DUBLIN - The economic, social and political ties between Ireland and China have deepened and proved mutually beneficial since the two countries established diplomatic relations 40 years ago, a senior Irish official said here Wednesday.

Irish Business, Enterprise and Innovation Minister Heather Humphreys made the remarks at a function to celebrate the 40th anniversary of the establishment of the diplomatic ties between China and Ireland as well as the upcoming Chinese Lunar New Year.

"This is a special time in Ireland-China relations as we mark the 40th anniversary of our diplomatic links this year," she said.

The 40 years is a significant milestone in the history of the bilateral relations between the two countries, she added.

Ireland established diplomatic links with China in June 1979 and the two sides lifted their ties to a strategic partnership for mutually beneficial cooperation in 2012.

Trade and investment are the cornerstone of Ireland-China relationship, said Humphreys.

"Trade between our two countries is now valued at over 15 billion euros (about $17 billion)and there is hope for this to grow even more in the years ahead," said Humphreys.

The figure quoted by her covers goods and services trade with the Chinese mainland, Hong Kong and Macao, whereas the official statistics released by the Chinese side only covers goods trade between the Chinese mainland and Ireland, which stood at $14.5 billion in 2018.

"Our agriculture and agrifood cooperation is particularly important. Ireland's total food exports to China have been phenomenal, reaching 974 million euros ($1.12 billion) in 2017, primarily in the dairy, pig and seafood sectors," said the minister.

"Last year saw the reintroduction of Irish beef into the Chinese market. Ireland was the first EU country to achieve this access," she said, adding that so far six Irish beef plants have been approved to export to China.

Chinese companies are also increasing their presence and investment here in Ireland, the minister said.

The minister recalled the successful trade mission she led to China last year for the inaugural China International Import Export in Shanghai.

"That's the world's largest trade exhibition and I want to compliment the Chinese government on this very successful and very important event," she said.

"During this very successful trade mission, I announced deals worth over 60 million euros ($68.94 million) for Irish companies. That is very clear that Irish companies are successfully competing in the Chinese market and I hope that we can continue to compete and develop further opportunities," she added.

Political exchanges between the two countries have been strengthened during the period, she noted.

There was also "a high volume of political exchanges between our countries in 2018 and we intend to continue the high level of political visits in 2019," said the minister.

Connectivity between Ireland and China, among others, has also improved significantly, she said.

Chinese Ambassador to Ireland Yue Xiaoyong was present at the event.