The government has set a target of creating 5,000 net new jobs in the international financial services sector over the next four years in its updated Ireland for Finance strategy.
Currently, a record 52,000 people are currently employed in international financial services, according to IDA Ireland and Company Irelandand the Department of Finance said it hopes to meet its 2026 target by focusing on growing green, sustainable and digital financial services.
“International financial services are a fast growing sector of the Irish economy. The update to the Ireland for Finance strategy marks half of the original document published in 2019,” said Minister of State for Financial Services, credit unions and insurance. Sean Fleming said.
“I thought it was important to look at how the government can refocus its policy in response to all the changes that industry and society have seen in recent years. Sustainable and digital transitions feature prominently as great opportunities for the Irish economy.
“The partnership between the private sector and the public sector is at the heart of this strategy. It is essential to ensure that Ireland has the right mix of education to meet the demands of industry in the future. Our employment goals are ambitious but can be achieved if everyone works together.
With the updated strategy, a steering group within the Ministry of Finance will be expanded to include the private sector.
The initial strategy aimed for 50,000 people to work in the sector by 2025 and was structured around four pillars: ensuring that the political, cultural and legislative conditions support growth; a collaborative approach to addressing emerging challenges and opportunities in technology developments; ensure that qualified people are employed to meet industry demands; and to ensure that Ireland’s international financial offering is communicated to all who might be attracted to investing in Ireland.
The new Ireland for Finance strategy sets out a vision “for Ireland to grow and expand, in a sustainable way, as a leading European financial center and location of choice for specialist international financial services”.
The document states that Ireland will need to continue to develop its skills base and actively engage with partners at European and UN level to shape the sustainable finance agenda.
It also supports the Central Bank’s efforts to pursue “innovation, efficiency and engagement” in rule-making, and urges Ireland to seize opportunities in payments, regtech, AI and cybersecurity presented by the global technology sector.
It also aims to increase diversity within the sector to improve decision-making and risk management, and to develop regional financial services hubs.
(Photo: Getty Images)