Minister of State at the Department of Finance, Michael D’Arcy T.D. today welcomed the Cabinet's decision to authorise the conclusion of Ireland’s application for membership of the Asian Infrastructure Investment Bank (AIIB). In accepting the Articles of Agreement and granting certain privileges and immunities to the AIIB, the Government has completed the steps necessary to finalise Ireland’s membership.
Ireland’s application for AIIB membership is based on a desire to further strengthen our growing trade and economic links to Asia and China in particular and to continue Ireland’s firmly established commitment to international development.
The AIIB will seek to address the significant demand for infrastructure in Asia, with the aim of fostering economic development and regional integration.
Commenting on the decision to conclude Ireland’s application for membership, Minister D’Arcy stated:
“I am pleased with the decision to complete ireland's AIIB Membership. The AIIB plays an important role in fostering sustainable economic growth and prosperity in Asia and will complement and reinforce our current development programmes.
Brexit has highlighted to us the importance of trade diversification and Asia is a region in which the Government is very keen to develop trade and economic links. AIIB membership will strengthen our strong and open ties with China and the wider Asian economy. It may also offer potential future business opportunities for Irish companies in AIIB-financed projects in this important region.
I’m confident that AIIB Membership will additionally contribute to our engagement with Asia, something that we are keen on developing further as part of promoting IFS Ireland and delivering on IFS 2020 “
Notes for Editors:
About the AIIB
The AIIB is a new multilateral financial institution which came into operation in January 2016 and aims to foster economic development and regional integration in Asia, primarily through investment in infrastructure. The Bank has 57 Founding Members and is based in Beijing, with China playing a leading role in its establishment.
About IFS Ireland
A Government-led initiative, IFS Ireland is a strategic and co-ordinated approach to promoting Ireland as a leading location for international financial services. The initiative involves all the relevant Government Departments, IDA Ireland and Enterprise Ireland, overseas Embassies and Consulates, as well as industry and education partners who actively promote Ireland's IFS capability overseas.
About IFS 2020
The International Financial Services 2020 Strategy (IFS 2020) was launched in 2015 with a vision for Ireland to be recognised as a global location of choice for specialised international financial services, building on our strengths in talent, technology, innovation and excellent client services.
The Strategy aims to increase the numbers employed in international financial services by 30% over the five years of the Strategy. This 30% equates to 10,000 new jobs in the IFS sector. In the first two years of IFS2020 there has been a 13% increase in the numbers employed in IFS, placing Ireland on track to achieve the 2020 jobs target.