface to create a digital enhanced cordless telecommunications technology, bespoke service for which allows any handset to work off it. individual customers “Through its technical team and expertise of the depending on their telecommunications industry, Blueface proved to be an ideal business needs. An Taoiseach Enda Kenny with partner for this collaboration, and is a great example of a Blueface chief executive Alan Foy disruptive Irish company offering world class cloud services,”

IAYB_page46-49_japan.indd 49 20/05/2015 16:41 profile INDONESIA

Economic reform

AMBASSADOR INSIGHT H.E. TM Hamzah Thayeb

INDONESIA has a new administra- Widodo and Vice-President Jusuf Kalla, sworn in on 20 October 2014, which has outlined economic reform priorities in order to accelerate growth over the next five years to increase job opportunities and Apart from infrastructure, a wealth of opportunities exist for Irish The government committed to business across a range of sectors, such as oil and gas, power shift consumption to productive activities through a fuel subsidies generation, renewable energy, education, healthcare, ICT, planta- adjustment in November 2014, giving more focus to infrastructure financing, healthcare and education, as well as human resources Ireland has a competitive advantage in manufacturing industries such as pharmaceuticals, ICT, machinery, dairy products, as well President Jokowi stressed the importance of good governance in these sectors would be necessary to advance a strong manu- Other key sectors include food and agri-tech, education, tour- the EU provides Indonesian businesses with a gateway to enter The government is also working to improve the business climate in Indonesia by circumventing and streamlining bureau- timber, palm-oil, rubber, fish products, electronics and automotive service centre at the office of the Investment Coordinating Board, The opening of the Irish Embassy in Jakarta in 2014 under- intended to provide quick, simple, transparent and integrated scores the great potential that exists for future trade, investment dant natural resources, the size of the domestic mega-market, the young and technically trained workforce, as well as the large Indonesia is a natural choice as a hub of production and innov- maritime industry is key to the fortunes of the country and to the flight or a few days shipping you can reach the 600 million people in the ASEAN market, and by going a little further you can reach The Government has prioritised spending re-allocation to

50 Ireland Asia Business Yearbook 2015 © Asia Matters

profile INDONESIA

ECONOMIC OVERVIEW Indonesia has a balanced economy, a big consumer market and huge infrastructure needs, and is among the major emerging markets projected by the Key facts... the growth of all sectors in the economy, including agriculture, livestock, forest- National population: 252,164,800 (2014) Top five cities and population of each: the previous year due the slowdown in global demand, as well as the ban on – 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 km Timezone: GMT + 7 Currency: Rupiah Religion/s: Islam, Christian, Roman Catholic, Hindu, Buddha, Confucianism Language/s: Bahasa Indonesia (national vious year, according to an investment realisation report by domestic direct language) Bilateral trade with Ireland (2014): US$171,79m Irish exports to Indonesia: US$100,94m Gross domestic product (GDP): US$ 867.5bn (2013) GDP (purchasing power parity (PPP)): US$ 1.285tr (2013) NATIONAL FLAG Real GDP growth: 6.2pc (2012); 5.8pc (2013); The design of the Merah Putih, or red and white, 5.01pc (2014) national flag of Indonesia, is two equal horizontal GDP per capita (current prices): US$3,475 bands, red on top and white at the bottom. The red (2013) stands for courage and represents the human body, GDP per capita (PPP): US$9,561 (2013) while the white stands for purity and represents the GDP share of world total: 1.4pc (2013) human soul. Together it stands for a complete human being, one GDP sector breakdown: agriculture 13.38pc, that is pure and courageous. manufacturing industry 21.02pc, and wholesale and retail trade 13.38pc (2014) NATIONAL DAY: 17 AUGUST (INDEPENDENCE DAY) Sources: Ministry of Trade, Bank Indonesia, DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN Statistics Indonesia (BPS), World Bank INDONESIA AND IRELAND: 4 SEPTEMBER 1984

page strap profile INDONESIA

AGRICULTURE AND EDUCATION The Indonesian agriculture sector remains an indispensable part offer the best opportunities for Irish businesses both in the short and

52 IrelandIrish Director Asia Business Spring Yearbook 2007 2015 © Asia Matters

profile INDONESIA

The Irish and Indonesian economies are complementary, according to Irish Ambassador to Indonesia Kyle O’Sullivan

The Embassy of Ireland in Jakarta opened late last year with two specialised construction. Education and tourism will also be import- Irish-based staff. Since arriving in Jakarta, the question put to them ant. And beyond these are the sectors, markets and niches which are not immediately obvious, but where there is an opportunity for Irish companies to compete and win business because they provide the best product, service and value. arguments for an Irish presence on the ground. Jakarta, in particular, is a huge bustling metropolis, combining the growth rates here dwarfing those of Europe and projected to con- most modern with the most traditional elements in a city of 12 million tinue growing strongly into the future. people Ð with all the challenges and benefits that this implies. Demographic, consumer and commercial trends all indicate enor- Indonesia is not a traditional partner for Ireland and in many cases mous potential. Indonesia will not be a familiar environment to most Irish companies, and doing business here involves a step change on the potential not the actual. from working with our traditional markets. The Irish and Indonesian economies are complementary and if we can make the right connections, the opportunities for mutually beneficial business are significant. in this market, and the embassy and the state agencies have an Some sectors are immediately apparent: ICT and software, food unambiguous mandate to do all we can to support them. and food ingredients, medical equipment, aviation services, and

IAYB_page50-53_indonesia.indd 53 20/05/2015 15:40 profile INDIA

A new age

AMBASSADOR INSIGHT H.E. Radhika Lal Lokesh

INDIA is the largest democracy, is one of the largest employers in India and largest indigenous second most populous nation with more than a billion people to grow. and among the fastest growing Kerrygold cheese and butter products were launched in India economies in the world. For companies with any kind of Café. Kerry Ingredients India is also well established as a leading global interest, the writing on the supplier of coating systems, snack seasoning and functional wall is very clear Ð they should have a strategy for India. The famous brands in India. mileage to get to India may be In addition, the thoroughbred industry in Ireland is attracting great but once you are there, there are plenty of opportunities as Indian breeders for developing their broodmare brands and many Irish companies have discovered. stallions. India is entering a new age of development that beckons. Irish Ireland also has an established reputation in research and industry and trade should take advantage of the huge consumer development in agriculture, food and marine products and there is market but remember that it is also a very competitive market with much benefit to be earned from co-operation in this area at a time several international players. when India is looking for new technologies to increase soil fertility, produce more crops per drop and bring the latest technology from lab to land. On the output side, there is also scope for cooperation technology, bio-technology and environment technology. in the entire value chain in agriculture including storage and food There is great potential for India and Ireland to work together on processing. ICT solutions in the health, agriculture and environment sectors. In addition, there is interest in taking the co-operation in areas such as aviation and related technologies, engineering and construction, pharmaceuticals and medical devices, and food and providers. beverages to the next level. The co-operation between universities in India and Ireland In the services sector, Irish businesses can tap into India as has seen many successes, including student exchanges, faculty one of the fastest growing tourist generating markets in the world. exchanges and joint research projects. Our future efforts can For the past few years, Indian businesses have been attracted to the financial and banking sectors, pharmaceuticals and harness the demographic dividend that everyone talks about. engineering sectors in Ireland. Indian IT and pharmaceutical Both Indian and Irish people attach great importance to family companies continue to look at Ireland as an attractive and values. Therefore, you would generally find Indians to be polite, strategic gateway to expand into continental Europe. courteous, friendly, hospitable and respectful towards elders and As an investment and trade destination, Ireland offers opportunities in ICT, pharmaceuticals and life sciences, bio- Developing personal rapport, understanding and trust in any technology and bio-medical engineering. In addition, the trade in relationship is extremely important. With Indians, it could take textiles and garments, leather goods, household furnishings and some time, but once established, they would be ready to go to so on also holds great promise. extra mile in a negotiation. Hence, a patient approach with a Agriculture is an important sector for both India and Ireland. It vision for long-term engagement has a greater chance of success.

54 Ireland Asia Business Yearbook 2015 © Asia Matters

IAYB_page54-57_india.indd 54 20/05/2015 15:42 profile INDIA

Key facts...

National population: 1.25 billion ECONOMIC OVERVIEW Top five cities – Mumbai : 20.8 million Political stability in India achieved after elections in May 2014 in which the current – Delhi : 21.8 million – Kolkata: 14.6 million expectations for the economy. – Bangalore : 8.7 million Since coming into office, Government policy is geared to achieve growth which – Hyderabad : 7.7 million is sustainable and inclusive. Area: 3,287,590 sq km Currency: Indian rupee reshaping economy and society, reforming Government systems, increasing Religions: Hinduism, efficiency and creating a better environment for much needed investment. Muslim, Christian, Sikhism, In addition to peace and prosperity within the country, a peaceful international Buddhism,Jainism, Zoroastrianism, Judaism etc Language/s: 22 languages listed in eighth Schedule of the Constitution, NATIONAL FLAG Hindi and English are official languages Bilateral trade with Ireland in 2013: €667m Irish exports to India (2013): €281m Irish imports from India (2013): € 386m GDP nominal (2014): US$2076bn GDP (purchase power parity (PPP)) (2013): US$6776bn Real GDP growth (2014): 6pc GDP predicted growth (2015): 6.6pc GDP nominal per capita (2013): US$1,499 GDP nominal sector breakdown (2013): agriculture 17.4pc, industry 25.8pc, services 56.9pc GDP share of world total at purchase power parity (2013): 6.6pc

IAYB_page54-57_india.indd 55 20/05/2015 15:42 profile INDIA

Global Leaders in Aviation Finance

KPMG is the leading provider of cross-border advisory services to the international aviation ﬁnance and leasing sector GLOBAL To ﬁnd out how we can help, please contact Tom Woods, t: +353 1 410 2589 LEADER e: [email protected] Tata Group employs over 581,000 people worldwide, with 67.2pc of this coming from businesses outside India kpmg.ie/aviation

INDIAN-HEADQUARTERED global organisation the Tata Group Tata companies, the Tata brand is also gaining international completely changed its entire business model over a 10-year recognition. period, moving from the bottom of the consulting food chain all With its pioneering and entrepreneurial spirit, the Tata group the way up to the top. has spawned several industries of national importance in India: Tata Sons was founded in 1868 in India by Jamsetji Tata. steel, hydro-power, hospitality and airlines. He was the son of the first businessman in what was otherwise Irish entrepreneur and founder of executive search company a family of Zoroastrian Parsi priests who had the vision of Claddagh Resources Peter Casey was so enamoured with what establishing a company that would exist to finance and initiate the Tata Group has achieved and its philanthropic ethos that projects to improve the lives of the people of India. Today the Tata Group employs over 581,000 people published in 2014. worldwide, and earned annual revenues of over US$103bn in With an office in Dublin, Tata is considering setting up a 2013Ð2014, with 67.2pc of this coming from businesses outside centre of excellence in Ireland focused on Massively Open India. Online Courses (MOOCs), of which Casey is a passionate Consisting of more than 130 companies, 32 of which advocate. are traded on stock exchanges, 65pc of Tata is owned by “MOOCs are like the Wikipedia for education and will do philanthropic trusts and Tata is one of the biggest charities in the for education accessibility what iTunes did for music. There is world. currently a five-year gap between what businesses need and Many Tata companies have achieved global leadership in their universities deliver. Pioneered in Ireland, MOOCs are rapidly gaining popularity in the US and cover a massive range of topics largest wholesale voice carrier and Tata Motors is among the that immediately address current urgent business needs, such top five commercial vehicle manufacturers in the world. as the latest in predictive analytics,” he says. Tata Steel is among the top 10 best steelmakers and TCS is Casey personally invited all the heads of universities in Ireland amongst the top 10 global IT services companies. Tata Global to an event in the Shelbourne, Dublin in October 2014 to allow Beverages is the second-largest player in tea in the world and the current Tata CEO Natarajan Chandrasekaran to present his vision for MOOCs here. soda ash. “I believe this is an unmissable opportunity for Ireland to lead In tandem with the increasing international footprint of the world in online learning,” Casey contends.

