New trade agreements opened between China and Ireland this week are already directly benefiting businesses in the west of Ireland with one Galway firm announcing it is to immediately capitalise on these newly expanded markets.
Aerogen, an Irish medical device company that currently sells its high-performance health products in 65 countries, worked closely with Gaelmed, its distribution partner in China, to secure the approval from the State Food and Drug Administration (SFDA ) for registration of two products from Aerogen. Gaelmed will act as a distribution channel for Aerogen, actively promoting and selling both the Aeroneb Pro and the Aeroneb Go within China.
John Power, Aerogen CEO, commented: “The rapidly growing Chinese market is receptive to international products of the highest standard, and plays a key role in Aerogen’s ambitious plans for growth. We are looking forward to being a part of that market, and bringing to Chinese patients for the first time the benefits enjoyed by users of our products across the globe.
“Chinese annual spending on healthcare has an attractive 20 per cent growth rate, representing a significant opportunity for advanced technologies to flourish, and Aerogen is confident of a strong entry into the Chinese market. We expect to see Aerogen products in use in China by the end of March 2012, which will be a significant milestone in our planned move into emergent, high-growth regional markets,” he said.
The new trade agreements aimed at improving Ireland’s trade and business links with China were signed this week following the three-day visit last weekend by the Chinese vice-president Xi Jinping.
Enterprise Ireland, which already has three offices in China and operates an extensive range of supports to help Irish companies expand into the Chinese market, has been designated as the key Irish body to help strengthen a new trade relationship with China. This week the body announced that indigenous Irish exports to China grew by 10 per cent in 2011, for the second year in a row, amounting to €251m, and the agency is aiming for a further 15 per cent growth in 2012. More than 200 Irish companies are currently exporting to China and 140 of these have offices in China.
Enterprise Ireland CEO Frank Ryan added:
“The visit to Ireland by Vice President Xi is hugely significant in terms of Ireland’s export-led recovery. China is a priority market for Enterprise Ireland and we’re working intensively with Irish companies to help them access growth opportunities in China.”
Minister Richard Bruton said the new trade agreements will be of assistance to Irish businesses seeking to break into the Chinese market for the first time and those wanting to expand their activities there.
“Secondly, I see strong potential for increased inward investment as China seeks to deepen its engagement with the EU. Ireland is very well placed to be the target of such investment as the only English-speaking member of the Eurozone, and IDA Ireland has already had some success in this area.”
