In the eyes of many university students, banking remains a “traditional” industry focusing mainly on selling products and services, with opportunities limited to frontline jobs. That clearly is NOT THE CASE. So we urgently need to clear up such misunderstanding. And we should better connect the young generation with the industry, so that they can form a more accurate idea of what modern banking is about. And they need to get ready at an early stage for the career opportunities in the new era of modern banking, particularly because some specialist portfolios will take years to cultivate the relevant skillsets. 22. With that in mind, we just announced a brand new Banking Graduate Trainee Programme which aims to draw in new blood for the banking industry in a more systematic and targeted manner. Thanks to the strong support of the industry, about 30 participating banks will provide more than 120 entry-level job opportunities focusing on the three fastest growing areas, namely Fintech, Green and Sustainable Finance, as well as the Greater Bay Area business opportunities. The first intake under this Banking Graduate Trainee Programme will commence in September this year. 23. At the same time, we will continue our outreach and promotional efforts to provide students with an up-to-date picture of modern banking.
The agreement for a minimum corporate tax rate for multinational enterprises, spurred by the G20 with the OECD’s invaluable support and ratified by more than 130 countries that account for more the 90% of world GDP, is a good example of the benefits that international cooperation can generate in the digital era. Furthermore, supply issues, which have led to shortages and strains on prices during both the pandemic and now the war in Ukraine, strengthen the case for boosting international cooperation. In its latest World Economic Outlook, the International Monetary Fund concluded that these supply issues should not lead us to lessen our economic openness. On the contrary, its analyses point to the international diversification of imports and improved substitutability of the sources of inputs from different countries to boost value chains’ resilience. Signing new bilateral and multilateral trade agreements and strengthening pre-existing ones, which would afford greater certainty to trade relations while reducing their cost, would also help attain this goal. To conclude, I believe that, by sharing experiences and outlooks, fora such as this one help gain a deeper understanding of the challenges that we, the economic and monetary authorities, must face. I hope that you are able to benefit fully from the discussions held over the coming days and wish you a pleasant stay in Seville. 2