Vice-president's Irish trip brings trade bonanza, greater cooperation

DUBLIN - A joint investment promotion group was set up between China and Ireland on Sunday as the Irish prime minister called for "every effort" to be made to realize the relationship's potential.

The agreement to set up the investment group was signed by the Ministry of Commerce and the Irish Ministry of Jobs, Enterprise and Innovation.

The deal coincides with China seeking more investment opportunities in Europe.

The total value of Chinese investment in Ireland is now $148 million, Vice-President Xi Jinping said on Monday at the China-Ireland Trade and Investment Forum, attended by about 300 company executives from both countries.

Xi said that China's total foreign investment is likely to reach $500 billion in 2015. "This will bring business opportunities for companies from all over the world, Ireland included," he said.

China will continue to encourage Chinese firms to invest in Ireland, Xi said and he also welcomed Irish companies to invest in China, especially in the traditional industrial bases of Northeast China.

He called for both countries to cooperate more in high-tech sectors such as software and bio-pharmaceuticals.

Vice-President Xi Jinping meets Irish Prime Minister Enda Kenny in Dublin on Sunday. Xie Huanchi / Xinhua