© 2015 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. 56 Ireland Asia Business Yearbook 2015 © Asia Matters

IAYB_page54-57_india.indd 56 20/05/2015 15:42 641_Airport_Leasing_IRISH_TIMES_Jan15.indd 1 19/02/2015 16:24 Global Leaders in Aviation Finance

KPMG is the leading provider of cross-border advisory services to the international aviation ﬁnance and leasing sector

To ﬁnd out how we can help, please contact Tom Woods, t: +353 1 410 2589 e: [email protected]

kpmg.ie/aviation

IAYB_page54-57_india.indd641_Airport_Leasing_IRISH_TIMES_Jan15.indd 57 1 20/05/201519/02/2015 15:4316:24 profile KOREA

New ground

AMBASSADOR INSIGHT H.E. Park, Hae-yun With its huge consumer market, of Korean Studies from Korea are working closely with Irish business friendly environment and partners to that end. world-class industries, Korea is In addition, Korea is an important destination for Irish exports of medical and pharmaceutical products and internationally traded growth strategy. services such as aviation and financial services. Korea has also In particular, the landmark emerged as the fastest growing market for Irish seafood. Korea-EU free trade agreement Given the shared emphasis on openness, innovation and (FTA), entered into force in 2011, business-friendly environments, there is still further potential to be has created a unique fertile ground tapped. We welcome Irish businesses to use Korea as a gateway for trade and investment. to Asia. Likewise, we invite Korean businesses to use Ireland as During the Korea-Ireland Joint Economic Commission held on 4 a hub for European operations. It is evident the two countries are December 2014, both sides found wide business potential in ICT, formidable partners for global business. life sciences, education and financial services to name just a few. Automobile, ICT, display, semiconductor and shipping are just Recent years have seen new ground broken in many areas. In some of the industries where Korea has established a global 2014, Korea-Ireland trade reached a five-year record high. High presence. level bilateral interaction also continued to strengthen with Minister With the launch of the Creative Economy initiative by President for Jobs, Enterprise and Innovation Richard Bruton making the Park Geun-hye in 2013, Korea is looking to forge partnerships first Irish trade mission to Korea. with innovative businesses around the world. Propelled by the Korea-Ireland memorandum of understanding on Education signed in 2013, co-operation and exchanges in the sciences, financial and business services creates a strong education sector are growing by leaps and bounds. platform for further business opportunities for both countries. More than 2,400 Korean students visit Ireland annually to In addition to Hyundai, Samsung, LG, POSCO and other study and at least 18 institutions are collaborating on cutting- Korean conglomerates that occupy the headlines around the edge research. The ongoing outreach efforts by the likes of the world, there are a number of small and medium-sized companies, Irish Institute of Korean Studies in University College Cork and accounting for 88pc of the employment in Korea, with key countless others will surely broaden and deepen these links. technology or niche know-how that can be invaluable partners for Organisations such as the Korea Foundation and the Academy Irish businesses.

58 Ireland Asia Business Yearbook 2015 © Asia Matters

IAYB_page58-61_korea.indd 58 20/05/2015 15:45 profile KOREA

ECONOMIC OVERVIEW

Home to global companies such as Samsung and Hyundai, Korea is the 13th largest economy in the world and ranks eighth worldwide in trading volume. A resilient economy, Korea has weathered the global recession and its GDP is estimated to have grown by 3.3pc in 2014. Its current growth strategy comprises expansionary fiscal policy and timely structural reforms, which have been viewed Key facts... favourably by the IMF and OECD. Korea also launched the Creative Economy initiative in 2013, strengthening National population: 50 million innovation and research and development (R&D). In 2014, it ranked first among Top five cities OECD countries in terms of R&D intensity and first in the world in the Bloomberg – Seoul: 10.4 million innovation ranking. – Busan: 3.6 million Buttressing the innovation is a business friendly environment which ranked fifth in – Incheon: 2.8 million – Daegu: 2.5 million The only Asian country to have established free trade agreements (FTAs) with both – Daejeon: 1.5 million the EU and the US, Korea has an ever expanding FTA network, which in 2014 added Area: 100,460 sq km China to the fold. In particular, the Korea-EU FTA took effect in 2011, offering greater Currency: won mutual access for businesses on both sides. Timezone: GMT + 9 hours For Irish businesses, this access leads to the Korean consumer market, comprising Religions Buddhism (24pc); 50 million strong population and one of the highest purchasing powers in Asia. Protestantism (23pc); Catholicism (8pc); Moreover, Korea represents a gateway to the greater Asian market, with its other (0.8pc); no religion 44.2pc strategic geographic location and savvy consumers known as trendsetters in the Language: Korean region. Bilateral trade with Ireland in 2014: – Korean exports to Ireland: US$463m – Irish exports to Korea: US$833m NATIONAL FLAG – Irish exports to Korea: US$935m – Total volume of trade: US$1.4bn Gross domestic product (GDP) in 2014: Called Taegeukgi, the Korean flag has its roots – GDP (PPP): US$1.7898tr (13th in traditional Korean philosophy on the origin largest in the world) of the universe. In the centre, blue and red half- – GDP per person: US$28,739 Real GDP growth (Bank of Korea): are joined together to form a whole circle, a reference to the principle that 3.7pc ( 2011), 2.3pc (2012), 3pc (2013), the universe evolves from the fluid interaction and harmony between two 3.3pc (2014), 3.8pc (2015) contrasting forces. The four trigrams surrounding the circle embody the GDP sector breakdown: agriculture four universal elements: heaven, earth, fire and water. 2.7pc, industry: 39.8pc, services 57.5pc R&D intensity: first among OECD NATIONAL DAY: 3 October countries DIPLOMATIC RELATIONS ESTABLISHED BETWEEN KOREA AND Trading volume: US$1.988tr (eighth IRELAND: 4 October 1983 largest in the world, 2014)

IAYB_page58-61_korea.indd 59 20/05/2015 15:45 profile KOREA What makes us different? We bring you closer to the European market

Science of life

Dianne Rhee, director Korea at Enterprise Ireland, shares her insights into areas of most potential for Irish companies in the world’s 13th largest market

is a high potential sector and construction engineering 200 Irish companies selling into the market, according to an Enterprise services is a relatively new, but rapidly growing, sector for Irish exporters in Korea, according to Dianne Rhee, director Korea at Enterprise Ireland. Over the next five years, the South Korean economy is set to make “Key export sectors for Irish companies have traditionally been food and drink followed by financial services, software, aviation services and and more than France or Italy, the Enterprise Ireland report notes. The country has a population of 50 million and is highly urbanised, “Life sciences recorded 100pc growth in 2011 for Irish companies with over 50pc living in the Greater Seoul metropolitan area, and has one even though it contracted slightly in 2012. Market trends still show With an office in Seoul since 2004, Enterprise Ireland recently services, medical devices and diagnostics as well as animal nutrition and expanded its presence in the Korean market, according to Rhee. “Export growth by Enterprise Ireland clients to Korea was estimated Rhee also highlighted education as an area offering significant untapped potential for Ireland in Korea: “The total number of Koreans exports by client companies are targeted to grow to ¤70m by 2015 and studying abroad [over 20 years of age] was 239,210 spending a total of to over ¤83m by 2016. US$3.4bn in 2012, with 57pc going to English speaking countries. The “There are 170 Enterprise Ireland clients exporting to Korea, most of number of Korean students going to Ireland was 611 in 2012 and market which are starting out and operating through local partners and importer In 2013, over 70%* of international companies setting up distributors. Fourteen of them have established a physical presence/ Total Irish exports to Korea amounted to ¤590m in 2013 and there are in Ireland chose to work with Bank of Ireland. We are proud to partner with Asian businesses investing in Ireland. DUBLIN’S PIXCELLDATA IN NEW PARTNERSHIP Our Corporate Banking team would welcome the opportunity WITH SEONGKOHN TRADERS IN KOREA to show you how our services can be tailored to exceed your expectations. IRISH SOFTWARE company Pixcelldata has regional meetings, as well as for veterinary and entered into a new partnership with SeongKohn toxicology pathologists. To learn more from Ireland’s No.1** Corporate Bank, please call: Traders, which is the top provider of automated “As well as having a unique understanding instruments and consumables for cytology, of the needs of Korean pathology laboratories, histology and autopsy and forensic laboratories in SeongKohn Traders also has extensive experience Korea. The deal signed in November 2014 will involve software Ð an advanced web application for storing, managing, reviewing, and sharing digital pathology combination. We will work together to expand our images and associated case data. Founded in 2010 in Dublin, Pixcelldata is an tests and slide conferences for the Korean innovator of software solutions for the digital www.bankoﬁreland.com/corporate Society of Pathologists, the Korean Society for pathology domain. * Bank of Ireland analysis of publically available information in relation to FDI companies established in ROI, 2013. ** Bank of Ireland analysis of independent industry statistics 2013. Corporate Banking Bank of Ireland is regulated by the Central Bank of Ireland.

60 Ireland Asia Business Yearbook 2015 © Asia Matters

D5475_BOI CB Asia Ireland FDI 210x273 advert DEC 2014 FINAL.indd 1 18/12/2014 14:54 20/05/2015 15:45 What makes us different? We bring you closer to the European market

In 2013, over 70%* of international companies setting up in Ireland chose to work with Bank of Ireland. We are proud to partner with Asian businesses investing in Ireland. Our Corporate Banking team would welcome the opportunity to show you how our services can be tailored to exceed your expectations.

To learn more from Ireland’s No.1** Corporate Bank, please call:

www.bankoﬁreland.com/corporate * Bank of Ireland analysis of publically available information in relation to FDI companies established in ROI, 2013. ** Bank of Ireland analysis of independent industry statistics 2013. Corporate Banking Bank of Ireland is regulated by the Central Bank of Ireland.

D5475_BOI CB Asia Ireland FDI 210x273 advert DEC 2014 FINAL.indd 1 18/12/2014 14:54 IAYB_page58-61_korea.indd 61 20/05/2015 15:45 profile THE PHILIPPINES

Resurgent economy

AMBASSADOR INSIGHT H.E. Enrique A Manalo

IRELAND and the Philippines share repair and overhaul; and public-private partnerships, infrastructure values in many aspects of life such projects, wearables and apparel sourcing. as work, family and community, as The Philippines remains one of the largest export markets for well as a common dominant faith. food products from Ireland. On our part, we recommended the Now is a good time for Irish firms opening of the Irish market to more Philippine products such as to consider establishing operations fresh fruits and vegetables, processed foods, and organics. in Philippine economic zones as a The other sectors that offer the most opportunity to Philippine springboard for the massive export businesses in Ireland are electronics, information technology, market in Asia, most particularly tourism, renewable energy, and garments and wearables. the ASEAN, which will be a single The Philippines government has increased the education economic community by the end of 2015. The Philippines is an ideal location to establish offshore cover, among others, infrastructure and facilities, instructional operations, as well as manufacturing operations for export into materials, and modernisation programmes. the ASEAN community due to its many comparative advantages, The country produces around 700,000 college and university including the young, dynamic, productive labour force with a high graduates a year, providing many opportunities in technical, level of education and its use of the English language as the training and post-graduate co-operation. business medium. The factors that will have most effect on the Philippine economy Otherwise, Irish firms have tremendous opportuntities in the following sectors in the Philippines: information technology/ to regional/global shocks and generate more and higher quality business process management (IT/BPM), particularly in the jobs; infrastructure spending growth; the focus on improving field of financial and accounting services, software and mobile health, education and disaster risk reduction services; US application development; knowledge process outsourcing, economic recovery; the hosting of APEC; the implementation of particularly in the areas of engineering, architectural design and ASEAN economic integration at the end of 2015; decline of global other creative services; renewable energy; manufacturing in agri- oil prices; recent credit rating upgrades; and the passage of key business and food processing; aerospace, including maintenance, legislation.

62 Ireland Asia Business Yearbook 2015 © Asia Matters

IAYB_page62-65_philippines.indd 62 20/05/2015 16:40 profile THE PHILIPPINES

ECONOMIC OVERVIEW

The resurgent Philippine economy has continued to go from strength to strength. It grew by 6.9pc in the last quarter of 2014, pushing average full Key facts... trajectory. National population: 97.35 million (2013 The Philippine economy posted the highest growth in Southeast Asia projection) and remained second only to China in Asia for the period. The latest Top five cities by population: – Quezon City: 2.76 million uninterrupted growth overall. – City of Manila: 1.65 million – Caloocan City: 1.49 million performance: dynamic business and private sector activity, sound – Davao City: 1.45 million fiscal management, solid economic fundamentals, and a stable political – Cebu City: 866,000 environment. Area: approximately 300,000 sq km The sustained growth figures are likewise attributed to improved Timezone: GMT + 8 hours governance under the administration of President Benigno Aquino III, Currency: Philippine peso whose economic policies have set forth a programme of institutional Religions: Roman Catholic (82.9pc), reforms, the passage of landmark laws, promotion of transparency and Protestant (5.4pc), Islam (4.6pc), Philippine accountability, and support for broad-based growth. Independent Church (2.6pc), Iglesia ni Cristo (2.3pc) Languages: two official languages: Filipino investment grade status in 2013. and English. Filipino, which is based on Reflecting such improved governance and dynamism, the Philippines Tagalog, is the national language. English has over the past four years significantly climbed and been one of the is also widely used and is the medium of instruction in education. There are eight World Bank Ð IFC Ease of Doing Business Report (+53); World Economic major dialects spoken by majority of the Filipinos: Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, The Philippines is better positioned and has avoided the pitfalls of other Pampango, and Pangasinense. economies, making itself structurally stronger, better prepared and more Bilateral trade with Ireland: resilient against market volatility and external shocks. US$375,880,000 (2012) Irish exports to the Philippines: NATIONAL FLAG US$347,280,000 (2012) Philippine exports to Ireland: US$28,600,000 (2012) The sun represents independence, and its GDP: US$292.2bn (2014 estimate) eight rays represent the first eight provinces GDP (purchasing power parity (PPP): that revolted against Spanish colonial rule. The US$493bn (2014 estimate) Real GDP growth: 7.6pc (2010), 3.9pc geographic regions: Luzon, Visayas and Mindanao. The white triangle (2011), 6.8pc (2012), 7.2pc (2013), 6.1pc (2014) 7–8pc (2015 and 2016 projected) field valour. GDP per capita (current prices): US$2,765 (2013) NATIONAL DAY: 12 June (Independence Day) GDP per capita (PPP): US$4,700 (2013) GDP share of world total: 0.53pc (2013) DIPLOMATIC RELATIONS ESTABLISHED WITH IRELAND: GDP sector breakdown: services 57pc, 9 July 1946 industry 32pc, agriculture 11pc

