China-Ireland Technology Growth Fund Launched the Second Phase

The official launching of China-Ireland Technology Growth Fund II was held in Beijing during the recent visit to China by Mr. Simon Coveney, the Deputy Prime Minister of the Irish government and Minister of Foreign Affairs and Trade. The Chinese Ambassador to Ireland, Dr. Yue Xiaoyong fully supports the expansion of the China-Ireland Technology Growth Fund, and hopes the Fund II will further promote the bilateral cooperation on science, technology and innovation between China and Ireland.

China-Ireland Technology Growth Fund was set up by China Investment Corporation (CIC) and the National Pensions Reserve Fund of Ireland in 2014. Phase I of the Fund, a total of $100 million, aimed at promoting investment and cooperation between China and Ireland in the field of high-tech and innovation. In view of the good operation effect of the first phase and the strong demand for bilateral technology investment, the two sides decided to start phase II of the fund for a total of 150 million euros, 75 million euros each. The phase II will focus more on those Chinese companies wishing to enter European market through Ireland, while continuing to invest in Irish companies which target Chinese market. The key investment areas of the fund II include mobile equipment, robots and artificial intelligence.