Kieran Donoghue, chief executive of Northern Irish economic development agency Invest NI, has said that the region’s unique access to the GB and EU markets was “not yet” drawing increased investment.
Described as “the world’s most exciting economic zone” by former UK prime minister Rishi Sunak as he announced the agreement of the Windsor Framework in 2023, Northern Ireland (NI) has better access to the EU single market than GB-based companies, while remaining fully a part of the UK.
‘Not yet’
The BBC reports, however, that Donoghue told a recent committee meeting at Stormont that there is no evidence so far of increased foreign direct investment (FDI) as a result of this status.
Asked if he had seen evidence of increased investment, he said:
“Not to my knowledge, at this point in time, not yet. I think there is still a relatively low level of awareness of the opportunities presented by dual market access.
“There will, in time, be FDI opportunities.”
He added that Invest NI had established a “dedicated team” intended to increase awareness of the opportunities presented by NI’s dual market access, with work underway in Germany to talk up the region’s unique status.
Businesses in NI itself could also benefit from greater awareness of the arrangements, he said. In the future, he said, dual market access will be “front and centre” of Stormont’s pitch to foreign investors.
‘An early stage’
NI Department for Economy deputy secretary Paul Grocott said:
“I think it's at an early stage, whereby the exact relationship of moving goods between Great Britain and Northern Ireland remains evolving and uncertain.
“Until that is settled, it is very hard to pinpoint exactly how a business exporting or looking for investment could be directly attributed to those arrangements.”
International Investment Summit
Northern Ireland secretary Hilary Benn attended this week’s International Investment Summit in London alongside NI first minister Michelle O’Neill, as well as Donoghue and deputy first minister Emma Little-Pengelly.
On investment in NI, Benn said:
“This government and the Northern Ireland Executive know that to grow NI’s economy, we need more high quality, long-term investment, and today’s event has brought together the world’s leading companies and investors to help support that.
“Stability is the foundation for growth, and that is exactly why this government is working closely and collaboratively with the Executive to unlock more investment and improve the opportunities for everyone across NI.”