IAYB_page62-65_philippines.indd 63 20/05/2015 16:40 profile THE PHILIPPINES A specialist provider for your funds

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The region growth decelerate sharply in 2015 as foreign direct investment Funds Industry Association. including UCITS V, AIFMD, FATCA and EMIR. grew 6.3pc in 2014. dries up and fiscal and monetary policies are tightened. “Developing Asia is making a strong contribution to global Growth in South Asia accelerated to 6.9pc in 2014 and is economic growth,” said ADB chief economist Shang-Jin Wei. projected to trend higher to 7.2pc in 2015 and 7.6pc in 2016, For more information visit northerntrust.com or contact: “Falling commodity prices are creating space for policy-makers reflecting the strong performance anticipated in India. across the region to cut costly fuel subsidies or initiate other Both Bangladesh and Pakistan are following through with wide- structural reforms. This is a key opportunity to build frameworks ranging economic reforms that include efforts to overcome power Clive Bellows Madeleine Senior that will support more inclusive and sustainable growth in the shortages, though political challenges may limit progress in 2015. Country Head, Ireland Head of Business Development, EMEA longer term.” Following a sub-regional drop of 4.4pc in 2014, Southeast From the trough of the global financial crisis in 2009, developing Asia is poised for a growth rebound in 2015, the ADO (Asian +353 (0) 1 542 2000 +44 (0)20 7982 2239 Asia has contributed 2.3 percentage points to global GDP growth Development Outlook) predicts. [email protected] [email protected] Aggregate growth is seen rebounding to 4.9pc in 2015 and Eight economies in the region posted growth exceeding 7pc in 5.3pc in 2016 as recovery in Indonesia and Thailand leads the way, and with most of the sub-region expected to benefit from Asset Servicing | Asset Management | Wealth Management rising exports and lower inflation. northerntrust.com

© 2015 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago,Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For legal and regulatory information about individual market offices, visit northerntrust.com/disclosures. 64 Ireland Asia Business Yearbook 2015 © Asia Matters

IAYB_page62-65_philippines.indd 64 20/05/2015 16:40 A specialist provider for your funds

Pioneering innovation – Northern Trust has Exceptional client servicing – Commitment to creating actively participated in the development of Ireland’s lasting relationships through our client-centric International Financial Services Centre (IFSC) with approach. industry firsts including: Breadth and depth of expertise – Dedicated teams – Servicing the first Irish UCITS fund in 1989 of experts support funds across traditional and – Administrator for one of the first Irish domiciled alternative asset classes including hedge funds, funds hedge funds in 1994 of hedge funds, exchange traded funds, cross-border – Launching Ireland’s first tax-transparent solution pooling funds, real estate funds, private equity funds for multinationals in 2005 and infrastructure funds. – Servicing the first major European exchange Comprehensive fund services – Customised traded funds launched in 2000 asset servicing solutions including fund administration, Best-of-breed technology – Suite of web-based transfer agency, investment operations outsourcing, reporting, monitoring and transaction tools supported trustee services, global custody, depositary and by a single, global operating model and 24/7 processing. investment risk and performance analytics. Industry engagement – At the centre of industry Solutions for recent and upcoming regulatory developments through our relationships and executive changes – Products and services developed with our roles with local industry bodies, including the Irish clients in mind to help them navigate complexities, Funds Industry Association. including UCITS V, AIFMD, FATCA and EMIR.

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Clive Bellows Madeleine Senior Country Head, Ireland Head of Business Development, EMEA +353 (0) 1 542 2000 +44 (0)20 7982 2239 [email protected] [email protected]

Asset Servicing | Asset Management | Wealth Management northerntrust.com

IAYB_page62-65_philippines.indd 65 20/05/2015 16:40 profile SINGAPORE

Facing outward

AMBASSADOR INSIGHT H.E. Foo Chi Hsia

SINGAPORE and Ireland are the

66 Ireland Asia Business Yearbook 2015 © Asia Matters

profile SINGAPORE

Key facts...

National population: 5.47 million Area: 716.1 sq km Time zone: UTC + 8 Currency: Singapore dollar ECONOMIC OVERVIEW Religion/s: Buddhism (33.9pc), Islam (14.3pc), Taoism (11.3pc), Christianity Singapore has an advantageous geographical location in the heart of Asia, with (11pc), Catholicism (7.1pc), Hinduism excellent global connectivity and pro-business policies. It has been consistently (5.2pc), other religions (0.7pc), none ranked by the World Economic Forum (WEF) as one of the easiest places to conduct (16.4pc) business. Language/s: English, Malay, It is a highly open economy, with external trade amounting to three times the Mandarin and Tamil are the four official languages in Singapore Together with strong macroeconomic fundamentals such as consistent budget Bilateral trade with Ireland: USD$1,263.9m Irish exports to Singapore: strong market connectivity. Singapore is well placed as the strategic gateway for USD$840.3m international companies to access the burgeoning Asian market. Singapore exports to Ireland: USS$420.7m Gross domestic product (GDP, NATIONAL FLAG current market prices): USD$295.6bn It consists of two equal horizontal sections of red above Real GDP growth: 6pc (2011), 1.9pc white. The upper left section contains a white crescent moon (2012), 4.1pc (2013), 2.9pc (2014), and five white stars, which form a circle. Red symbolises 2–4pc (2015 estimate) universal brotherhood and the equality of man, while white GDP per capita (current prices): signifies pervading and everlasting purity and virtue. The USD$54,000 crescent moon represents a rising young nation. The five stars stand for the GDP per capita (purchasing power parity): USD$55,200 GDP share of world total: 0.388pc NATIONAL DAY: 9 August GDP sector breakdown: agriculture DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN 0.0pc, industry 29.4pc and services SINGAPORE AND IRELAND: 70.6pc

profile SINGAPORE

TALENT POOL A report last year found that Singapore succeeds in attracting top quality talent from across the world, aided by its cosmopolitan culture and effective immigration policies

Singapore ranks second in the Global Talent Competitiveness needs of the medium and high skilled sectors of the economy.” According to Ilian Mihov, dean of Insead, we live in a world based on the quality of talent it can produce, attract and retain. where talent has become the core currency of competitiveness Ð Launched in Singapore last January, the study was produced for businesses and national economies alike. Yet there is an all by international business school Insead in collaboration with the too frequent mismatch between the needs of enterprises and the Human Capital Leadership Institute of Singapore (HCLI) and talents fostered by policies and education systems. Swiss human resources consulting firm Adecco Group. “This mismatch is brought sharply into focus in a region such The index placed Switzerland at No 1, followed by Singapore as Asia, with marked variations in the quality of its institutions as and Luxembourg in second and third places respectively. well as the size, type, and stage and pace of development of its As in 2013, the GTCI rankings are dominated by European economies,” he says. countries, with only six non-European countries in the top “A consequence of being home to some of the fastest growing 20: Singapore (2), the US (4), Canada (5), Australia (9), New economies in the world is that the region is also undergoing Zealand (16) and Japan (20). sweeping changes at an unprecedented pace, which comes with its own set of challenges.” Kwan Chee Wei, CEO of the Human Capital Leadership Executive director of global indices at Insead and co-author Institute (HCLI), notes that the traditional hierarchies and of the report Bruno Lanvin comments: “Singapore succeeds in bureaucracy in many Asian corporates often hold back attracting top quality talent from across the world, aided by its openness, transparency and empowerment Ð important levers in cosmopolitan culture as well as effective immigration policies. accelerating talent growth. Singapore, along with Australia and Malaysia, have a regulatory “In certain Asian countries, there is a need to see value and environment that promotes competition, doing business and worth in both professional and technical vocations. Beyond this, innovation. Asia has to build Asian global leaders rather than relying solely “But even by its own high standards, Singapore struggles to on expatriates to lead in the region.” grow its vocational and its global leadership talent to meet the

IAYB_page66-69_signapore.indd 68 20/05/2015 15:48 ASEF

Thanks to his extensive experience of working in both Europe and Asia, Conor O’Clery was selected to represent Ireland on the board of the Asia-Europe Foundation The Irish governor

FORMER € ASEF is a subset of ASEM, the biennial meeting of the EU and Asian Heads of Government which convenes alternately in Europe and in Asia. Peter Ryan , Consul General of Ireland in Hong Kong and Macau, was seconded by the Department of Foreign Affairs to the ASEF Secretariat in Singapore as director of intellectual exchange 2006 - 2009. Dr Tom Hardiman was the Irish Governor in ASEF 2001 - 2009 followed in this role by Ambassador Joe Hayes.

profile MALAYSIA

Steady Growth Path

AMBASSADOR INSIGHT H.E. Syed Sultan Bin Mohd Idris

MALAYSIA is strategically located and communications technologies; food and drink; high-tech in the heart of Southeast Asia, manufacturing; and clean/green technology. making it the ideal gateway for Ireland and Malaysia have to work together to engage more Irish companies to access the Irish industry players, such as the Irish Food & Drink Federation, vast ASEAN market, which has a Ireland Renewable Energy Association, Irish Edible Oils combined GDP value of US$2.4tr Association and other relevant industry bodies to promote the encompassing a total population of acceptance and sustainability of Malaysian palm oil products. 604.8 million. Malaysia is one of the top exporters of palm oil to Ireland. Under the ASEAN partnership, Palm oil is used for food, cosmetics and many other products. It the ASEAN Economic Community (AEC) is scheduled to be is found in one out of ten supermarket products. Palm oil is also executed in 2015 which will transform ASEAN into a region with being increasingly used to replace other oils for biofuel to meet free movement of goods, services, investment, skilled labour, and the EU targets and standards. free flow of capital. In the education sector, we are focused on sustainable Other than the ASEAN market, Malaysia is also a gateway engagements and smart partnerships between universities in to other markets with preferential access through its free trade Malaysia and Ireland as follows: agreements (FTAs) Ð with China, Japan, India, Korea, Australia, ¥ Research collaboration Ð in the fields of aerospace, maritime, New Zealand, Chile and Turkey. The total potential market value sport sciences, and agriculture. Medical oriented studies is US$2.4tn with tariff reduction mostly eliminated by 2016. such as food technology and allied health sciences could Aside from the strategic location, Irish companies should be other possible options that could be looked into and consider Malaysia as a centre of investment as it offers better expanded further. infrastructure and utility services than other markets, a reasonable ¥ Student exchange programme Ð undergraduates gain cost of living, suitable business environment and abundance of international exposure and skills, which help in both personal qualified human capital. and professional development and stimulate creative ideas, Malaysia welcomes high value-added, high capital intensive enhance relationships and strengthen the understanding of and knowledge-based investment into the country. cross-cultures. ¥ Staff exchange programme Ð sharing best practices, developed nation status by 2020. In line with this, the government initiatives, expertise and working procedures. This helps to launched the national Economic Transformation Programme, with improve skills, motivation, gain new perspectives, expand a gross national income (GNI) per capita target of US$15,000 and networking and promote knowledge exchange. the goal of attracting US$444bn in investments and creating 3.3 ¥ Knowledge exchange Ð exploring more opportunities million new jobs. for academics to do post-graduate courses and do their Various programmes have been identified to achieve GNI sabbatical in Ireland and Malaysia. Malaysia intends to invest growth. These industries or sectors are known as the 12 National more in the professional talent development agenda as more Key Economic Areas (NKEAs). specialists and researchers are needed in the future. Based on these NKEAs, the sectors of most interest from There are positive signs from Irish companies looking into ASEAN markets and setting up offices in Malaysia. services, communications content and infrastructure and With the ever increasing sectors that could be exploited, Malaysia agriculture and regional establishment. looks forward to welcoming more Irish investors in addition to Malaysia also promotes the following sectors in which the existing Irish companies SteriPack, Dortek , Openet and Irish companies have strength: life sciences, information Scandisks.

