Financial services firms to the fore on trade mission to China

ASIA BRIEFING: FOR MANY years Irish trade missions to the Far East have been dominated by the traditionally strong sectors such as education, food and agribusiness, and this trip was no different, but that said, the financial services firms were more strongly represented.

Many of the major Irish law firms – AL Goodbody, Arthur Cox, Beauchamps, McCann FitzGerald and William Fry – were there.

AL Goodbody signed a deal with 15 of China’s top law firms and universities to provide candidates for its placement programme.

This was seen as a bit of a coup by many on the mission, both in the legal sector and outside, but it was broadly welcomed because it was seen as something that would help Ireland Inc.

The whole legal industry is relatively new in China and it is fiercely competitive in a way that would make shark fin soup of James Woods in the legal drama Shark, so getting so many of Beijing’s big names into one room at one time was an achievement – and the partners in attendance were relieved they didn’t have to join in the Riverdance part of the launch.

Deloitte tax partner Conor Hynes said this mission only marked the start of efforts to cultivate a new role for Ireland, and a highlight of the trip for him was the deal with the world’s biggest bank, ICBC.

“Seeing a big player like ICBC is great, as it increases the profile. It’s a substantial bank and the focus is on trying to attract a number of substantial players. There is a job to be done . . . but China is still looking outward,” he said.

There were other major initiatives in evidence.

In Shanghai, Pricewaterhouse- Coopers continued its roll-out of China- focused initiatives with the launch of its Why Ireland? business guide, which is in Mandarin.

The guide tries to promote Ireland to potential Chinese investors when considering doing business in Ireland and gives reasons why they should think about setting up in Ireland.

It also provides a short overview of Ireland’s world-class business and tax regime and how easy it is to do business here, according to Andrew O’Callaghan of PwC Irish China Practice.

Earlier this month PwC Ireland launched its China Practice in Dublin with 30 Mandarin-speaking business and tax professionals.