Ireland Partners China In $2 Billion Horse Racing Project
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The Republic of Ireland has agreed to help China build a $2 billion national equine centre in the city of Tianjin, said Irish Agriculture Minister Simon Coveney on Sunday, who added that the project would raise over $50 million in exports for the Irish economy over the next three years.
The project, Coveney claimed, would be the centrepiece for China’s ambition to build up a flourishing horse racing industry by 2014; and would see more than 100 Irish broodmares, as well as stallions, shipped to Tianjin for a newly established stud farm.
The Republic of Ireland has agreed to help China build a $2 billion national equine centre in the city of Tianjin, said Irish Agriculture Minister Simon Coveney on Sunday, who added that the project would raise over $50 million in exports for the Irish economy over the next three years.
The project, Coveney claimed, would be the centrepiece for China’s ambition to build up a flourishing horse racing industry by 2014; and would see more than 100 Irish broodmares, as well as stallions, shipped to Tianjin for a newly established stud farm.
[quote]“This initiative should facilitate the development of a major export market for horses from Ireland and has the potential to provide a range of business opportunities for companies and individuals in Ireland who can bring a wide range of expertise to the project,” said Coveney, as cited by the Irish Times.[/quote]Related: Ireland Economy
Related: Ireland Economic Statistics and Indicators
Related: Ireland Trade, Ireland Exports, Ireland Imports
According to the Agriculture Minister, top Irish stud farm Coolmore, owned by racing tycoon John Magnier, will be responsible for the initial project with the Chinese authorities, though there would be huge opportunities for other Irish companies to get involved as well.
The Financial Times reports that China is hoping host its first-ever international race meeting by 2014, with up to 800 horses required by then.
The new equine facility in Tianjin, China’s fourth largest city, will feature 4,000 horse stalls, a horse clinic, 150 trainers’ offices, five training tracks, and two international standard racetracks. Christened as the “Tianjin Equine Culture City”, the project hopes to rival the scale of the sport’s other established centres such as Deauville in France and Kentucky in the US.
Bai Zhisheng of the state-owned Tianjin State Farm Agribusiness Group said that the partnership with the Irish would hopefully enable the group to fast track its plan for the nation’s horse racing industry, which was banned more than 60 years ago by then ruler Mao Zedong.
[quote]“We would like to accelerate the progress of the development . . . to get it completed, and with high-level partners this will help us achieve it,” said Bai.[/quote]The agreement comes just as the Irish government prepares to ramp up efforts to boost investments from Beijing. Conveney’s remarks were made just before Ireland’s largest agriculture and food trade mission to China this week, while Irish prime minister also made a visit to the Chinese capital last month to speak to Chinese authorities on trade and investment issues.
