Over the past two decades, the sector was also negatively affected by other developments, such as the negative connotation of offshore tax planning and increased bundling as tax-haven region. Furthermore, we have in the past failed to adapt quickly to market conditions, and to be innovative in terms of introduction of new products to increase the attractiveness and competitiveness of our jurisdiction.
Notwithstanding the gradual decline over the decades, the international financial services sector is still an important pillar of our economy as it directly contributes approximately 6 percent to GDP, and is an important generator of high-skilled jobs. Furthermore, over the past years, the sector contributed on average approximately 6 percent to foreign exchange receipts from the export of primarily services.