Visit to Shannon Free Zone ‘led to China’s growth’

Shannon Free Zone had a role to play in the economic growth of China, according to the organisers of a major conference taking place in Limerick later this month.

Asia Matters, an Irish-led think-tank tasked with developing economic opportunities with Ireland, the European Union and Asia will hold its annual conference in Limerick, at a variety of sites in the city.

Asia Matters executive director Martin Murray said at least two of China’s free trade zones are based on the Shannon Free Zone, which was the first of its kind anywhere in the world when it opened in 1959.

In the 1980s, he said, the father of Chinese president Xi Junping, Xi Zhongxun travelled to Shannonside.

The Communist party official was so impressed by what he saw in the Free Zone - an area where customs duty is waived - he brought that model to his homeland.

Almost 40 years on, China has 21 free-trade areas and the nation’s economy is worth an estimated €16.4 trillion.

The conference, which will be held on February 26 and 27, is being held to help local businesses target new customers in the prosperous eastern nation.

Guest speakers include former Ireland rugby international Jamie Heaslip, who is now Ireland strategic growth lead for online payments firm Stripe, which of course was founded by John and Patrick Collison, educated at Castletroy College in Limerick.

“Ireland’s economic journey is an example to the rest of the world. We were essentially an agrarian economy that became a global, dynamic, exporting and tech-enabled economy,” said Mr Murray.

Asia Matters’ conference locally will be held at a variety of venues including University of Limerick (UL), remote working hub Engine at Cecil Street in Limerick centre, and Northern Trust, which is located at Ballysimon Road on the outskirts of the city.
The theme of the gathering is driving digital innovation to grow global business.

Mr Murray said: “There are massive opportunities for Irish firms in Asia at the moment. Asia is the world’s most populous continent and 60% of all global output in 2024 is expected to come from Asian economies.”

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Speakers include UL president Prof Kerstin Mey, Jean Carberry, assistant secretary, at the Department of Enterprise, Trade and Employment.

They will be joined by Northern Trust’s Ireland country head Meliosa O’Caoimh and Hideo Yura, director general of JetroLondon.

For more information on the conference, telephone 01-9065333.