Long seen as a gateway to the European Union, Ireland is tightening the screws on Chinese investment in the country, in line with the bloc’s new strategy to de-risk ties with the Asian giant.
However, the country has stressed that it will not shut the door on economic ties with Beijing.
The Screening of Third Country Transactions Act that was signed into law on Oct 31 will see Ireland introduce a screening regime for foreign direct investment (FDI) in key infrastructure, technology or sensitive information in the country.
The law will allow the minister for enterprise, trade and employment to assess any transaction valued at €2 million (S$2.9 million) or more involving an acquirer from a country other than Ireland and the EU, and to impose conditions on or even block “potentially hostile” investments.
While it will become operational in the second quarter of 2024, the new law will allow for a retrospective review of any transactions within a 15-month window, implying that investments in 2023 would also be subject to scrutiny.
A spokesperson for the Department of Enterprise, Trade and Employment said: “The introduction of a screening mechanism for inward investment is a recognition that, notwithstanding the overwhelming positive effect of FDI, some third country investments may pose a risk to Ireland’s security and public order.”
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