Chinese may fund massive Galway Port redevelopment

Date Published: 02-Apr-2012

The redevelopment of Galway Port is among a number of key infrastructure projects that could benefit from a deal that was signed by An Taoiseach last week to allow Chinese investment in Irish assets, it was revealed yesterday.

The agreement was signed in Beijing by Enda Kenny and Chinese premier Wen Jiabao and facilitates engagement by the National Treasury Management Agency with China’s sovereign wealth fund in relation to possible investment in Ireland.

The two agencies will now examine property, infrastructure and loan portfolios managed by the NTMA; which are likely to be of interest to Chinese investors.

Among the key infrastructure projects that have already been the source of initial interest is the redevelopment of Galway Port, the plans for which are set to be lodged with An Bord Pleanála in August.

Galway West Fine Gael TD Brian Walsh said that Taoiseach Enda Kenny had reported to him that the Galway project had been mentioned during the course of discussions with Chinese officials last week.

“The potential of ocean tourism has only recently been realised in China and is currently the focus of significant investment,” said Deputy Walsh.

“Just last month, China’s first luxury cruise ship was launched and money is being spent domestically on the development of cruiser terminals. There is recognition of the potential of the sector and the focus is now turning to the European market.”

“Chinese investors clearly recognise not only the massive potential of ocean tourism, but also the specific potential for Galway as a destination port for cruise liners,” he said.

Read more in today’s Connacht Sentinel