Ireland to help Chinese financial institutions go global

Ireland's inward investment promotion agency opened a new office in Beijing on Wednesday to assist Chinese financial institutions in going overseas and support Chinese enterprises' international business. The Beijing office is its third in China, after offices in Shanghai and Shenzhen. The new office highlights the fresh focus of Industrial Development Agency Ireland (IDA Ireland) on providing international financial services for China's enterprises. "Ireland hopes to aid Chinese financial enterprises to start their overseas business on a high-quality platform with our expertise in financial services, investment opportunities and innovative technologies," said Richard Bruton, minister for Jobs, Enterprise and Innovation of Ireland. A research report released by China Construction Bank in May indicates that Chinese enterprises are increasingly in need of international financial services as they step up their investment overseas. Joanne Zhou, head of the International Financial Service Sector of IDA Ireland, said that insufficient knowledge of the overseas market and talent shortages hamper Chinese financial enterprises' overseas expansion. "Our mission is to aid them to get new investment and expand business by providing all-around services such as market orientation and human resources management consulting," she said. The Industrial and Commercial Bank of China (ICBC), the world's second largest bank by market value, set up a financial leasing branch in Ireland in 2010 to take advantage of the country's financial expertise while expanding its business in the European market. "We have achieved steady growth in the international leasing market thanks to Ireland's international platform, operation and professional talents," said Cong Lin, CEO of ICBC Financial Leasing Co., Ltd. More than 250 global financial institutions have established operations in Ireland, with many located in Dublin's International Financial Services Center, which has a sophisticated support network including providers of accountancy, legal, actuarial and taxation services, among others, according to a statement on IDA Ireland's website.