IAYB_page70-71_malaysia.indd 70 20/05/2015 15:02 profile MALAYSIA

Key facts... ECONOMIC OVERVIEW

THE MALAYSIAN economy is expected to remain on a steady growth path National population: 30.26 million (2015 est) with economic activities continuing to be supported by growth in domestic List of top five cities and population of each: demand amid a moderation in exports. – Kuala Lumpur (capital): 1,674,621 Moving forward, domestic demand will remain as the key driver of growth. – Johor Bahru: 1,386,569 While private consumption is expected to moderate, it will remain supported – Georgetown: 520,202 by the steady rise in income and employment, and the additional disposable – Ipoh: 767,794 income from lower oil prices. – Kuching: 617,887 Investment activity is projected to remain resilient, with broad-based Area Total: 330,290 sq km capital spending by both the private and public sectors cushioning lower Currency: ringgit (MYR) oil and gas-related investment activity. While export growth will be affected Religion/s: Islam (official) 61.3pc, Buddhist 19.8pc, by lower commodity prices, the performance of manufactured exports is Christian 9.2pc, Hindu 6.3pc, Confucianism, expected to improve. Taoism, other traditional Chinese religions 2.6pc Inflation for 2015 is expected to be lower than earlier anticipated due to Language/s: Malay (or Bahasa Malaysia as lower energy and commodity prices. known locally), English is spoken widely as it is Banks in Malaysia have very strong ratings. Malaysian banks are among compulsory in education and is used widely in the top-five highest-rated banking systems in the Asia Pacific including government, business and media. Other languages

Japan and are ranked second in ASEAN. are spoken also such as Chinese (various dialects

including Mandarin, Cantonese, Hokkien, Hakka, Hainan and Foochow), Tamil and Hindi. Bilateral trade with Ireland: NATIONAL FLAG US$480.44m (2014 estimate) Irish exports to Malaysia: The flag of Malaysia, also known as US$341.31m (2014 estimate)

the Jalur Gemilang (stripes of glory), Malaysian exports to Ireland: comprises a field of 14 alternating red and white stripes along US$139.13m (2014 estimate) the fly and a blue canton bearing a crescent and a 14-point star GDP: US$326.9bn (2014 estimate) known as the Bintang Persekutuan (Federal Star). GDP (purchasing power parity (PPP)): US$746.1bn (2014 estimate) The 14 stripes, of equal width, represent the equal status in the Real GDP growth: federation of the 13 member states and the federal government, – 2015: 4.7pc (Asian Development Bank while the 14 points of the star represent the unity between these projection) entities. – 2014: 6pc – 2013: 4.7pc – 2012: 5.6pc GDP per capita (current prices): US$10,803.5 yellow of the star and crescent is the royal colour of the Malay (2014) rulers. GDP per capita (PPP): US$24,654.2 (2014) GDP share of world total: 0.7pc NATIONAL DAY: 31 August GDP sector breakdown: agriculture 11.2pc, DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED industry 40.6pc, services 48.1pc (2013 figures) BETWEEN MALAYSIA AND IRELAND: 10 January 1974

IAYB_page70-71_malaysia.indd 71 20/05/2015 15:02 profile VIETNAM

Growth momentum

AMBASSADOR INSIGHT H.E. Nguyen Van Thao

COMMITMENT, patience and The government is also prioritising the development of food efforts to build friendship are processing, which offers investment, consulting and supply greatly rewarded while doing opportunities for Irish businesses in areas such as fruit, seafood business in Vietnam. and dairy farming. On top of this, the Vietnamese government is also creating incentives to boost foreign direct investment in the domestic barometer of business sentiment agricultural sector, such as the import duties exemption for all among European companies direct investment in domestic agricultural production. operating in Vietnam, climbed up Opportunities can be found in high added value segments significantly, hitting a three-year high, reflecting the optimism of in this area such as processing, trade in the value chain of foreign investors. agricultural commodities and the application of science and Up to now, the foreign investment sector remained a significant technology. source of growth for the Vietnamese economy, accounting for Vietnam has set itself the challenge of improving education nearly 20pc of GDP, 22pc of total investment, supplying two-thirds standards to ensure it has the skills required to support the of merchandise exports and providing a quarter of employment in the enterprise sector. There is strong potential to continue to grow the number of international students coming to Ireland. Opportunities also exist stability, competitive labour costs, a relatively skilled and to develop and deliver education systems in Vietnam such as disciplined workforce, and proximity to Chinese supply chains. curriculum development. The sectors of most interest for Irish businesses are information The possibility of signing a co-operation agreement on technology, agriculture and food processing, dairy products, education and training is also worth considering, thus creating chemicals, plastics, oil and gas, pharmaceutical, textiles, the legal framework for strengthening bilateral co-operation in this education, infrastructure development, services, environment potential field in the near future. technology, energy, tourism, engineering, machinery, and The most important factors to secure the sustainable equipment. development of the Vietnam economy in 2015 and the years institutional reform, economic restructuring and strengthen the annual rate of 18.6pc over the period 2013-2018 Ð implying that the Vietnamese food industry will offer tremendous growth chain. opportunities. Vietnamese people find closeness to the Irish culture in respect to family and friendship. There is no doubt that Irish people will in Southeast Asia, but it is growing quickly. A youthful population, value the passion for learning that exists in the Vietnam culture. changes in lifestyle and rising incomes are driving growth of high Vietnam and Ireland share many common values that could quality imported food products. contribute to strengthening bilateral relations.

20/05/2015 15:49 profile VIETNAM

ECONOMIC OVERVIEW

The remarkable developments in Vietnam during the past 30 years are coupled with drastic institutional reforms, which by their nature aim to enhance market mechanisms for economic activities, unleash internal strengths and improve Key facts... competitiveness. In 2014, the growth rate reached 5.98pc. The current growth momentum lies in National population: 90.3 million the comprehensive economic restructuring on public investment, financial markets, List of top five cities and population of state-owned enterprises and strategic breakthroughs in the market economy, each: infrastructure modernisation and human resources development. – Ho Chi Minh city: 7.921 million According to the Doing Business Report published by the World Bank in – Hanoi: 7.189 million – Hai Phong: 1.978 million – Da Nang: 1.051 million moved up from 70/148 to 68/148, assessed by World Economic Forum. Large – Can Tho: 1.298 million) Area: 331,210 sq km outlook was raised from stable to positive. Currency: Viet Nam Dong (VND) With the prospect of finalising 14 free trade agreements (FTAs) in 2015Ð2020, Timezone: GMT + 7 hours including the ASEAN Economic Community (AEC) and the EU-Vietnam FTA, Religions Buddhist 9.3pc, Catholic Vietnam will become an important chain of the wide network of economic linkages 6.7pc, Hoa Hao 1.5pc; Cao Dai 1.1pc; involving 55 partners including 15 members of G20. Protestant 0.5pc, Muslim 0.1pc These are the basic foundations for Vietnam to deepen its regional and Language: Vietnamese, English, French, Chinese, Khmer development, accelerate economic restructuring and deepen its participation in Bilateral trade with Ireland: global value chains. €182.96m, U$254.75m Within the region, Vietnam is not only a potential market with more than 90 Irish exports to Vietnam: €152.5m million people but also a gateway to access the vast market of ASEAN with 600 Vietnam exports to Ireland: €73.38m million people and GDP of US$2.31tr (ranked the 9th in the world in terms of Gross Domestic Product (GDP): scale). US$192.090bn GDP (purchasing power parity (PPP)): US$509.466bn NATIONAL FLAG Real GDP growth: - 5.89pc (2011) The National flag of the Socialist Republic of - 5.03pc (2012) Vietnam is rectangular in shape, its width is equal - 5.42pc (2013) to two-thirds of its length, and in the middle of - 5.98pc (2014) the red background is a bright five-pointed yellow - 6.2pc (forecast for 2015) GDP per capita (current prices): of 23 November 1940 against French rule. The US$2,120 red background represents blood and also the GDP per capita (PPP): US$4,001 GDP share of world total: 0.414pc GDP sector breakdown: agriculture peasants, workers, traders and soldiers. (18.2pc), industry (38.5pc) and services (43.3pc) NATIONAL DAY: 2 September 1945 DATE WHEN DIPLOMATIC RELATIONS ESTABLISHED BETWEEN Sources: IMF, CIA, General Statistics Office of Vietnam VIETNAM AND IRELAND: 5 April 1996

IAYB_page72-75_vietnam.indd 73 20/05/2015 15:49 profile VIETNAM

M A K E THE ORDINARY

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Ambassador of Ireland to Vietnam Damien Cole talks about how the Irish embassy in Hanoi has contributed to Vietnam’s development EXTRAORDINARY Since the opening of the Irish embassy in Hanoi in 2005, Ireland EXPE RIE NCE MORE FOR LE S S A S WE LL A S CLUB CARLSONSM POINTS FOR PLANNERS W ITH THE RADISSON BLU ROYAL HOTEL, DUBLIN learn how Ireland transformed itself into a modern, open, hi-tech Since the programme was established, it has helped Vietnam dairy and pigmeat presenting important opportunities for Irish Vietnam in key market sectors, including agri-business, ICT important bridge between our two countries as they take up senior Most of the candidates on the programme will return to work In Asia, building and maintaining relationships really matters, I would encourage companies to use the embassy network to RADISSON BLU ROYAL HOTEL, DUBLIN Golden Lane, Dublin 8, Ireland T: +353 1 898 2900 74 Ireland Asia Business Yearbook 2015 © Asia Matters [email protected] radissonblu.ie/royalhotel-dublin

20/05/2015 15:49 M A K E THE ORDINARY

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IAYB_page72-75_vietnam.indd 75 20/05/2015 15:49 profile THAILAND

Attracting investment

AMBASSADOR INSIGHT HE Kittiphong na Ranong

AS we are celebrating four ASEAN is a large market of more than 600 million people and decades of our diplomatic relations, US$2.4tn GDP, making it the sixth largest economy in the world. Thailand and Ireland have much to look forward to. The two countries partner outside Europe with annual bilateral trade in goods and have always enjoyed cordial ties. services of some US$270bn. The official visit of former President Supported by strong economic fundamentals and a more com- Mary McAleese to Thailand back in petitive and connected AEC, and in particular its strategic location September 2002 was a landmark in mainland Southeast Asia, Thailand is well placed for businesses event. to take advantage of the ASEAN-China free trade agreement to Meanwhile, the royal visit of Her access markets in Southern China and nearby areas. Royal Highness Princess Maha Chakri Sirindhorn of Thailand to Looking ahead, Thailand has earmarked about US$75bn for Ireland in September 2014 was the highlight of a most fruitful year investment in infrastructure projects between 2015 and 2022, for our relations. which include significant investment in mass transit systems, high speed rail links, double-track rail and transport networks to link further consolidated the strong political, trade and economic rela- with our neighbouring countries. tionship and will support the people-to-people linkages and tour- In the meantime, the royal Thai government has implemented ism flows between the two countries. Such a move also reflected a number of key economic strategies such as special economic zones in border areas, the development of a digital economy, as well as tax and energy reforms. This will help consolidate beyond. Last year, our bilateral trade was US$809.79m, an increase of and create secure regional supply chains and connectivity. 14.81pc. This is due largely to the increasingly active role of the Thai and Irish public and private sectors which have made a sig- I encourage more participation of businesses and research enti- nificant contribution to this growth. ties from Ireland in the expansion of our bilateral trade and invest- In 2015, Thailand and the nine fellow member countries of ment. ASEAN will realise the ASEAN Economic Community (AEC).

76 Ireland Asia Business Yearbook 2015

20/05/2015 15:50 profile THAILAND ECONOMIC OVERVIEW

BUSINESS SECTOR OPPORTUNITIES Key facts...

National population: 67.0 million Top five cities and population of each: – Rayong (East) – Chacherngsao (East) – Bangkok (Central) – Chonburi (East) – Pranakorn Sri Ayudhaya (Central) Area: 513,120 sq km Currency: Baht (current $1 = 32.5 Thai baht) NATIONAL FLAG Religion/s: Buddhism, Islam, Christianity Language/s: Thai (English is also widely The flag of Thailand is called Thong Trairong, spoken and understood.) GDP: US$373.6bn (2014) Real GDP growth: 7.8pc (2010), 0.1 pc (2011), 6.5pc (2012), 2.9pc (2013), 0.7pc (2014) GDP per capita (purchasing power parity): NATIONAL DAY: US$9,900 GDP share of world total: 0.5pc GDP sector breakdown: agricultural 12.1pc, industry 43.6pc, services 44.2pc

Ireland Asia Business Yearbook 2015 77

profile THAILAND

MISSION POSSIBLE

Reputation and relationships are crucial in Thailand and the aim is to build Ireland’s reputation and profile there, according to Ambassador of Ireland to Thailand Brendan Rogers

THAILAND is one of the great development success stories. It is the second largest economy in Southeast Asia. Due to smart to be in Bangkok as it strives to establish itself as one of the economic policies, it has become an upper middle income economy. There are great opportunities in education, tourism, and It also has a fast growing and youthful population of 67 food and beverage for Irish companies. I recently signed a million. The domestic economy is large but Thailand is an export memorandum of understanding on cooperation in education with oriented economy and has attracted significant amounts of the Thai Ministry for Education, which will provide the framework foreign direct investment. within which detailed proposals for educational collaboration can The success of the Thai economy has created a growing and be formulated. wealthy middle class. The full implementation of the ASEAN In the short time that we have been here we have managed Economic Community in 2015 will create further opportunities for to forge close relationships with the key players in the education Thailand. sector and we are working closely with Enterprise Ireland and the It became clear to me soon after arriving in Thailand in Irish universities to boost the profile of Irish education in Thailand. November 2014 that there is little real knowledge of Ireland We are keen to market Ireland as an attractive destination to among the general population, and limited knowledge of Ireland the growing and increasingly mobile middle class in Thailand. among government and key decision-makers and influencers. The inclusion of Thailand in the British-Irish visa scheme later In Thailand, reputation and relationships are crucial, and this year will assist our efforts to promote inward tourism. The expansion of the middle class in Thailand also provides and profile here. A presence on the ground can make all the opportunities for exports of our high quality food and beverages. difference. I would advise any Irish companies considering entering the In Thailand the state remains closely connected to the market market to thoroughly research it and consult with people who both through state-owned or controlled enterprises and through have been successful in Thailand and know the culture and bureaucratic and political ties with dominant market players. ways of doing business. Political access and good relationships with decision and Business people such as Paul Scales, president of the Irish policy makers and opinion shapers are critical to trade and Thai Chamber of Commerce, are a great source of knowledge, investment promotion. Embassy Bangkok is well placed to expertise and experience and are always willing to offer develop these relationships. pragmatic advice to those wishing to learn more about doing My first impressions are of the myriad of possibilities and business in Thailand. opportunities in a country that is developing rapidly and which in recent years has managed to lift a large proportion of the time to build relationships, and seek solid partnerships with population out of poverty. those who have a track record here. The Thai authorities have been very welcoming and have We at the embassy in Bangkok are at the service of our demonstrated an eagerness to support our efforts here and to businesses seeking to enter the Thai market and we will do learn more about Ireland. We have also been warmly welcomed everything possible to be supportive.

