Ireland’s Minister of State for Financial Services and Insurance, Michael D’Arcy, was in New York City on July 28 to launch the “Ireland for Finance” five-year strategy plan at a breakfast at the Irish Consulate, attended by representatives from top financial firms based in New York and Dublin.
In order to achieve the goals laid out for each pillar, the department has outlined three priorities that will apply across the board: regionalization, sustainable finance, and diversity.
Branching outside of Dublin for business development has already commenced but, over the next five years, increased development of infrastructure hopes to spearhead further business in all areas of Ireland.
Using the term “crossover” to describe bringing together minds from different sectors, the government has already funded a six-acre innovation district in Dublin that is being led by Holy Trinity College. The Grand Canal Innovation District will include apartment buildings, work spaces, bars, coffee shops, and more areas of congregation that will allow young people the ability to meet, share ideas, and collaborate. Many are hopeful the district will become a hub for conceptual development and innovation.
Citing an analogy recently made by Taoiseach Leo Varadkar, D’Arcy suggested that Ireland can be the bridge between Asia and America. As the time zone is in the middle of both parties and as the only English-speaking country set to be in the E.U., the opportunity to bridge the gap between the western and eastern global financial hubs is not just a possibility but something that is already being pursued.
Beyond technological infrastructure, the new runway currently under construction at the Dublin airport, already a major hub for business travel, will facilitate the increased demand as traffic at the airport continues to increase with June 2019 seeing a record-breaking 3.2 million passengers. Minister D’Arcy, who had already announced the strategy in Brussels, followed New York with visits to Chicago, Singapore, and Hong Kong to continue the launch tour for the 2025 plan. ♦