Ireland is aiming to have 50,000 people employed directly in its international financial services sector by 2025.
A new strategy that was launched by the finance ministry of Ireland last Friday aims to help the country become “a top-tier global location of choice” for specialist companies.
Even though Ireland has long promoted itself as a location for such companies in the wake of Brexit, Ireland has made a remarkable push to encourage them to establish their European bases in the country.
Currently, approximately 44,000 people are employed by the sector.
Over the next six years, Ireland will attempt to make sure that its government policy, culture and laws will support growth in financial services.
The said strategy will also concentrate on the emerging challenges that are related to technological developments and the talent pool in the nation, as well as on making sure that the country is recognised as a top-class location for finance.
Paschal Donohoe, the Irish finance minister, said that the strategy “has been formulated to meet the challenges and opportunities that lie ahead for the international financial services sector.”
He added: “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.”
The strategy preserves the “whole-of-government” approach of the previous strategy, which sees that all stakeholders and government departments support the strategy. It will also see the Irish government try and generate jobs in the sector outside of the country’s capital, Dublin.
Last February, the Irish Central Bank said that it had processed more than half of the applications of the over100 financial services firms that wanted to either set up or expand their operations in Ireland as a part of their Brexit preparations.
Bank of America Merrill Lynch and Barclays are two companies that have already started their expansion in Dublin.