IAYB_page76-79_thailand_laos.indd 78 20/05/2015 15:50 profile LAOS

Increasing integration

ECONOMIC OVERVIEW LAOS is a landlocked, mountainous country located at the heart with GDP growth last year of 7.5pc. The Asian Development Bank of the Greater Mekong Subregion (GMS), bordered by Vietnam, is projecting 7pc growth for 2015 with mining and hydropower China, Myanmar, Thailand and Cambodia. expected to continue growing. Since the 1990s, economic growth in Laos has helped to Key priorities outlined for growth and development in Laos reduce poverty levels significantly. High levels of foreign aid and include upgrading the quality of agricultural infrastructure and rural investment in natural resources, supported by mining and exports roads, strengthening tourism infrastructure and management, of hydropower, in particular from China, Vietnam and Japan, has expanding water supply and urban infrastructure and services and resulted in gross national income doubling since 2006. improving access to health services. Laos is intensifying its integration into the regional and global There are multiple opportunities for Irish businesses to improve economy contributing significantly to its further economic develop- co-operation with Laos as the economy continues to grow. Key ment. On 2 February, 2013, Laos officially became a member of sectors for opportunities include education and training, tourism, the World Trade Organisation, which was the culmination of a and agriculture. 15-year process of key government reforms and negotiations. In the Seventh National Social and Economic Development Plan (NSEDP) for 2011Ð2015, Laos outlined its plan to further develop and enhance human resource development. This period saw Laos Key facts... host the landmark ninth Asia Europe Meeting (ASEM) Summit in 2012, bringing together European and Asian leaders from over 50 Population: 6,514,432 (source: 2012) countries. Top five cities and population of each province: – Vientiane: 810,846 exports, though much of the labour force still relies on subsistence – Luangprabang: 471,390 level agriculture with lowland rice production accounting for 80pc of – Savannakhet: 953,511 total employment and 25pc of GDP. – Champasack: 678,841 The economy has grown at a rapid rate over the past decade – Huaphanh: 341,972 Area: 236,800 sq km Timezone: UTC/GMT + 7 hours Currency: kip (LAK) Religions: Buddhist (67pc), Christian (1.5pc), other and NATIONAL FLAG unspecified (31pc) In the centre is a white disk Ethnic groups: Lao (55pc), Khmou (11pc), Hmong (8pc), symbolising the unity of the other (over 100 minor ethnic groups) 26pc (source: 2005 people under the leadership of census) Languages: Lao (official), French, English languages GDP: US$10.1bn (2013 est) GDP (purchasing pwer parity (PPP)): US$20.78bn (2013 red stripes stand for the bloodshed by the people in est) their struggle for freedom and the blue symbolises Real GDP growth: – 8.3pc (2013) – 7.9pc (2012 est) – 8pc (2011 est) GDP per capita (current prices): US$1,628 (2013 estimate) 7 GDP per capita (PPP): US$1,628 (2013 estimate) August 1998 GDP sector breakdown: agriculture 23.5pc, industry 33.2pc, services 37.4pc (source 2013) Lao

IAYB_page76-79_thailand_laos.indd 79 20/05/2015 15:51 profile MYANMAR Key facts...

National population: 55,746,253 Top five cities and population of each province: – Nay Pyi Taw: 1.016 million – Yangon: 4.705 million – Mandalay: 1.139 million – Mawlamyine: 438,861 – Bago: 244,376 Area: 676,577 sq km Timezone: GMT + 6.30 Currency: Myanmar kyat (MMK) Rapid Religion/s: Buddhist (89pc), Christian (4pc), Baptist (3pc), Roman Catholic (1pc), Muslim (4pc), Animist (1pc), other (2pc) growth phase Language/s: Burmese (official) and over 100 ethnic languages Gross domestic product (GDP): ECONOMIC OVERVIEW US$65.29bn GDP (purchasing power parity (PPP)): MYANMAR US$244.3bn Real GDP growth: community on its doorstep. – 2015 (ADB projection): 8.3pc – 2014: 8.5pc – 2013: 8.3pc – 2012: 7.3pc GDP per capita (current prices): US$1,096 (2013 est) implemented. GDP per capita (PPP): US$1,700 (2013 estimate) GDP share of world total: 0.09pc GDP sector breakdown: agriculture 37.1pc, industry 21.3pc, services 41.6pc NATIONAL FLAG The yellow represents solidarity; the green symbolises peace, tranquility and lush greenery; the red represents courage and determination; and the white star stands for the significance of the union of the country. NATIONAL DAY: 12 June DATE WHEN DIPLOMATIC RELATIONS WERE ESTABLISHED urbanisation. BETWEEN MYANMAR AND IRELAND: 10 February 2014

profile BRUNEI DARUSSALAM Key facts... National population: 422,675 Capital: Bandar Seri Begawan Area: 5,765 sq km Timezone: GMT + 8 Currency: Brunei dollars Religion/s: Muslim – official (78.8pc), Christian (8.7pc), Buddhist (7.8pc), other – includes indigenous beliefs – (4.7pc) Language/s: Malay (official), English, Chinese dialects GDP: $17.43 billion (2014 estimate) GDP (purchasing power parity (PPP)): $32.11 billion (2014 estimate) Real GDP growth (2012, 2013, 2014 and prediction for 2015): – 3pc (2015) (IMF) – ADB has it at 0.3pc – 5.4pc (2014) – 1.2pc (2013 estimate) – 0.9pc (2012 estimate) Diversifying GDP per capita (current prices): $41,255 (2014 estimate) GDP per capita (PPP): $77,700 (2014 estimate) economy GDP share of world total: 0.3pc GDP sector breakdown (pc composition for agriculture, industry and services): agriculture 0.8pc, industry 66.5pc, ECONOMIC OVERVIEW

BRUNEI DARUSSALAM of hydrocarbons of any country in the world relative to its population size. thirds of total output. incentives for investors, Brunei continues to hold opportunities for NATIONAL FLAG The flag is yellow with two diagonal bands of white (top, almost double width) and black starting from the upper hoist trade, finance, real estate, hotels, hospitality and side. The national emblem in red is superimposed at the centre; yellow is the colour of royalty and symbolises the sultanate; the white and The emblem includes five main components: a swallow-tailed flag, the sector and there are deals in place with Chinese royal umbrella representing the monarchy, the wings of four feathers symbolising justice, tranquility, prosperity and peace, the two upraised welfare of the people, and the crescent moon denoting Islam, the state religion. 23 February 1984

profile MONGOLIA

A market economy

AMBASSADOR INSIGHT H.E. Tulga Narkhuu THE key sectors that attract most safety and agricultural product hygiene. Irish businesses may also foreign investments in Mongolia provide technical expertise and consultancy and supply agricultur- are mining exploration, con- al equipment and machinery. struction, infrastructure, tourism, There is an opportunity for Mongolian businesses to trade telecommunications and food cashmere and wool products to Ireland. Mongolia is one of the processing. few places in the world where a traditional nomadic lifestyle exists The Investment Law of alongside a modern democratic state. Therefore, we would like to Mongolia approved in 2013 pro- see more Irish tourists in our country where they can experience vides a stable environment and unforgettable adventures in the vast steppes of Mongolia. favourable investment conditions. According to the law, the State that has been producing and exporting copper and gold concen- may issue a guarantee for stable tax treatment upon request by trate since 2013. When fully operational, it will contribute about a an investor. If approved, an investor would be entitled to enjoy stable tax treatment for a specific period of time in the form of tax mine. Once the underground mining activity (worth US$4.2bn) stabilisation certificates or investment agreements. starts, it will produce 400,000 tonnes of copper annually. This Mongolia offers significant opportunities to Irish businesses in would certainly have a significant impact on the economy of agriculture and food processing, dairy products, education, voca- Mongolia. tional training, infrastructure development, engineering, machinery Although Mongolia and Ireland are far from each other geo- and equipment. graphically, there are many similarities between our countries. Since Mongolia has a developing economy, there is a growing Mongolian and Irish people are both friendly and hospitable demand for training of highly skilled employees in the engineering, nations that greatly respect their national heritage and tradition. agriculture, mining and tourism sectors and Ireland has the know- Also, both Irish and Mongolian people have a close relationship ledge and expertise in these fields to share with Mongolia. with nature and are passionate about horses, folklore music and There are opportunities for Mongolia and Ireland to develop dance. co-operation in the food and agri-tech sector, especially in food

IAYB_page82-83_mongolia.indd 82 20/05/2015 16:39 profile MONGOLIA

Key facts...

National population: 3 million List of top three cities and population of each: – Ulaanbaatar: 1,267,024 – Darkhan: 98,969 ECONOMIC OVERVIEW – Erdenet: 93,947 Area: 1,564,115 sq m Mongolia has transformed from a centrally planned economy into a market Timezone: UTC + 8 hours economy and conducted its first democratic election 25 years ago. Since then Currency: Tugrug (MNT) Religion/s: Buddism, Shamanism Russia and China, Mongolia is rich in mineral resources exports of which make Language/s: Mongolian 80pc of the total export volume of the country. Bilateral trade with Ireland: Mongolia achieved real GDP growth of 17.5pc in 2011, however due to the US$3,914,800 as of end 2013 fall of coal and copper prices as well as foreign direct investment, real eco- Irish exports to Mongolia: nomic growth in Mongolia slowed to 7.8pc in 2014. Exports grew by 19.1pc in US$3,901,600 as of end 2013 the first half of 2014 driven by copper and oil, but imports fell by 8.3pc as mine Mongolia exports to Ireland: development slowed. Agriculture expanded by 16.3pc to continue as a key US$13,200 as of end of 2013 driver of growth. Although the production of the mining sector fell in 2014, the GDP: US$12bn as of 2014 largest copper and gold mine Oyu Tolgoi has continued to export resources GDP (purchasing power parity (PPP)): from its open pit and produced 148,400 tonnes of copper and 589,000 ounces US$20bn as of 2014 of gold in concentrates in 2014. Real GDP growth: – 2011: 17.5pc – 2012: 12.4pc NATIONAL FLAG – 2013: 12.5pc – 2014: 7.8 pc NATIONAL DAY: 11 June Ð Naadam GDP per capita (current prices): DATE WHEN DIPLOMATIC RELATIONS ESTAB US$4.087 as of 2014 LISHED BETWEEN MONGOLIA AND IRELAND: GDP per capita (PPP): US$6,631 22 December 1998 International dollars as of 2014 GDP share of world total: 0.02pc

IAYB_page82-83_mongolia.indd 83 20/05/2015 16:39 profile CAMBODIA

Olympian of growth

AMBASSADOR INSIGHT H.E. Mr. Meas Kim Heng

THIS year a very special one for conditions for Cambodia to offer a lot of opportunities for Irish me since it is my first time to visit businesses in many sectors. Ireland and to assume my duty as Four priority sectors have been encouraged by Government: Ambassador of the Kingdom of education, electricity, road and water. There are other sectors Cambodia to Ireland. with potential such as garments, textiles, tourism, services, Cambodia and Ireland enjoy a construction, agriculture, pharmaceutical, oil and gas, engineering, warm friendship and co-operation. and machinery. Ireland has contributed to peace I firmly hope that Irish businesspeople will look for the and development in Cambodia. We opportunity to invest in Cambodia Ð investing in Cambodia means are very grateful for that. investing in ASEAN as a whole. Furthermore, there are currently many Irish tourists visiting By the end of this year the ASEAN community will have Cambodia and bilateral trade between the two countries keeps established its own single market with a population of over 600 increasing every year. These contribute to the strengthening of million. friendly relations between our two countries. I am pleased to note that Irish companies are strong in sectors Strategically located in Southeast Asia and as a member of such as energy, manufacturing, pharmaceuticals, business the Association of Southeast Asian Nations (ASEAN), Cambodia technology and communications. We look forward to welcoming now enjoys political stability and high economic growth at the them to choose Cambodia as a gateway for ASEAN and beyond. rate of over 7pc per year. These factors have created favourable

