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NTMA and China’s CIC International sign memorandum of understanding

27 March 2012 – The National Treasury Management Agency and CIC International, a subsidiary of China Investment Corporation, China’s sovereign wealth fund, have today signed a memorandum of understanding to work together in exploring investment opportunities in Ireland.

The memorandum was signed in the Great Hall of the People in Beijing by Chairman Lou Jiwei on behalf of CIC International and by John Corrigan, Chief Executive, on behalf of the NTMA. Chinese Premier Wen Jiabao and Taoiseach Enda Kenny were present at the ceremony.

The memorandum builds on the existing dialogue between the NTMA and CIC International, and provides a framework for future co-operation in terms of exchanging information and identifying suitable investment or co-investment opportunities for CIC in Ireland.

Speaking today, NTMA Chief Executive John Corrigan said: “This memorandum represents a major initiative for enhanced co-operation and engagement in areas of common interest and we very much look forward to working with CIC International.”

CIC Chairman Lou Jiwei said: “CIC International is a financial investor and seeks stable and sound financial returns over the long run. The memorandum signed today reflects our strong working relationship and shared commitment. It will be of valuable assistance for us in identifying and assessing potential opportunities in Ireland.”