Ireland Looking East: Irish politicians eyeing Asia to hedge against Brexit risks

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Europe

02:39

The Irish Republic has the second fastest growing economy in Europe, that's according to the European Commission. But uncertainties over Brexit have cast a shadow over the country's economic outlook. As Richard Bestic reports from Dundalk on the Irish border with Britain, to safeguard the economy, politicians in the Republic are looking East.

Dundalk is a pretty little town of just under 35,000 people. A five minute drive from the Border with Britain in Northern Ireland.

Already an unemployment black spot, according to government census figures, it's vulnerable to a hard post-Brexit border.

Which is precisely why a €350 million Euro investment by Chinese pharma company, Wuxi Biologics is welcomed here.

Tommy Fanning IDA Irish Inward Investment "Well, it's hugely important. It reinforces a lot of our strategies we are working on, because we have the top ten bio-pharma companies in the world manufacturing here. As a result to have Wuxi coming in to set up as a contract development manufacturer for these companies is a plus."

Securing this 350 million Euro contract is significant for the Irish economy and fits in with the government's wider strategy.

But it's the impact on the local economy where it'll be felt most. These green fields will soon become a bustling community.

Quiet green fields now, but fast forward to the New Year Wuxi’s man in charge says it’ll be all change.

"There'll be up to 700 workers busily working on this site. Fast forward against to 2021 and the site will start to operate and people will be buzzing and coming here on a regular basis, eventually ramping up to 400 people. So you can imagine the impact that will have on a town like Dundalk."

And in Dundalk it's welcome news.

In Ireland, Chinese and Asian markets are seen as laden with Eastern promise, but as the bulk of Irish trade is with Britain, the prospect of a hard post-Brexit border is viewed with dismay. RB, CGTN, Ireland.