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Minister Flanagan to meet Swiss Foreign Minister and address Swiss Fund & Asset Managers

International relations, Minister Charles Flanagan, Trade, Press Releases, Europe, 2015

 

The Minister for Foreign Affairs and Trade, Charlie Flanagan, TD, today (Wednesday) begins a two day official visit to Switzerland.

Minister Flanagan will meet Swiss Foreign Minister Didier Burkhalter and also address Swiss fund and asset managers in Zurich to highlight the Government’s commitment to supporting the growth of the International Financial Services Sector in Ireland.
Speaking ahead of the visit, Minister Flanagan said:

“As Ireland’s fifth largest export market, Switzerland is extremely important destination for Irish products including pharmaceuticals, medical devices, dairy and food ingredients, and in financial services.

“Ireland is recognised as one of the leading global hubs of expertise for the establishment and servicing of internationally-distributed, collective investment funds, with the value of assets domiciled or administered in Ireland exceeded €3.2 trillion.

“Exports continue to play a central role in securing our economic recovery and I have put Ireland’s economic renewal at the centre of my work, by promoting Ireland internationally as a destination for business, investment, tourism and education.”

The Minister is visiting Switzerland at the invitation of Swiss Foreign Minister Didier Burkhalter. Minister Flanagan stated:

“I am delighted to accept Minister Burkhalter’s invitation to visit Switzerland and I look forward to discussions with him on the range of key issues that our countries partner on, particularly nuclear disarmament, the OSCE and sustainable development.

“Both the Irish and Swiss Governments are committed to the creation of a business-friendly environment and to working in partnership with industry to drive investment, entrepreneurship, jobs and innovation.

“I look forward to building stronger bilateral relations between Switzerland and Ireland and continuing to work closely with Minister Burkhalter on all of these issues.”

ENDS
Press Office
6 May 2015

Notes to editors:

  • Switzerland is Ireland’s 5th largest export market for merchandise trade and its 10th largest services trading partner (based on figures for 2013). In 2013, merchandise trade was valued at €5.96bn, with exports to Switzerland worth €5.12bn and imports worth €0.84bn. In 2013, services trade was rated at €4.22bn with exports worth €2.15bn. Trade is strong in areas such as the pharmaceuticals industry, medical devices, diary and food ingredients, and in financial services.
  • On Thursday, Minister Flanagan will address at a seminar organised by the Irish Funds Industry Association for Swiss fund and asset managers. The Minister will set out the Government’s commitment to supporting the growth of the International Financial Services Sector in Ireland. The seminar will hear from a range of experts on why Ireland is the location of choice for domiciling and administrating funds.
  • Minister Simon Harris launched of a new International Financial Services Strategy for Ireland in March 2015.
  • By focusing on the growth of Ireland’s fund and wider international financial services sector the Government is seeking to build on an area of existing strength and capability.
  • Ireland is recognised as one of the leading global hubs of expertise for the establishment and servicing of internationally-distributed, collective investment funds.
  • As at the end of 2014, the value of assets domiciled or administered in Ireland exceeded €3.2 trillion, of which over €1.66 trillion in asset value relates to Irish domiciled funds.
  • These funds are managed by 900 asset managers from 50 countries, with the funds industry employing over 13,000 people in Ireland.