Address by Mr. John McGuinness, TD, Ireland’s Minister for International Trade, at the opening of the Hangzhou Factory of Distag Manufacturing

Tuesday 21st October 2008

I would like to thank you for inviting me to perform the opening ceremony for this impressive new factory in Hangzhou, a joint venture between Distag Manufacturing in Ireland and Pix Transmissions in India. The factory will handle sales of hydraulics and belts in China, and will also implement quality control and logistics facilities for a number of factories producing metal products for the Pix group in China.

I would like to offer my particular congratulations to Joe and Sheila Deacon, who founded Distag in County Carlow twenty years ago and have built it into one of the most dynamic businesses in the power transmission industry in Ireland and a global player.

The success of Distal/Pix in this market demonstrates the opportunities for Irish companies to internationalise their business and build sales through global partnership. I am here as part of a significant trade mission to China of Irish companies, led by the Taoiseach, Mr. Brian Cowan, with the aim of further increasing awareness of Ireland’s capabilities as a world class supply source and to accelerate opportunities for Irish companies in China.

Irish-owned companies, with the support of Enterprise Ireland, are increasingly focused on developing business potential in the vast Chinese market. Exports to China by Irish-owned companies are set to reach a record €150 million this year and more than 80 Irish companies have their own offices in China, up from less than 50 two years ago.

Irish companies are increasingly keen to develop business relationships throughout Asia.The Irish government has a ten-year Asia Strategy, with a particular focus on strengthening our relations with China. We are now in the second phase of this strategy, with even more ambitious goals and objectives, building on the achievements of the first five years. China is now recognised as a great economic powerhouse that is open to international trade and business partnerships.

Through this joint venture and major new factory development, Distag shows what can be achieved. I am very happy to perform this opening and wish the venture every success.

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