Government told investment must continue to enhance Cork's reputation as top-class location

THE Government is being urged to ensure that investment continues in housing, education, and other infrastructure in order to “enhance the accessibility and attractiveness of the region” to grow Cork’s reputation as a top-class location.

The call from Cork Chamber CEO Conor Healy came as the Chamber, together with the Cork Financial Services Forum, hosted a national event on Friday for the financial services (FS) sector.

The event was attended by more than 160 leaders in the financial services sector from across Ireland and was addressed by keynote speaker Finance Minister Michael McGrath.

It focused on the future of the sector and the evolving role of technologies, including artificial intelligence.

Importance of strong centre for IFS in Cork

Speaking at the event, Mr McGrath said that Ireland is a global hub for financial services and the Department of Finance is taking steps to consolidate that position into the future through the Ireland for Finance Action Plans and the recent Irish Funds 2030 consultation.

“A key element of Ireland’s financial services offering internationally is a demonstrable ‘all of Ireland industry’, and that is why we have a focus on growing the IFS industry in the regions,” he said.

“This highlights the importance of Ireland having a strong centre for IFS in Cork and the relevance of the high calibre event we witnessed today.”

Mr Healy said that Cork and the south-west’s financial services sector has grown at a rapid pace over the past 15 years.

“This growth has been supported by a strong talent pipeline from our two universities, UCC and MTU, mature ICT and cyber clusters complementing new areas of FS growth, a business-friendly environment and deep collaboration between business, State agencies and the higher education sectors — as demonstrated by the Cork Financial Services Forum.”

He said investment must continue in infrastructure in order to maintain the region’s reputation.

“It is vital that the Government commitments made in the national and local development plans are delivered upon in order to truly support the private sector investors,” he said.

“Investment must continue in our housing, education, and other infrastructure if we are to enhance the accessibility and attractiveness of the region in order to maintain and grow our reputation as a top-class location for quality of life.”

Growth in last decade 

Cork Financial Services Forum chairwoman Karen Conboy said that, as chair, she was thrilled to gather leaders and pioneers in the field to exchange ideas and share insights that will allow the sector to collectively navigate the challenges and opportunities that lie ahead for financial services.

“In the south-west region, the financial services sector thrives within a strong, supportive environment. This ecosystem encompasses the UCC and MTU business faculties, numerous prominent global IFS firms, indigenous innovators as well as professional services firms boasting specialised teams dedicated to financial services. Additionally, a dynamic business support environment, which includes the Cork Financial Services Forum and state agencies such as IDA and Enterprise Ireland, all serve to complement the sector in the region.

“Over the past decade, the sector has displayed consistent growth, transforming companies within the financial services arena into substantial employers. These companies attract a diverse, global workforce, with international professionals choosing South-West Ireland as their new home. This collaborative environment extends to critical areas like ICT, AI and cybersecurity, which are set to play a significant role in the future of the financial services industry,” she said.