IAYB_page84-85_cambodia.indd 84 20/05/2015 15:55 profile CAMBODIA

ECONOMIC OVERVIEW

Key facts... National population: 15,458,332 (July 2014 est.) Top five cities and population of each province: – Phnom Penh (capital city): 2,234,566 – Kampong Cham: 1,914,152 – Kandal: 1,280,781 – Battambang: 1,036,523 – Prey Veng: 1,063,494 – Siem Reap: 903,030 Area: 181,035 sq km Timezone: UTC + 7 Currency: riel Religion/s: Buddhism Language/s: Khmer (official language) Bilateral trade with Ireland: US$28,851,164.96 (2012) Amount of Irish exports to Cambodia: US$10,662,980.71 (2012) Amount of Cambodia exports to Ireland: US$18,188,184.25 (2012) GDP: US$18.10bn (2014) GDP (purchasing power parity (PPP)): US$46bn (October 2014, World Bank) Real GDP growth: – 2011: 7.1pc – 2012: 7.3pc – 2013: 7.4pc NATIONAL FLAG – 2014: 7.3pc – 2015: 7.5pc GDP per capita (current prices): US$1,130 blue stripes represent royalty and the centre red (2014, MoEF) GDP per capita (PPP): US$3,042 (October 2014, World Bank) GDP share of world total: 0.046pct (est 2013) GDP sector breakdown: agriculture 34.8pc, industry 24.5pc; services 40.7pc (2013 estimated)

VIEW FROM DUBLIN Visit by the Lord Mayor of Dublin to Beijing Dublin’s Lord Mayor Christy Burke took part in a range of activities when he led a delegation to Beijing last year THE Lord Mayor of Dublin Christy Burke led a delegation from Dublin to attend the World Tourism Cities Federation (WTCF) Beijing. During this meeting each side took the opportunity to annual conference in Beijing, China in September 2014. update each other on progress on the Beijing Dublin Twinning Dublin hosted a stand at the event, which was opened by the Agreement and also discussed options of future activities between Lord Mayor, who participated in several panel discussions during both cities. Ambassador to China HE Paul Kavanagh and key staff from While in Beijing, he and the Dublin delegation took the opportunity to visit Tianjin to see the Urban Planning Exhibition Department of Agriculture, Food and the Marine. Hall and the Tianjin Culture Centre. The visit to Tianjing During this meeting Mayor Wang confirmed that part of the concluded with a meeting with the Mayor of Tianjin Huang Xingguo to discuss issues of common interest to both Tianjin and 2015. Dublin. The Lord Mayor of Dublin also met with the 2014/15 class programmes will seek to link actively to the enterprise sector in play The Seagull both Beijing and Dublin to enhance the innovation content and theatre company Pan Pan Productions and the Square Moon Theatre from Chengdu. This production received funding from faculty comes from University College Dublin, which partnered Ambassador at this event. The Lord Mayor also had a meeting with the Mayor of Beijing

Lord Mayor of Dublin Christy Burke and Mayor of Beijing Wang Anshun

VIEW FROM DUBLIN Hong Kong A gateway to Asia The opportunities for growth in Hong Kong are wide open in several key sectors, explains Liam Kavanagh, chairman, Ireland Hong Kong Business Forum and MD of The Irish Times

WITH the range of opportunities, there is no better time than now Kong, we believe that there is scope to build strong tourism flows to reach out and step in to Asia. into Ireland. Last summer saw the opening of the first ever Irish consulate The food sector is of particular interest to Ireland and Hong in Hong Kong, something the Ireland Hong Kong Business Forum had campaigned for over many years, and we can now see how the consulate will provide a vital stepping stone for Irish exports to Hong Kong reached a value of €3.5m in 2013; a massive 527pc increase on 2012. economies. There is a long and distinguished record of Irish educators Hong Kong is an open market with seven million residents, in Hong Kong, and many thousands of senior business people growing to 50 million when tourists are included Ð this means that and political figures have been educated by Irish priests and the market is actually the size of Britain. missionaries based there. The international airport is located less than five flying hours These links mean that students in Hong Kong are often well disposed towards Ireland, and we can use this platform to raise awareness of Irish education. The working holiday arrangement between Ireland and Hong stone for doing business elsewhere in Asia. Having visited Kong operates in a similar way to the one-year visa to work in recently, I can confidently attest to the huge potential for Australia. There are 150 places each year for Irish citizens under developing the specific trade links that bind Ireland and Hong 29 years of age to come to Hong Kong and work for a year. Kong together. These are just some of the many opportunities and there is no Firstly, a double taxation agreement has been in place between better time than now to reach out and step in to Asia. Ireland and Hong Kong since 2010. There are about 3,000 Irish passport holders working in Hong Kong, and many more have account for about €100m in trade. Not only is Hong Kong a leading international trading and services hub, it also has very competitive taxation and no foreign based on the English common law, which makes it easier for Irish firms to do business there. The opportunities for growth are wide open in several key sectors. In financial services, we want to promote Ireland as a destination for Hong Kong and Chinese funds. innovation and start-up culture is in line with the Hong Kong In tourism, we know that Hong Kong is a key target market for Visit Britain and a range of our European competitors Ð there were more than 160,000 visitors to Britain from Hong Kong in Liam Kavanagh, chairman, 2013 and with more than 50 weekly flights to Britain from Hong Ireland Hong Business Forum

IAYB_page86-89_dublincity.indd 87 20/05/2015 13:03 VIEW FROM DUBLIN Catalyst for change The One Young World Summit covered issues such as sustainable development, youth entrepreneurship, and peace and reconciliation

what justice and fair play you create for the most vulnerable and marginalised in our cities,” the Lord Mayor noted at the event. Leadership Capital. “We have the youngest population of any European city and a long and proven history of innovation and leadership that makes the world a better place. “The fact that Dublin is the city of choice for this event allows us fair claim to be European Capital for Youth and Leadership. I am confident that the actions after the event across the globe by this new generation of leaders will justify our claim.” Former Irish President Mary Robinson made a plea for young people to act on climate change. In a stark warning she told the summit that time was rapidly running out for us to affect change. Geldof also warned that humankind could be on the brink of another conflict, which could be worse than World War One or World War Two. He was referring to conflicts in Syria, other parts of the Middle East and parts of Africa. Lord Mayor of Dublin Christy During the summit workshops were held with young people Burke with young leaders from Northern Ireland to share experiences of living with conflict. Jones and co-founder of One Young World Kate Robertson THE One Young World Summit took place in Dublin from 15Ð18 explained why Dublin was chosen as the host of the 2014 October 2014, involving 1,300 young leaders from across the world sharing innovative solutions for the pressing issues facing the world. The event, which co-founder David Jones describes as “a platform to give brilliant young people a catalyst to drive change strength of the bid by the two young ambassadors Bob Coggins in the world”, incorporates attendees aged between 18 and 30 presenting on and discussing a broad range of topics on major “the capital of new technology for the whole of Europe”. issues facing the world. Dublin had taken the responsibility to host the 2014 summit Topics covered last year included sustainable development, during the 2013 summit in Johannesburg, South Africa. youth entrepreneurship, climate justice, and peace and A total of 190 countries sent representatives to the Dublin reconciliation. summit; the delegates came from all corners of the globe and Delegates were joined by household names such as Sir Bob included many Asian participants, including from China, Korea Geldoff, former president of Ireland Mary Robinson, former (North and South), Thailand, Indonesia, and Cambodia. secretary general of the United Nations Kofi Annan, footballer Sol Governor of Bangkok M.R. Sukhumbhand Paribatra attended Campbell and tennis ace Boris Becker. the Dublin event and took the mantle of hosting the 2015 summit The Lord Mayor of Dublin Christy Burke said at the summit from the Lord Mayor of Dublin. that it was important that as this event was in Dublin, that Dublin During his time in Dublin Governor M.R. Sukhumbhand enabled leaders in social change to take part. Dublin City Council organised two of the Friday breakout City Hall to see the story of the capital and had a tour of the sessions Ð one on start-ups with the new Dublin start-up Dublin City Gallery The Hugh Lane, led by director Dr Barbara commissioner Niamh Bushnell and one on social justice with Dawson. campaigner and freeman of Dublin Fr Peter Mc Verry. is not about what money you earn or power you hold but rather

IAYB_page86-89_dublincity.indd 88 20/05/2015 13:03 VIEW FROM DUBLIN Chamber link Dublin Chamber has developed strong business relationships with many countries, in particular China, over the past decade

FOUNDED in 1783, Dublin Chamber has represented the between the two cities. interests of business across the Greater Dublin area for more Dublin Chamber regularly organises business briefings and than 200 years. matchmaking events for Chinese delegations travelling to Ireland. The chamber assists many international companies to network This typically involves the chamber bringing in guest expert with Dublin-based businesses. Companies can access a range speakers and organising one-to-one meetings between delegates of services that include networking and learning events, business and Dublin Chamber member companies. advisory services, international business assistance, and policy Dublin has been twinned with Beijing since 2011. The core consultations. objective of the twinning is to effect economic, educational and Our history as a chamber is based on international trade and cultural benefits to Dublin businesses, institutes and citizens and we have developed strong business relationships with many to reciprocate these benefits to the City of Beijing. countries, in particular China, over the past decade. Memoranda of understanding (MoUs) were signed with the China has traditionally proved a tough market to access for Irish Beijing Chamber of International Commerce (CCPIT Beijing) in companies and an increasingly popular way to access China is to 2007 and with the Beijing WTO Affairs Centre during Mayor of use Hong Kong as a launch pad. This was one of the main reasons for the setting up of the MoUs signed in 2011 with CCPIT Dalian and 2013 with CCPIT Ireland Hong Kong Business Forum in 2002, a joint venture Hebei further strengthen our relationships within the north-east between the chamber and the Hong Kong Trade Development region. Council and the Hong Kong Economic Trade Office. Through these relationships and our 27 Enterprise Europe The forum has been instrumental in giving chamber members Network partners in Europe and Asia, the Dublin Chamber is well an opportunity to network, explore business opportunities, placed to support companies interested in entering the Asian exchange views and learn of developments in both Hong Kong marketplaces. and also China. If you are interested in learning more about these activities or As the largest business organisation in the Dublin region, our chamber please contact [email protected] or Dublin Chamber has collaborated significantly with Beijing call (+353) 1 6447200. over recent years, helping to develop the business relationship

Dublin City

IAYB_page86-89_dublincity.indd 89 20/05/2015 13:03 CORK CITY Co-operating nations Engagement between China and Cork, which began in 2003, has opened up many new avenues

CORK has been involved in co-operation projects with China schools in Shanghai. It is anticipated that a similar programme since 2003 and Shanghai has been a sister city since a formal will proceed with Wuxi in 2015. agreement was concluded in 2005. A cornerstone of the project has been an officials’ Subsequently, co-operation agreements were concluded programme that has run since 2004. Each summer, two or three with Hangzhou and Wuxi in 2011 and with Shenzhen in 2013. officials from the Shanghai Municipal People’s Government or Each of these agreements seeks activity and collaboration in one if Shanghai’s district governments have spent eight weeks the areas of local government, business, education, culture and working in Cork City Council. The programme was extended to tourism. The overall aim of the engagements is to benefit the Wuxi in 2013. citizens of each city. These officials have been exposed to local government Lord Mayor of Cork Cllr Mary Shields said recently: “The practice in Ireland and also have provided insights into Chinese engagement with China has been both challenging and local governance. In turn, they are now key contacts for Cork rewarding for Cork. It has opened vistas on a very different in China and have provided much useful guidance and many culture and society, which at the same time share some important introductions for Cork delegations in China. commonalities with Cork. In a global context, it is necessary to Cork City Council is pleased to be co-operating with Asia experience different world views and be familiar with different Matters on two important events that will be held in Cork in July customs. The relationships that Cork has developed in China 2015, the Cork China Business Summit and the Ireland Asia facilitate this flow of people and ideas.” Food & Agritech Forum. Whilst Cork City Council concluded the formal agreements The events will address two important themes – the with the governments in Shanghai, Hangzhou, Wuxi and opportunities in the food sector for Irish companies in Asia and Shenzhen, the substantial activities are carried out by many the opportunities for the south-west of Ireland with the Lower stakeholders, including Cork Chamber, Cork Institute of Yangtze region, which is made up of the provinces of Shanghai, Technology, Tyndall National Institute, University College Cork Jiangsu and Zhejiang. Cork County Council and Kerry County (UCC), the Cork Education and Training Board, Fáilte Ireland Council are also developing relationships with the latter two and Port of Cork. provinces respectively. In addition, may arts and culture organisations, primary and secondary schools, and individual companies have begun to be active in China. There are currently five Chinese companies operating in Cork – Huawei, Firecomms, Beingmate, Fota Island Resort and a consortium comprising Cheung Kong Infrastructure Holdings Ltd, Cheung Kong (Holdings) Ltd and Li Ka Shing Foundation Ltd, which operates a waste water treatment facility in the city. UCC has many links with China and is home to the UCC Confucius Institute, which was commended internationally in 2011 as Confucius Institute of the Year.In addition, 10 primary and The signing of the memorandum of understanding secondary schools in Cork have between Cork City and Shenzhen signed twinning agreements with

