CHINESE COMPANY SATIR is to establish its European headquarters in Dundalk, with the creation of 40 jobs.
This is the first investment from China to be supported by IDA Ireland, with the Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan, describing the announcement as a breakthrough for the IDA's Shanghai office.
SATIR chairman Jiping Wu said Dundalk was chosen over other European locations because it best suited the company's skills and infrastructure requirements.
The firm is a global leader in infrared technology and Europe is its second-largest market.
The Dundalk facility, which is expected to be located in the Finnabair Industrial Park, will act as a logistics hub for SATIR's European, Middle East and Asia markets and manage marketing, finance and after-sales service.
The Minister said the decision to locate in the Republic was a result of Government's Asia strategy and IDA Ireland opening its office in Shanghai two years ago.
It is a first and hugely important for Dundalk and the northeast, she added.
The Dundalk office will be known as SAT Europe and will result in 40 jobs being created over five years. Ten positions have already been filled.
Minister for Justice and local TD Dermot Ahern welcomed the investment, particularly in light of Diageo announcing earlier this month that it is closing its brewing operation in Dundalk with the loss of 85 jobs.
He said the SATIR investment illustrated that Dundalk has the workforce, infrastructure, transport, and communication links that are a major attraction for entrepreneurs and business people.
The commercial counsellor from the Chinese embassy, Xu Zhengbing, said that Ireland and China have experienced rapid growth in their economies in the last two decades that have created enormous opportunities in trade and investment.
He said that between 2000 and 2007 trade between the countries had grown 12-fold.
Investment has not grown by that size but such growth takes time, he added.
The Chinese embassy will continue to work with the IDA to attract other investment to Ireland, he said.
