The strategy for the International Financial Services Industry in Ireland 2011-2016 was launched on 14 July. The strategy sets a goal for the industry to create more than 10,000 new jobs in international financial services over the next 5 years and identifies opportunities for growth across the sector.
The strategy lays down the following key drivers in order to achieve its goal:
- A commitment to maintaining our 12.5% corporation tax rate
- Adopting a regulatory regime that is credible, responsible and proportionate
- Prioritising its growth as a global provider of vital shared services for international firms
- Promoting Ireland (through IDA Ireland, the Department of Foreign Affairs and the IFSC) as a financial centre through marketing and business development activity
- Providing integrated support for firms seeking to invest in Ireland
- Developing world-class financial services education and training programmes in higher education institutions
- Ensuring public service and general labour market reforms increase flexibility and reduce benchmark labour costs
The Strategy represents a collective effort by all stakeholders, public and private, to position the sector for renewed growth. The Government has announced its commitment to containing the business input costs under its control and to ensuring that reductions in public expenditure do not result in higher charges for services being passed on to private enterprise.
Contributed by John Larkin.
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