Ireland is to help China establish its first billion dollar national equine facility in a deal that is expected to be worth US$50m to the Irish economy within next three years.

The project to develop a Tianjin-based horse racing and breeding industry was announced by Minister for Agriculture, Food and the Marine, Simon Coveney TD, who is in China on a trade mission.

It will be the first Chinese Government involvement with an overseas joint venture in horse racing and breeding.