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Dublin: 9 °C Wednesday 20 November, 2019
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NTMA signs partnership with Chinese government's investment fund

The agency which manages Ireland’s national savings will help China identify opportunities to invest in Irish businesses.

Image: Ng Han Guan/AP

THE NATIONAL AGENCY which manages Ireland’s national savings and debts has signed a deal with the Chinese government’s investment fund, aimed at helping to identify areas for China to invest in Ireland.

The National Treasury Management Agency signed the deal with CIC International, the global branch of China Investment Corporation, as part of Enda Kenny’s four-day tour of China.

The deal was signed in the Great Hall of the People in Beijing earlier today by NTMA chief executive John Corrigan, who is joining Kenny on the tour, and the CIC International chairman Lou Jiwei. Chinese premier Wen Jiaobo was also present.

In a statement the NTMA said the new deal would build on the previous arrangements between the agencies, and provide a platform for them to engage and identify areas in which they could enter commercial partnerships, or areas in which China can invest in Ireland.

Corrigan said the deal was a “major initiative for enhanced co-operation and engagement in areas of common interest”, while Lou said the agreement would be “of valuable assistance for us in identifying and assessing potential opportunities in Ireland”.

CIC International was previously linked with a potential bid for Liverpool F.C. two years ago, before it was ultimately sold to current owner John W Henry.

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Gavan Reilly

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