Ireland a potential EU hub for Asian financial institutions
A report has outlined Ireland’s stability and competiveness as a future hub for Asian financial institutions in Europe.
Ireland as an EU hub for Asian financial institutions
The report outlines the major drivers of the global expansion of Asian financial services and the value proposition of Ireland as a EU/global hub for Asian financial institutions.In a post-Brexit world Asian financial institutions are concerned about risk and uncertainty, suggests the report. However, that Ireland provides a safe harbour location for such institutions.The report focuses on four key areas Ireland could offer financial services in Asia: aircraft leasing, asset financing, investment management and ship finance.Related articles:
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Ireland’s economic advantages
Ireland enjoys several economic advantages thanks to its taxation policies, regulatory operations, global talent pool, diversified FDI and overall business environment. Ireland has 80 per cent of the world’s top 25 financial services companies.Asia Matters chairman, Alan Dukes, said that Asia today accounts for 40 per cent of global GDP and 60 per cent of global population. By 2020, it is forecast to account for 50 per cent of global GDP and 75 per cent of global populationPwC has projected that the world economy could more than double in size by 2050. Emerging markets in Asia have in the recent past been one of the primary drivers for global economic growth and are expected to continue to act as a growth engine for the global economy.Implications of Brexit for the UK and Ireland
Given that the UK is unlikely to be able to retain access to EU passport arrangements once it leaves the EU, this could play a role in driving foreign financial institutions to look at moving their European operations to other EU member states. The chairman added that Ireland’s connectivity with Asia is being deepened by the establishment of a number of Chinese financial service institutions in Ireland. As well as the forthcoming opening of a direct Hong Kong to Dublin air link by Cathay Pacific.Feargal O’Rourke, managing partner, PwC said, “Ireland’s policy framework promotes an open and competitive business environment and the certainty of the corporate tax rate provides confidence to investors.“A young, talented and adaptable domestic workforce, supported by the increasing international talent currently being attracted to Ireland, ensures a continued supply of high-quality labour for companies. As a gateway to Europe, Ireland provides a perfect location for Asian companies to invest.”For related news and features, visit our Brexit section. Look out for the launch of 2018’s Relocate Awards, entry is now open. Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Access hundreds of global services and suppliers in our Online Directory©2024 Re:locate magazine, published by Profile Locations, Spray Hill, Hastings Road, Lamberhurst, Kent TN3 8JB. All rights reserved. This publication (or any part thereof) may not be reproduced in any form without the prior written permission of Profile Locations. Profile Locations accepts no liability for the accuracy of the contents or any opinions expressed herein.