Ireland could become an international leader in philanthropy, according to Kingsley Aikins, president and chief executive of the Worldwide Ireland Funds.

In the future the Philanthropic Tiger could replace the Celtic Tiger, Mr Aikins told attendees at a philanthropy seminar in Dublin yesterday.

The Ireland Funds, which has raised nearly $300 million in donations to 1,200 organisations across Ireland, hosted the conference, offering fundraising advice to 250 attendees. A variety of Irish charities were represented, including the Irish Red Cross and Concern.

Ireland has been able to "create enormous wealth" and there remains real potential and desire among the successful to donate, according to Health Minister Mary Harney, who also addressed the conference.

Mr Aikins said that the Government was working to encouraging giving. He pointed to efforts by the Government such as a recent decision to make gifts of shares to charities tax-deductible and current legislation regulating the non-profit sector.

Creating Irish financial products that help the transfer of funds into donations is the "last piece of the jigsaw", Mr Aikins added.

American banks and investment firms have embraced financial products such as donor-advised funds that help clients transfer wealth into donations.

The face of corporate philanthropy is also changing, he said.

Companies around the world are adopting corporate social responsibility initiatives that range from setting up foundations for charity to selling socially-conscious products such as Fairtrade coffee.

Social initiatives were playing an important role in branding and cultivating a positive reputation, Mr Aikins said.

Bank of Ireland's sponsorship of the Special Olympics and Anglo Irish Bank's Better Ireland Awards, which recognise voluntary organisations, were examples of local initiatives, according to Mr Aikins.

There remains "a lot of room" for Irish companies to implement social initiatives, he added.