Government aims for IFSC expansion

The Government has launched an ambitious strategy to inject 10,000 jobs into the IFSC over the next five years. Unveiled by Taoiseach Enda Kenny, Tánaiste Joan Burton and Minister of State Simon Harris, the framework document is entitled ‘IFSC 2020 – a new strategy for Ireland’s International Financial Services Sector’. This follows on from 100 submissions made during several months of consultation with stakeholders in the public and private sectors.

The draft strategy was initially presented to 50 representatives from the two sectors in late January before being discussed by the Cabinet. The document contains 22 points of action for the roll-out of the strategy which intends to “create a globally recognised and international financial services sector in Ireland based on world-class people, processes, products and technology across indigenous and multinational businesses.”

The traditional markets targeted include Boston, New York, London, Berlin, Dubai, Hong Kong and Singapore. The embassy network, alongside the IDA and Enterprise Ireland, will be tasked with promoting the opportunities for FDI in international financial services available in Ireland.

The Government’s latest plan consists of three main components: the co-ordination of branding and marketing to highlight opportunities and emphasise growth; the facilitation of increased connectivity between indigenous companies and multi-nationals; and the introduction of a new structure to support the Government’s IFS agenda.

The refined proposals laid out in the final scheme were publicly launched at the beginning of the month to coincide with ministerial trade missions for St Patrick’s Day. The strategy is a continuation of a similar 2011-2016 project launched by Enda Kenny which also set an ambitious five-year target for the creation of 10,000 jobs within the IFSC.