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Government launches new strategy for the international financial services sector

Written by Robert McHugh, on 26th Apr 2019. Posted in Financial

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The Irish Government has today launched Ireland for Finance, a new strategy for the further development of the international financial services (IFS) sector in Ireland to 2025.

The Strategy was jointly launched by Minister for Finance & Public Expenditure and Reform, Paschal Donohoe TD, and Minister of State for Financial Services and Insurance, Michael D’Arcy TD. 

The vision of the Strategy is for Ireland to be a top-tier global location of choice for specialist international financial services. The previous IFS five-year strategy for the development of the international financial services sector launched in 2015. Some key outputs from IFS2020 were the creation of 9,000 jobs and the launch of the annual European Financial Forum in Dublin Castle.  

The employment target for the new Strategy is to reach 50,000 people in direct employment in the sector by 2025. This compares with 44,000 people directly employed in the sector at the end of 2018. 

The Government says in formulating the Strategy, it has taken account of current and future developments while also exploring potential challenges and opportunities, especially the potential impact of technology, both positive and negative.

The Strategy is structured around the following four pillars:
1. The operating environment pillar is focused on ensuring the policy, culture and legislative conditions underpinning IFS will support growth..
2. The technology and innovation pillar is focused on providing a collaborative approach to addressing emerging challenges and opportunities in technological developments.
3. The talent pillar seeks to ensure that we continue to have skilled people to meet the demands of the IFS sector, including meeting new and changing skills.
4. The communications and promotion pillar is focused on ensuring that Ireland’s IFS offering is communicated to all those who are or may be attracted to investing in Ireland.  

The Strategy will be updated each year by means of annual Action Plans. The Government believes this approach ensures that the Strategy remains relevant and up-to-date in identifying and addressing emerging challenges. Each annual Action Plan will contain a list of measures grouped under each of the four pillars to be actioned in that year with a responsible stakeholder tasked with leading on the execution of each measure.

Commenting on the launch of the new strategy, Minister Donohoe said, "Ireland has within its grasp the opportunity to be a world leader by 2025, as a global location for financial services and as a source of technological and innovation-led solutions. It is essential that both the public and private sectors and the educational institutions continue to work together to avail of this great opportunity." 

Minister D’Arcy added, "Ireland has built a very successful international financial services industry. However, we cannot be complacent.  Artificial intelligence and automation will impact on jobs in the future. It is essential that we continue to review our progress to date, and evolve to ensure that we have the necessary talent pool available to face the challenges and opportunities that lie ahead. We also need to develop and identify new markets. The ‘Ireland for Finance’ Strategy is the road map for this ambition which is achievable through continued hard work and commitment by all stakeholders."

Source: www.businessworld.ie

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