NORTHERN Ireland’s business community fully appreciated the positive boost that came from the investment summit earlier this month. Although the two-day event took place against a backdrop of strained economic conditions and an absent Executive, the atmosphere was undeniably upbeat and hopeful for the future.
There was a full line up of VIPs in town for the occasion which included US Special Envoy Joe Kennedy III, Business Secretary Kemi Badenoch, NI Secretary of State, Chris Heaton-Harris, and Levelling Up, Housing and Communities Secretary, Michael Gove. There was even support from Princess Anne on the ICC’s stage in Belfast.
It was heartening to hear so much positive talk from companies with a footprint on the ground – talking about the local labour force and the commitment of employees in Northern Ireland.
The conference also coincided with a couple of significant job creation announcements from EY and Options Technology. I must give a shout out too to Mount Charles who provided the catering at the ICC – the quality of the food at the summit was praised from all quarters and was a true testament to the economy’s reputation for being a great place to both produce and enjoy top-quality cuisine.
Joe Kennedy III spoke for the 230 US firms based in Northern Ireland that employ some 30,000 people. He also talked about the sense of pride felt by the people of Northern Ireland since the Belfast Agreement and our internationally envied education sector, including Queen’s and Ulster universities, which are producing skilled talent that is being snapped up by firms on both sides of the Atlantic.
There was also a focus on the entrepreneurial spirit and the resilience in the Northern Ireland business community. The foreign investors who have already located here also noted that Northern Ireland is a “deeply community-oriented economy.” Local firms and employees know they have a responsibility to the community around them and it is this “social responsibility” approach to doing business that keeps staff loyal and creates a sense of purpose.
We also listened to some great panel discussions from leading firms like Seagate and Citi. Seagate’s chief executive Dave Mosley brought an element of “the big picture” to discussions. He talked about the explosion of data usage and how ‘Photonics’ (a technology that is expected to play a crucial role in developing data communications) is taking off. We heard that AI is in its infancy, and we need to be ready as there is so much more on the way. While these changes will impact on some jobs, we need to embrace and regulate AI and other emerging technologies in equal measure to ensure there are positive outcomes for society.
We are lucky in Northern Ireland to have such innovative firms at the heart of our communities and these conversations remind us of why FDI has an important role to play in economic development. Essentially, FDI firms bring with them global insights as well as knowledge and technology transfer to the local economy. They have a positive ‘spin off’ impact on the rest of the economy. But it is only by ensuring that we have an adequate supply of skills for both FDI and indigenous firms, that we will truly deliver sustainable economic growth.
Leading innovation experts at the conference were asked about how the economy could be supported better to be more innovative. The answers came without hesitation: “more investment in education”, “support for building clusters in future technologies” “invest in connectivity” and give backing for R&D through the tax credit system. Another interesting suggestion was around tax incentives for investing in female-owned enterprises.
Without doubt we also need to collaborate far more to ensure that Northern Ireland is applying for its fair share of Horizon 2020 funding, following the Government’s announcement that the UK would be rejoining the scientific research programme. Indeed, supporters like Joe Kennedy III, are already working to help to build research relationships between local education institutions and innovative partners in the US.
The public sector’s role must not be forgotten when it comes to innovation. We have seen some exciting procurement partnerships in the hydrogen space locally and there is undoubtedly room for more of that type of initiative and collaboration.
Recent discussions between CBI members and local policy makers have highlighted the lack of resources and the scale of public transformation that is needed in the public sector. In such a small economy, I am convinced that the public and private sectors need to collaborate more than ever.
The conversation at the investment summit was indeed uplifting and there is promise and potential for the economy. Just imagine if we had a local Executive also batting for us along with adequate public funding for a Programme for Government – with the right collaboration, the sky would be the limit.
:: Angela McGowan is director of CBI Northern Ireland