IAYB_page90-91_cork.indd 90 20/05/2015 12:57 CORK COUNTY International outlook Co Cork has strong links with Jiangsu Province in China, with an initiative formalised recently with the aim of benefiting both regions

Successful economic regions are characterised by strong inter-agency collaborative partnerships that proactively drive strategies for economic growth. Through the Cork Area Strategic Plan process, Cork is perfectly placed to deliver sustainable economic growth. It has allowed a triple helix working relationship to develop between government, business and education, which together with a highly skilled workforce, world-class education, training and research facilities, good connectivity, strength in global growth business sectors, and a growing SME sector have contributed to Cork’s resilience during the recent economic crisis. Cork is not just a good place to do business however, it is also a great place to visit. It has a huge array of cultural, historic, scenic beauty and amenity sites spread through out Baltimore Beacon in Co Cork the county that provide easy access to both locals and visitor alike to such amenities. The people of Cork are very welcoming and it is an attractive environment for the rising number of Asian WITH a population in excess of 500,000 (more than 10pc of tourists who visit Ireland on an annual basis. Ireland’s total), Co Cork makes a major contribution to the Irish Ease of movement and access to both quality employment economy. and a high quality of life is the reason why large numbers of It has successful clusters in the area of biopharma, ICT, people who come to Cork with the intention of working for a energy, medical technologies, the marine and agri-food. It is the short period often settle down in the county. There are currently home to many multinational companies in these sectors such as 4,042 Asians living in Cork City and County, according to the Apple, EMC, Pfizer, Johnson & Johnson, SKB, Danone, Kerry, 2011 census. Dairygold and Huawei. During a trip to Jiangsu last year, Mayor Alan Coleman had Many of these companies and others have their European an official meeting with the Governor of Jiangsu Province Li or EMEA headquarters located here, due in large part to the Xueyong to sign a letter of intent between Cork County and internationally focused talent pool, which makes it easy for Jiangsu. companies to invest in Cork. The trip also included a group visit to Xuzhou Number One As part of its international outlook, Co Cork has strong links Middle School by Mayor Alan Coleman, chief executive Tim with Jiangsu Province in China, an initiative formalised recently Lucey, and principals of Cork schools Kinsale Community with the aim of benefiting both regions through trade, business, School, Davis College Mallow and Midleton College. Jiangsu education and cultural links. has a population of 79 million.

Mayor Alan Coleman, Cork county manager Tim Lucey, Mayor Alan Coleman meeting principals of Cork schools: Kinsale Community School, Davis Governor Li Xueyong College Mallow and Midleton College, with teachers of Xuzhou No1 Middle school in Jiangsu province, China.

IAYB_page90-91_cork.indd 91 20/05/2015 12:57 FASHION Irish expert showcases Chinese fashion to the world In 2013, Irish-born fashion curator Gemma Williams began to research the landscape of contemporary fashion and design in Mainland China and the result is a book entitled ‘Fashion China’.

HAVING graduated fashion industry in particular is expanding at a rapid pace,” she from Dublin Institute of says. Technology, her atten- “However, little is known about contemporary Chinese brands tion turned to China and this for me was key. It was really exciting to investigate and when managing the flag- unravel the fashion system in a completely different culture and ship gallery at London society - ultimately distilling who I felt are or will be the indus- Oxford Circus campus. Williams firmly believes this book is both necessary and time- “As a curator, my ly, and is finally directing the spotlight on the Chinese industry. practice is focused on “Much like the Irish designers I showcased at Irish Design promoting and creating fashion narratives based designers from Mainland China looking to their heritage to on emerging design. inform their design approach.” China is an incredibly Fashion China, published by Thames & Hudson, is available dynamic country and the in bookstores and on amazon.com Paul Costelloe entering Asia

FURTHER to building a large presence in its domestic markets for some of the most recognisable corporations and sports of Ireland and the UK, fashion brand Paul Costelloe is pushing teams. forward with an entry into Asia, initially focusing on China. As the brand offers a unique story with quality products and This push was kicked off in November 2014 with a first major a strong track-record, the emergence of a more sophisticated catwalk show held by Paul Costelloe in the enclaves of the Irish consumer in China that understands fabrics and feel and is Embassy in Beijing. looking for something different presents a tremendous oppor- The designer presented his Spring/Summer 2015 collection, tunity for Paul Costelloe, he believes. which was met with great admiration by the Chinese government, fashion and media representatives attending. The event was of heightened significance by coming ahead of the launch of the Year of Irish Design, which is promoting Irish creativity globally over the course of 2015. Since starting his own label, Paul Costelloe Collections, in Dublin in the early 1980s, Costelloe has built up a strong reputation for using beautiful, exquisite fabrics and materials, traditional design techniques and some of the most expert manufacturers and tailors in the world. While initially focusing on womenswear and designing for high-profile individuals like Diana Princess of Wales, the brand has grown and diversified a lot over the past 35 years and now Ambassador of Ireland to China Paul Kavanagh with models operates in the areas of menswear, homewares, childrenswear, at Paul Costelloe show opticals, jewellery, bags and accessories, as well as uniforms

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Joseph Walsh launches ID2015 in Tokyo

Joseph Walsh has made a name worldwide with his unique and spectacular designs in Ash and other woods

CO CORK designer Joseph Walsh spoke about his life and work in the context of the Year of Irish Design 2015 at a reception hosted by Ambassador of Ireland to Japan HE Anne Barrington at the Irish Embassy residence in Tokyo on 27 January. of Japan in Dublin. on the process and the dialogue between members of the team Convened by the Design and Crafts Council of Ireland and supported by the Government and the Department of Foreign to promote contemporary Irish design in every form and across name worldwide with his unique and spectacular designs in Ash and other woods. His creative approach reflects his appre “The recent talk at the Embassy of Ireland in Japan was a ciation of nature and his desire to engage the user with visual great opportunity for Keisuke Kawai and I to talk about our and tactile forms. intimate relationship between the process of finding forms and “In 2017 I am working on plans for an exhibition in Japan of today.

20/05/2015 12:14 EMBASSIES ASIAN EMBASSIES IRELAND’S DIPLOMATIC ACCREDITED/PENDING REPRESENTATION IN ASIA ACCREDITATION TO IRELAND EMBASSY OF BRUNEI DARUSSALAM EMBASSY OF THE REPUBLIC OF THE DIPLOMATIC REPRESENTATION FOR www.embassyofireland.or.kr 19/20 Belgrave Square, London SW1X 8PG UNION OF MYANMAR BRUNEI is handled by the embassy in Ambassador: H.E. Aingeal O’Donoghue Tel: +4420 7581 0521. 19A Charles Street W1J 5DX Singapore Email: [email protected] Tel: 004420 7499 4340. DIPLOMATIC REPRESENTATION FOR High Commissioner: H.E. Major General Email: generalenquiries@ DIPLOMATIC REPRESENTATION FOR LAOS is handled by the embassy in Retd Dato Paduka Seri Haji Aminuddin myanmarembassylondon.com CAMBODIA is handled by the embassy in Vietnam Hanoi Ihsan Bin Pehin Orang Kaya Saiful Mulok Web page: www.myanmarembassylondon. Vietnam (Hanoi) Dato Seri Paduka Haji Abidin co.uk DIPLOMATIC AND CONSULAR Ambassador: H.E. Kyaw Zwar Minn DIPLOMATIC AND CONSULAR INFORMATION FOR MALAYSIA THE ROYAL EMBASSY OF CAMBODIA INFORMATION FOR CHINA Embassy of Ireland 64 Brondesbury Park, Willesden Green, EMBASSY OF THE REPUBLIC OF THE London NW6 7AT PHILIPPINES Embassy of Ireland The Amp Walk Tel: +4420 8451 7850. Email: 6-11 Suffolk Street SW1Y 4HG 3 Ri Tan Dong lu 218 Jalan Ampang [email protected] Tel: 004420 7451 1780. Chaoyang District 50450 Kuala Lumpur Web page: Email: [email protected] Beijing 100600 Tel: +60-3-2161-2963 www.cambodianembassy.org.uk philembassy-uk.org Tel: + 86 - 10 - 6532 - 2691/2914 www.embassyofireland.my Ambassador: H.E. Meas Kim Heng Ambassador: H.E. Enrique A. Manalo Email: [email protected] Ambassador: H.E. Declan Kelly www.embassyofireland.cn EMBASSY OF THE PEOPLE’S REPUBLIC EMBASSY OF THE REPUBLIC OF Ambassador: H.E. Paul Kavanagh DIPLOMATIC REPRESENTATION FOR OF CHINA SINGAPORE MONGOLIA is handled by the embassy in 40 Ailesbury Road, Dublin 4 9 Wilton Crescent, Belgravia, London CONSUL GENERAL OF IRELAND China (Beijing) Tel: +3531 269 1707 / 1 260 1119. SW1X 8SP Shanghai,Suite 700A, Shanghai Centre, Email:[email protected] Tel: 004420 7235 8315. 1376 Nanjing Road West DIPLOMATIC REPRESENTATION FOR THE Web page: http://ie.chineseembassy.org Email: [email protected] 200040 Shanghai PHILIPPINES is handled by the embassy Ambassador: H.E. Xu Jianguo Web page: www.mfa.gov.sg/london China in Singapore Ambassador: H.E. Foo Chi Hsia Tel: 00 86 21 6279 8729 EMBASSY OF INDIA 6 Leeson Park, Dublin 6 THE ROYAL THAI EMBASSY Email: [email protected] Honorary Consul General Tel: +3531 497 0806/ 1 497 0987 / 29-30 Queen’s Gate, London SW7 5JB www.irishconsulateshanghai.cn 3/F Max’x building 1 496 6770. Tel: 004420 7589 2944. Consul General: H.E. Austin Gormley 70 Jupiter St Email: [email protected] Email: [email protected] Bel Air 1 Web page: www.indianembassy.ie Web site: www.thaiembassyuk.org.uk CONSUL OF IRELAND Makati City 1209 Ambassador: H.E. Radhika Lal Lokesh Ambassador: H.E. Kittiphong Na Ranong Hong Kong,Suite 1408, Two Pacific Place, Metro Manila 88 Queensway, Hong Kong Tel: 00 63 2 896 4668 EMBASSY OF THE REPUBLIC OF EMBASSY OF THE SOCIALIST REPUBLIC Tel: +852 2527 4897 Email: INDONESIA OF VIETNAM Email: [email protected] [email protected] 38 Grosvenor Square, London W1K 2HW 12-14 Victoria Road, London W8 5RD www.consulateofireland.hk Honorary Consul General: H.E. Noreen Trota Tel: +4420 7499 7661. Tel: 004420 7937 1912. Consul General: H.E. Peter Ryan Email: [email protected] Email: [email protected] DIPLOMATIC AND CONSULAR Web page: www.indonesianembassy. Web page: www.vietnamembassy.org.uk DIPLOMATIC AND CONSULAR INFORMATION FOR SINGAPORE org.uk Ambassador: H.E. Van Thao Nguyen INFORMATION FOR INDIA Embassy of Ireland Ambassador: H.E. Teuku Muhammad Embassy of Ireland Ireland House Hamzah Thayeb HONORARY CONSULS C17 Malcha Marg Chanyakapuri, 541 Orchard Road EMBASSY OF JAPAN TO ASIA IN IRELAND New Delhi 110021 Liat Towers Nutley Building, Merrion Centre, Nutley Tel: +91 11 49403200 8th Floor Lane, Dublin 4 HONORARY CONSUL OF THE REPUBLIC www.irelandinindia.com Singapore 238881 Tel: +3531 202 8300. OF INDONESIA Ambassador: H.E. Feilim McLaughlin Tel: +65 6238 7616 Email: [email protected] 13 Classon House, Dundrum Business www.embassyofireland.sg Web page: www.ie.emb-japan.go.jp Park, Dundrum, Dublin 14 DIPLOMATIC AND CONSULAR Ambassador: H.E Geoffrey Keating Ambassador: H.E. Chihiro Atsumi Tel: 087 268 8805. INFORMATION FOR INDONESIA Email: [email protected] Embassy of Ireland DIPLOMATIC AND CONSULAR EMBASSY OF THE REPUBLIC OF KOREA H.E. Martin Murray, c/o Asia Matters CEO Suite INFORMATION FOR THAILAND 15 Clyde Road, Ballsbridge, Dublin 4 17th Floor Embassy of Ireland HONORARY CONSUL OF MONGOLIA Tel: +3531 660 8800. Indonesia Stock Exchange Tower 2 Athenee Tower, 23rd Floor Email: [email protected] Bellevue, Delgany, Co. Wicklow Tel: 087 2441244 Jalan Surdiman, Kav 52-3 63 Wireless Road Web page: http://irl.mofat.go.kr Jakarta 12190 Lumpini Ambassador: H.E. Hae-yun Park Email: [email protected] H.E. Mark John Sherry Tel: + 62 21 5291 7446 Pathumwan EMBASSY OF THE LAO PEOPLE’S Email: [email protected] Bangkok 10330 DEMOCRATIC REPUBLIC HONORARY CONSUL OF THE Ambassador: H.E. Kyle O’Sullivan Tel: +66 2 632 6720 49 Porchester Terrace W2 3TS PHILIPPINES Email: [email protected] Tel: +4420 7402 3770, 39 Fitzwilliam Street, Dublin 2 DIPLOMATIC AND CONSULAR www.irelandinthailand.com Email: [email protected] Tel: 01 437 6206 INFORMATION FOR JAPAN Ambassador: H.E. Brendan Rogers Ambassador: H.E. Sayakane Sisouvong E-mail: Honorary.Consul@ Embassy of Ireland PhilippineConsulate.ie Ireland House 5F DIPLOMATIC AND CONSULAR EMBASSY OF MALAYSIA www.philippineconsulate.ie 2-10-7 Kojimachi INFORMATION FOR VIETNAM Level 3A - 5A, Shelbourne House, H.E. Mark Christopher Congdon Chiyoda-Ku Embassy of Ireland Shelbourne Road, Ballsbridge, Dublin 4 Tokyo 102-0083 2nd Floor, Sentinel Place, Tel: 01 667 7280. HONORARY CONSUL OF SINGAPORE Tel: +813 3263 0695 41A Ly To, 2 Upper Ely Place, Dublin 2 Email: [email protected] www.embassyofireland.jp Hoan Kiem District, Web page: www.kln.gov.my/web/ Tel: 01 669 1700 E-mail: [email protected] Ambassador: H.E. Anne Barrington Hanoi irl_dublin/home Vietnam Ambassador: H.E. Syed Sultan Bin Mohd H.E. Ronald J. Bolger DIPLOMATIC AND CONSULAR Tel: + 84 4 3974 3291 Idris EMBASSY OF MONGOLIA HONORARY CONSUL OF THAILAND INFORMATION FOR REPUBLIC OF KOREA www.embassyofireland.vn 7 Kensington Court, London W8 5DL Honorary Consul Unit 43 Parkwest, Embassy of Ireland Ambassador: H.E. Damien Cole Tel: 004420 7937 0150. O’Casey Ave, Nangor Road, Dublin 12 13F Leema Building, Email: [email protected] Tel: 01 6436468 146-1 Soosong-dong, Chongro-gu Web page: www.embassyofmongolia.co.uk www.thaiconsulateireland.com Seoul, Korea 110-140 Ambassador: H.E. Tulga Narkhuu H.E. Barry Connolly Tel: +82 2 721 7200

