A new €150m fund is being made available to high-growth Irish technology firms hoping to access the Chinese market and Chinese firms looking to use Ireland as a European base.
The programme, which is a successor to the China Ireland Technology Growth Fund, is backed by the Ireland Strategic Investment Fund and the CIC Capital Corporation.
The $100m China Ireland Technology Growth Fund supported six Irish technology firms with their expansion into China and helped the firms develop relationships with Chinese customers.
Today these firms collectively employ about 350 people in Ireland and included Movidius, which was later acquired by Intel.
The new fund announced today will again be co-managed by Dublin-based Atlantic Bridge and Beijing-based WestSummit Capital.
It will target sectors which include hardware opportunities underpinning next generation products, such as Internet of Things and mobile devices.
It will also target software applications such as big data, robotics and artificial intelligence (AI).
The new fund was launched by Tánaiste and Foreign Affairs and Trade Minister Simon Coveney and Vice Chairman and President of CIC, Tu Guangshao in Beijing today.
Simon Coveney said the fund that complements the strong synergies existing between Ireland and China in the high-technology sector.
"This fund is a strong vehicle for Irish companies seeking to gain a better foothold in, and understanding of, the increasingly important Chinese market and facilitates Chinese technology companies as they seek to go global and to enter the European market," the Minister said.
"The fund, fostering knowledge exchange in both directions, will be of mutual benefit, creating jobs in Ireland and increasing revenues for and the profiles of companies in Ireland's innovative high tech sector," he added.
The vice Chairman and President of CIC, Tu Guangshao, said that Ireland's competitiveness in the technology sector has been growing notably over the years.
"Irish companies supported by the fund could bring cutting-edge technologies and innovations to China, meanwhile Chinese companies could explore the access to the European market through the fund," he added.
