Minister Troy Leads Trade Mission to New York to Bolster Ireland’s Financial Services Sector
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Ireland’s Minister of State for Trade Promotion, Digital and company Regulation, Robert Troy, is currently undertaking a trade mission to New York City focused on strengthening ties with key financial services firms and shaping the future of Ireland’s financial sector.The mission, involving engagements with Enterprise Ireland and IDA clients, philanthropic organizations, and industry leaders, centers on the development of the next iteration of the “Ireland for Finance” strategy.
Ireland for Finance Strategy: 2026-2030
The “Ireland for Finance” strategy is the Irish government’s roadmap for developing its international financial services sector. The current version is undergoing a public consultation period, with the next strategy – covering 2026-2030 – slated for launch in the first half of 2024. The Department of Finance aims to leverage insights gathered during the New York mission to inform this crucial update. https://www.finance.gov.ie/en/policy/financial-services/ireland-for-finance/
A thriving Financial Services Sector
Ireland’s international financial services sector is a significant contributor to the Irish economy. Key statistics highlight its growth and importance:
Employment: The sector employs over 60,000 people, with approximately 25% of these jobs located outside of Ireland.
Growth: The sector has experienced a 50% increase in employment since 2015.
Revenue: Ireland’s overall financial services sector generates over €6 billion in tax revenues annually,a trend maintained since 2021. https://www.idaireland.com/sectors/financial-services
Why New York?
Minister Troy emphasized the strategic importance of New York as a global financial hub. The city is home to the headquarters of numerous firms with substantial operations in Ireland, making it a critical location for fostering investment and collaboration. He noted the changing geopolitical landscape as a key driver for strengthening these relationships.
“New York is a globally recognised hub for financial services, and home to the headquarters of many firms with significant operations in Ireland,” Minister Troy stated.”Our international financial services sector has been a true success, becoming a destination of choice for some of the biggest names in banking and payments, funds and asset management, and insurance.”
Leveraging Technological Advancements
Ireland is positioning itself to capitalize on the rapid pace of technological development within the financial services industry. The country’s strength in both technology and financial services, with major firms coexisting, is seen as a significant advantage. Minister Troy believes this synergy will ensure Ireland remains a key beneficiary of innovation in the sector.
“Ireland is, and will be, a key beneficiary given our strength and cohabiting of major tech and financial services firms,” he said.
Looking Ahead
The trade mission underscores Ireland’s commitment to maintaining and enhancing its position as a leading international financial services centre. Minister Troy expressed his eagerness to incorporate feedback from industry stakeholders into the next “Ireland for Finance” strategy, ensuring its relevance and effectiveness through the end of the decade and beyond.
Key Takeaways:
Minister Troy is in New York to strengthen relationships with financial services firms and inform the next “Ireland for Finance” strategy.
Ireland’s financial services sector is a major employer and contributor to the Irish economy, experiencing significant growth in recent years.
The country is strategically positioned to benefit from technological advancements in the financial sector due to its strong tech and financial services industries.
* The next “Ireland for Finance” strategy (2026-2030) will be launched in the first half of 2024.