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Chairman of the Asian County Board in UCD International took part in the annual Asian Gaelic Games in KL in Korea Joe Trolan explains the role of 2014 the GAA in Asia Game on RECENT developments in Asia have led to a boost to the GAA in and south of Ireland. Asia and the Irish brand itself. The Irish Department of Foreign Affairs, through its partnership Last year and 2015 have shown an exciting way forward for with the GAA, has allocated funds to many local GAA clubs to help Ireland in Asia. New GAA clubs have started in Myanmar, Malaysia promote Irish culture and the Irish brand. This is a very successful and China, and the more established clubs have grown in relation partnership and one that has helped to increase the visibility of to adults playing and in youth sports. Ireland throughout Asia. There has also been a greater connectivity between the GAA, Of course, it would be remiss not to mention the historically the Irish Government and embassies, the GAA clubs and local recent GAA World Games in Abu Dhabi. Asia sent three teams to - participate in the event and three more teams to participate in the tude of countries. Middle East tournament being held at the same time. The event It has been a year where the Asian County Board (ACB) has was a huge success for the international GAA and its members as seen an influx of Irish to many countries and these newly arrived publicity of the event spanned across the world. immigrants have helped to establish new clubs. Having teams from South America, South Africa and the other The Myanmar club was founded in early 2014 and has steadily established international boards highlighted that the growth of the grown in size among the expat community. Johor Malaysia was GAA is just beginning and will continue for a long time. The event, founded by a group of expats who were relocated to Johor Bahru sponsored by Etihad, was so successful that I believe this will be by Kerry Group and they took the 2014 Fexco Asian Gaelic Games the first of many and will give Irish businesses the opportunity to (AGG) by storm, beating many established clubs. This year it is penetrate many different overseas markets. going from strength to strength. From the early beginnings of the first AGG in 1996, to the estab- In 2015 a new club is being formed in Guangzhou China through lishment of the ACB in 2006, to participation in the 2015 GAA a connection with the local university and its twinning university in World Games Asia, there is an ever increasing opportunity for Irish Ireland. Certainly, it seems that the GAA is growing and doing so people, Irish businesses and Irish educational institutions. by increasing connections with Irish businesses and universities. The increasing profile of the GAA internationally and the estab- Additionally, this year the ACB will be inviting Queens University lished Irish diaspora will only help the potential of any future Belfast to attend the AGG to complement University College Dublin international business or educational opportunities. and in doing so creating a university connection in both the north

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Fionnuala Croke, director of the Chester Beatty Library and chair of the Asia-Europe Museum HRH Princess Maha Chakri Sirindhorn of Association explains the well established Thailand during her recent visit to the Chester Beatty Library relationships with cultural institutions in Asia Connecting collections THE Chester Beatty Library has extensive East Asian collections facilitate the sharing and use of museum collections. representing cultures from India in the south-west to Japan in the The activities of ASEMUS primarily take the form of networking north-east and from Mongolia in the north-west to Sumatra in the and the exchange of information, personnel and skills via a bienni- south-east. al general meeting and conference and the development of its We have well established relationships with institutions in Asia website. It has also successfully created and implemented the because of the world-renowned importance of these collections and ASEMUS Educational Exchange Outreach Programme. On a the high standing of our professional staff. modest budget, the member museums manage the exchange of Through our public programmes the Chester Beatty engages museum educators amongst ASEMUS partner museums from Asia with Irish audiences and international visitors to the country. and Europe. In addition, we have carved a unique role among the national Another project of ASEMUS is the Virtual Collection of Asian cultural institutions by reaching out to the existing and emerging Masterpieces (VCM), of which the Chester Beatty is also a founder communities in Ireland. By drawing upon and interpreting our extra- member and trustee. ASEMUS VCM is an online collection of over ordinary collections, we have sought to engage and forge relation- 2,100 images and information on Asian masterpieces from more ships with the newest members of our society. than 70 museums in Asia and Europe. Its strength and uniqueness As director of the Chester Beatty, I am the current chair of the lies in the accompanying descriptions in English, thus providing Asia-Europe Museum Network (ASEMUS), a cross-cultural network of museums from ASEM countries which possess collections of audience. Asian heritage. The Chester Beatty was a founding member of In addition to the permanent displays of its own collections, ASEMUS and our role in this network provides us with a further, Sacred Traditions and Arts of the Book, the Chester Beatty is cur- more formal conduit to develop and expand our activities. rently showing Seven Treasures: Japanese Cloisonné Enamels The objectives of ASEMUS are two-fold: to promote mutual from the Victoria and Albert Museum, London, on display until 14 understanding between the peoples of Asia and Europe through June 2015. collaborative museum-based cultural activity; and to stimulate and

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TRUE PARTNERSHIP WITH JAPAN Asia Matters will hold its third annual EU Asia Top Economist Round Table (TERT) in Tokyo in November 2015

ON 13 November 2015, Asia Matters will hold the Eighth EU Asia Top Economist Round Table (TERT) at the prestigious Keio University in Tokyo, Japan. The event will be the third standards in a significant number of product areas will drive regulatory cooperation between the EU and Japan. events. This will enlarge the existing cooperation to new areas such as robotics, construction and medical devices. The fourth sector- Dublin, Beijing and Tokyo to date and has featured prestigious to-sector meeting between BusinessEurope and Keidanren speakers from heads of state to trade ministers to CEOs of top concluded that an ambitious EU-Japan EPA/FTA along with the EU and Asian companies. Given the importance of Japan as a strategic partner for the Trans-Pacific Partnership (TPP) could serve as an important EU and the depth of economic ties, Asia Matters annually holds conduit to global rules. The agreement could also lay the TERT in Tokyo underlining the latest economic trends driving foundation for expanding trade and investment opportunities in the EU-Japan relationship and the future business opportunities third countries, including Asian growth markets. and challenges. The Tokyo TERTs to date have brought together speakers from top EU and Japanese business and government leaders such as Philips, Nissan, BNP Paribas, Nomura, Barclays, Doyukai, the European Business Council in Japan and JETRO, with support from key Japanese government stakeholders, the JETRO and the Japanese Ministry of Foreign Affairs. Martin Murray, executive director, Asia Matters advises that The 2014 edition of the Tokyo TERT examined the business the timing of the third Tokyo TERT is important given the desired realities in promoting greater EU Japan trade and investment. conclusion of the EU Japan Economic Partnership Agreement This included the role of Abenomics in reforming the Japanese (EPA) at the end of 2015. economy for more sustainable growth. These fiscal, monetary As with all agreements, there will be the necessary challenge and structural reforms aim to revitalise the Japanese economy to combine both speed and substance in successfully concluding by tackling stagnant growth, addressing the impact of major the negotiations. Both European and Japanese companies have demographic shifts, doubling foreign direct investment by 2020 reiterated the need for a comprehensive and ambitious outcome and encouraging export growth through a wide network of free of EU-Japan trade negotiations. trade agreements. As a pillar of economic and political stability in Asia, Japan is The Tokyo TERT also looked at the latest developments in and will remain an essential trading partner for the EU. The EU the Japan-EU EPA negotiations due to close by the end of 2015, strategy towards Japan must be to deepen this valued trading which is expected to increase EU exports to Japan by 33pc relationship and the EU-Japan EPA is the perfect vehicle to do and Japanese exports by 23pc. Though challenges remain with so. NTMs and regulatory issues on both sides. With the tenth round of negotiations on the agreement A major trend that emerged from the event related to the opportunities for both Japanese and EU companies to access May, there is now a strong momentum to resolve the non-tariff global trade networks through greater business partnership. measures (NTMs) which constitute barriers in both markets. The adoption of a Regulatory Cooperation Joint Document in Reports from the event are available on www.asiamatters.eu.

ASIA BUSINESS WEEK IRELAND ACCESS ASIA BUSINESS OPORTUNITIES 8-14 JULY DUBLIN | CORK SPEAKERS INCLUDE

Left to right: Stuart Kennedy, Mr. Colin Ellis Ms. Jan O’Sullivan Mr. Zhang Feng Chief Credit Officer, TD, Minister for Education and Skills Director, Institute of Food Safety at Chinese Chris Quinn, Gerry Thornton Moody's Investor’s Services Academy of Inspection & Quarantine

DUBLIN EVENTS CORK EVENTS

Ireland China Business Summit JULY 8TH Cork China Business Summit JULY 13TH Asia Ireland Education & Global Talent Forum JULY 9TH Asia Ireland Food & Agritech Forum JULY 14TH The first rule of success Asia Ireland FinancialServices Forum JULY 9TH CORK VENUES: Surround yourself with the best Asia Matters Economic Innovation Award DinnerJULY 9TH Cork China Business Summit, City Hall Seventh EU Asia Top Economist Round Table JULY 10TH Asia Ireland Food and Agritech Forum, Matheson’s Aviation Finance Group is one of Ireland’s leading Asia Fashion Showcase JULY 11TH Cork Institute of Technology aircraft finance practices. DUBLIN EVENTS: We act for major global airlines and aircraft leasing companies. European Law Firm of the Year 2015 Round Room, Mansion House We also advise asset financing banks on aircraft financing and Hedge Fund Journal leasing. Our specialist Aviation Tax Group advises on the taxation “Asia Matters and Asia Business Week Ireland is most instrumental in the Financial Times 2012-2014 development of high level business connections between Ireland and Asia.” Matheson is the only Irish law firm commended by the of aviation transactions. Shinji Kowase, Director, Financial Times for innovation in corporate law, finance law, Matheson. The law firm of choice for international companies Mitsubishi Corp. International (Europe) dispute resolution and corporate strategy. and financial institutions doing business in and through Ireland. IN COOPERATION WITH Law Firm of the Year 2014 Irish Pensions Awards Contact Chris Quinn at [email protected], Gerry Irish Tax Firm of the Year 2013 Thornton at [email protected], Stuart Kennedy at International Tax Review [email protected] or your usual contact at Matheson.

BOOKING NOW ON www.asiabusinessweek.ie Dublin London New York Palo Alto www.matheson.com Twitter: #Asiabizweek LinkedIn: Asia Matters

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2015

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