Government’s updated strategy targets 5,000 new finance jobs as employment rises – The Irish Times
The government is targeting the creation of 5,000 additional Irish jobs in the international financial services sector by 2026, a revised figure which reflects a surge in employment in the sector in recent years.
On Monday, Seán Fleming, Minister of State at the Department of Finance responsible for financial services, released Ireland’s updated strategy for government finances.
Unveiled in 2019 and scheduled to run until 2025, the plan aimed to increase the number of people employed in the sector from 44,000 to 50,000 by 2020. But, according to figures from IDA Ireland and Enterprise Ireland, 52,800 worked in financial services in Ireland in 2021, a third of whom were based outside Dublin.
With employment levels in the sector reaching “their highest level on record” last year, the new job growth target “over the duration of the updated strategy from 2023 to 2026 inclusive is 5 000 net new jobs,” the revised strategy document says.
The five “growth themes” around which the strategy is based are: sustainable finance; fintech and digital finance; diversity and talent; regionalization and promotion; and improving the operating environment.
Among other things, the strategy recognizes that “disruptive technologies such as blockchain are creating new opportunities for digital assets that will shape the future of the global financial system.” He notes that “action” will be needed in the crypto-asset and blockchain space to “maximize the opportunities and manage the risks that these technological changes will bring to the sector.”
To that end, the Department of Finance’s Fintech Steering Group – whose membership was expanded this year to include senior officials from other ministries and corporate agencies – will “provide the strategic leadership” to capitalize on developments in the field of cryptography and digital assets. industry.
Commenting on the update, Mr Fleming said sustainable and digital transitions feature prominently in the strategy as “great opportunities for the Irish economy”.
He said, “Partnership between the private and public sectors is at the heart of this strategy. It is essential to ensure that Ireland has the right mix of education to meet the demands of industry in the future. Our employment goals are ambitious but can be achieved by everyone working together.
In his introduction to the update, he said that while there have been successes in recent years, “we cannot be complacent and assume future success.”
Laois-Offaly’s Fianna Fáil TD said an “immediate priority” is to “deepen engagement” with the fintech industry to “establish working groups with stakeholders and researchers and experts from third level”.