A strategic report on developing a new brand for Ireland’s financial services targeted at Asia has been announced.
The report into how to repeat the success of branding Ireland as a financial services centre in the United States is expected to be completed early in the New Year.
The work is a partnership project involving Asia Matters, Ireland’s only think tank on Asia, and PwC. It will assist the work of the Department of Finance, IFS Ireland – Ireland’s international financial services brand – and dovetail with the IFS 2020 strategy. The IFS 2020 strategy is a whole of Government approach to driving the growth and development of international financial services in Ireland.
Making the announcement at the Global Asia Matters Business Summit in Dublin today, Asia Matters Executive Director Martin Murray said it planned to engage its members in order to establish how best to refocus Ireland’s financial services successful offering in the United States to target the growing Asian market.
He said: “IFS Ireland has been very successful in attracting business from the US. There are great opportunities for the financial services sector in Ireland to grow business in Asia but we need to amend and tailor our offering in a way that resonates with Asian firms.”
The Executive Director said: “In Asia Matters we believe in playing to our strengths and we will be engaging with key stakeholders in the financial powerhouses of Japan, China, Hong Kong and Singapore to produce a new Asian initiative for branding and developing Ireland’s financial services offering.”
He added: “IFS Ireland boasts 400 plus companies, employing 38,000 people. Ireland is the fourth largest exporter in the EU of financial services and we are world leaders in aviation leasing and finance and growing significantly across other sectors, including managed funds and insurance.”
Speaking at the Asia Matters summit, Joe Tynan, PwC Ireland Head of Tax, said the latest survey from Asia indicated that business leaders are intent on pressing ahead with investment plans. Citing the just published survey by PwC of 1,400 business leaders in Asia, he said that 71% of CEOs expect to rely more on business partnerships/joint ventures in the future. “This is good news for Ireland as APEC business leaders are looking increasingly for opportunities outside of their region,” he said.
“PwC’s 2017 World in 2050 report revealed that we will continue to see a shift in global economic power away from established advanced economies towards emerging economies in Asia and elsewhere. As the economic powerhouse moves from West to East, there are huge opportunities for Ireland to become a global trading hub positioning itself as a gateway from Asia to the EU and the US. And with geopolitical challenges such as protectionism, global tax reform and Brexit, companies will always need a presence in the markets they serve. Ireland offers a great place for Asian companies to do business with the EU and the US.”
Joe Tynan said: “The survey is encouraging in that it highlights Asia Pacific CEOs’ appetite for global investment and bilateral trade. Having developed as a regional hub for EU/US trade, Ireland can become a global trading hub and a gateway from Asia to the EU and the US.”
He added: “With a population of in excess of 4.4 billion, Asia provides great opportunities for Ireland to grow its current exports, which currently stand at 11% of our total exports. In a post-Brexit world, Ireland can also provide direct access for Asian companies to an EU market of over 500 million consumers. The EU respects China’s World Trade Organisation status and with several EU/Asian trade agreements already in place, Ireland is perfectly located as a global hub for Asia to Europe and the US.”
Among the guest speakers were: Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD, and the Minister of State for Financial Services and Insurance, Michael D’ Arcy TD.