Business / Economy

Can China be more helpful in Ireland's economic recovery?

(Xinhua) Updated: 2014-06-16 14:16

DUBLIN - Ireland needs to grow its way out of the current slowdown because its economic recovery will be export-led, and a closer relationship with China is an essential part of ensuring its further growth, observers say.

China can play a more active role in helping pull Ireland out of a weak economy, so it is vital for Ireland to develop a national strategy on China to encourage economic and trading relations between the two countries, they say.

Can China be more helpful in Ireland's economic recovery?

Can China be more helpful in Ireland's economic recovery?
There are still very real economic challenges ahead despite Ireland's exit from the EU/IMF program of financial support on Dec 15, they say.

Last year, the Irish economy shrank by 0.3 percent while China's economy grew by 7.7 percent.

With the European Union (EU) now focusing on the crisis in Greece and Cyprus, where the economic struggle continues, top Irish businessman Eddie O'Connor said it is imperative for Ireland to look for alternative means to get out of its recession.

O'Connor, CEO of Mainstream Renewable Power, a Dublin-based wind and solar developer, said Ireland's dependence on the EU and the United States has its limits and will not pull the country out of recession.

He said the United States has a lot of difficulties in coping with its own economic woes and the EU has to deal with the situations in Greece and Cyprus, which are still subject to bailout programs.

"I think Ireland has to be creative about the way it finds itself out of this recession," he added.

O'Connor's company has strong links with China and the Irish businessman has spent a considerable amount of time doing business there. He saw the potential for the two countries to work together in a way that would help Ireland but also benefit China.

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