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by Staff Writers Beijing (AFP) March 26, 2012 Ireland's prime minister Monday urged Chinese firms to invest in his country, on a visit to the Asian giant just days after official data revealed the euro member had slipped back into recession. Ireland -- which was forced to seek a rescue package in 2010 after a deep recession left its economy close to collapse -- has been working to boost its image in China as it seeks investment and new markets for Irish goods. "Ireland is open for business and this is a brilliant time to invest in and to benefit from Ireland's recovery," Enda Kenny -- currently on a four-day trip to China -- told business leaders in the commercial hub of Shanghai. "It is vital to Ireland's national interests that our companies tap into the enormous business opportunities that exist here and that we also connect Ireland with China's vast outward investment potential," he said. Debt-hit Ireland sought a European Union-International Monetary Fund bailout to the tune of 85 billion euros ($112 billion at current rates) in 2010 after suffering a deep recession amid a property market meltdown and banking crisis. Official data on Thursday showed that the country once dubbed the "Celtic Tiger" due to its fast-growing economy sank back into recession late last year, despite registering annual growth for the first time since 2007. Irish gross domestic product shrank 0.2 percent in the fourth quarter after a contraction of 1.1 percent in the third quarter. The technical definition of a recession is two quarters of economic contraction in a row. The news came as Europe continues to struggle with a serious sovereign debt crisis, which has also seen Greece and Portugal receive bailouts. Speaking before the trip, Kenny praised the "positive signals" from China in support of Europe's efforts to resolve the crisis. Premier Wen Jiabao said last month that China was ready to increase its involvement in solutions to the EU debt problems, though he gave no specific details. Kenny travelled to Beijing later on Monday and met with Vice President Xi Jinping -- widely tipped to be the nation's next leader -- and reiterated Ireland's desire to do business with China. "We see Ireland as being very open, an inviting place for business and potentially a very strong partner for China", he said. Besides seeking investment and market opportunities, Kenny is also aiming to boost the number of Chinese tourists to his country.
Global Trade News
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