China's Hainan Expo provides another opportunity for Irish businesses
The first batch of Irish products to be exhibited at the upcoming China International Consumer Products Expo is ready for shipment from Ireland's southern port city of Cork to China's Hainan Province, where the event will be held, sources told Xinhua on Thursday.
"Part of the exhibits have been loaded into a 40-foot container at a bonded warehouse nearby Cork Port this morning and it is ready to go soon," said Weng Jianglai, a member of Association of Chinese Enterprises in Ireland, which is authorized by the China International Consumer Products Expo, also known as Hainan Expo, to be responsible for exhibitors recruitment in Ireland.
Weng said a total of 13 Irish or Ireland-registered companies have confirmed their attendance to the expo with more likely to join in.
According to Weng, an Ireland Pavilion will be set up at the Hainan Expo to display a variety of Irish products to Chinese consumers, ranging for world-known Irish Whiskey, infant formula milk powders to high-quality agri-food and tourism products.
"Our recruitment work has received strong support from the Chinese embassy in Ireland, the Irish embassy in China and Enterprise Ireland, demonstrating the great importance attached by both sides to Hainan Expo," said Weng.
Enterprise Ireland is an Irish state-agency responsible for helping local companies market their products overseas.
Scheduled to be held in Haikou, capital city of Hainan Province, on May 7-10, Hainan Expo aims to speed up the construction of Hainan Free Trade Port and demonstrate China's firm commitment to further opening-up and sharing business opportunities with the rest of the world, according to the expo's official website.
Chinese authorities last year released a master plan for the Hainan Free Trade Port, aiming to build the whole of Hainan Island into a globally influential, high-level free trade port by the middle of the century.
Under the plan, a zero-tariff system will be fully implemented in the province before 2025, according to a promotion brochure released by organizers of Hainan Expo.
"All the products to be displayed by Irish exhibitors at Hainan Expo will be exempt from import duties, import VAT and consumption tax," said Weng, adding that this holds a special attraction for Irish exhibitors.
Besides, exhibitors said that they see a huge potential in the Chinese market, particularly the growing demand for Irish high-quality consumer products in China, according to Weng.
Data from Ireland's Central Statistics Office showed that the bilateral goods trade between Ireland and China has witnessed a rapid growth over the last few years.
In 2020, China was Ireland's fifth largest trade partner in the world and largest trade partner in Asia, both in terms of exports and imports, according to the Central Statistics Office.
Ireland exported a total of 10.56 billion euros (about 12.8 billion U.S. dollars) worth of goods to China last year, up 18.25 percent from 2019, while its imports from China amounted to 6.21 billion euros, up 18.52 percent year-on-year.(1 euro=1.21 U.S. dollars)