China-Ireland Relations: A Strategic Gateway for Trade and Investment Growth
- Kristina Coluccia
- Feb 6
- 4 min read
On February 17, 2025, Ireland’s Tánaiste Simon Harris hosted Chinese Foreign Minister Wang Yi in Dublin, reaffirming a robust and forward-looking partnership between Ireland and China. Their meeting underscored the shared commitment to deepening economic cooperation based on transparency, fairness, and multilateralism in global trade.
This diplomatic engagement followed Chinese Premier Li Qiang’s 2024 visit to Ireland, which highlighted strategic opportunities for mutual growth across diverse sectors. The momentum behind this partnership signals significant potential for Irish businesses looking to expand in China and for Chinese investors exploring the Irish market.
A Deepening Bilateral Relationship
Since establishing diplomatic relations in 1979, China and Ireland have cultivated a dynamic partnership rooted in economic, political, and cultural cooperation. A defining moment in this relationship was the creation of the Strategic Partnership for Mutually Beneficial Cooperation in 2012, marking the start of a decade of close collaboration.
Ireland’s traditionally neutral foreign policy has supported a pragmatic and balanced approach to engaging with China, even as the EU repositions its strategy through the lens of “de-risking.” Ireland continues to view China as a vital economic partner and global player, valuing its achievements in development and innovation.
Cultural and educational ties have also flourished, with growing numbers of Chinese students in Ireland and strengthened academic collaboration. Initiatives like the Confucius Institutes and increased tourism flows have helped foster deeper understanding between the two populations.
China-Ireland Trade Relations: A Strong Economic Backbone
China is one of Ireland’s top non-EU trade partners, with bilateral trade volumes steadily increasing. According to Ireland’s Central Statistics Office (CSO), total bilateral trade in goods exceeded €21 billion (US$22 billion) in 2024, an 8.1% increase from the previous year.
Trade Overview – 2024 Highlights
Exports to China: €9.5 billion (US$10 billion), up 6.1% YoY
Imports from China: €11.8 billion (US$12.4 billion), up 9.3% YoY
China's share in Ireland's Asia trade (2023): 40% of exports, 38% of imports
Ireland is a major global player in integrated circuits, pharmaceuticals, and agri-food, and these sectors are thriving in the Chinese market.
Ireland’s Top Five Exports to China, 2024
Product | Value (US$) |
Electrical machinery and equipment and parts thereof | 4,915,983,000 |
Pharmaceutical products | 2,327,254,000 |
Aircraft, spacecraft, and parts thereof | 705,916,000 |
Optical, photographic, precision instruments | 620,028,000 |
Organic chemicals | 409,100,000 |
In 2024, 87% of Ireland’s electrical machinery exports to China were integrated circuits, underlining the country’s importance in China’s tech supply chain. Meanwhile, pharmaceutical exports totaled US$2.3 billion, primarily blood products and therapeutic medicaments.
Ireland also exported significant volumes of agricultural products, including:
Cereal/milk-based preparations – US$269.5 million
Meat and edible offal – US$136.9 million
Dairy and egg products – US$132.6 million
Ireland’s Top Five Imports from China, 2024
Product | Value (US$) |
Organic chemicals | 2,189,052,000 |
Electrical machinery and equipment | 1,759,429,000 |
Machinery and mechanical appliances | 1,568,092,000 |
Furniture and bedding | 439,663,000 |
Toys and sports equipment | 390,544,000 |
Smartphones accounted for nearly 42% of electrical machinery imports in 2023, showing strong Chinese presence in Ireland’s consumer electronics market.
Growing Bilateral Investment Ties
Chinese investment in Ireland surged in 2023, with direct investment reaching US$380 million, a 265.6% increase year-on-year. Total Chinese FDI stock in Ireland reached US$2.04 billion, spread across finance, leasing, and telecommunications sectors.
Key Chinese Investors in Ireland:
ICBC International Leasing Co Ltd
CDB Leasing International Co Ltd
Huawei
In addition, Chinese firms secured 10 new engineering contracts in Ireland in 2023, with contract values nearing US$25 million. Meanwhile, Ireland’s cumulative investment in China reached US$3.15 billion, focused primarily on food, beverages, and construction materials.
Tax Benefits: Double Taxation Avoidance Agreement (DTA)
The Double Taxation Avoidance Treaty between China and Ireland simplifies cross-border business by preventing dual taxation and clarifying tax obligations in both countries. Covered taxes include:
In Ireland:
Individual income tax
Corporate tax (for foreign-invested enterprises)
Local income tax
In China:
Income tax
Corporation tax
Capital gains tax
This framework provides a stable, tax-efficient environment for businesses operating between both nations.
Visa-Free Travel: Boosting Mobility and Business Access
In a major diplomatic gesture, China extended visa-free travel for Irish citizens starting March 14, 2024. Irish passport holders can now enter China visa-free for up to 30 days, a policy valid until at least the end of 2025.
This move enhances people-to-people exchanges, simplifies business travel, and further strengthens bilateral cooperation across sectors.
Opportunities for Irish Businesses in China
Pharmaceutical and Healthcare Innovation
Ireland's expertise in pharmaceuticals—especially blood products and biotech—matches China’s rising healthcare demands. Sectors such as precision medicine, medical devices, and telemedicine present high-growth opportunities.
Technology and Electronics
Ireland’s leadership in semiconductors, AI, and cybersecurity aligns with China’s digital transformation goals. Strategic partnerships in R&D, chip design, and software innovation are ripe for exploration.
Food and Agriculture
With Chinese consumers seeking premium and traceable food products, Ireland’s reputation for quality and safety creates demand for dairy, meat, and organic foods. Branding and transparency will be key to capturing market share.
Financial Services and Fintech
Chinese investment in Irish finance is growing, creating a springboard for collaboration in digital banking, blockchain, and wealth management. Irish firms can offer specialized fintech solutions for China’s evolving financial ecosystem.
Partnering with Woodburn Global
For Irish businesses eyeing entry into the Chinese market—or Chinese enterprises investing in Ireland—navigating legal, tax, and compliance complexities is essential. Woodburn Global is a premier advisory and corporate services firm that empowers companies to establish, grow, and succeed in Greater China.
With a deep understanding of local regulations and a focus on seamless market entry, Woodburn helps businesses structure operations, manage risk, and unlock opportunities on both sides of the China-Ireland relationship.
Woodburn Accountants & Advisors is one of China’s most trusted business setup advisory firms.
Woodburn Accountants & Advisors is specialized in inbound investment to China and Hong Kong. We focus on eliminating the complexities of corporate services and compliance administration. We help clients with services ranging from trademark registration and company incorporation to the full outsourcing solution for accounting, tax, and human resource services. Our advisory services can be tailor-made based on the companies’ objectives, goals and needs which vary depending on the stage they are at on their journey.
