Would-be investors in Northern Ireland are more interested in its talent and technology than the dual market access offered under the Brexit protocol, the head of Invest NI has said.
Kevin Holland, who leads Stormont’s business support agency, said quality of life and cost of operations in the region also factored higher in the deliberations than the unfettered ability to sell goods both the UK internal market and EU single market.
At a jobs announcement in Belfast today, Mr Holland was asked whether the dual market access offered under the Northern Ireland Protocol was emerging as a key factor in Invest NI’s discussions with potential foreign investors.
“I think the USP for Northern Ireland is talent, its technology and its balance of quality of life versus cost of operations,” he said.
“Those are unique and they were there two years ago, four years ago, six years ago and there’ll be there for the next two, four and six years.
“That’s where the conversations (with investors) start and then some of the other things around how can you explore overseas markets or markets further away usually come lower down the list in the experience we’ve had with investors this year.”
Mr Holland also expressed confidence that the question marks over the future of Stormont would not put off future investors.
Asked about the DUP threat to pull down the powersharing institutions if changes are not secured to the protocol, he said: “I think the first thing that businesses look for is stability. But the first thing usually would be a good business operating environment and business stability and that remains the same, even if the political environment changes.
“So we certainly welcome political stability as well, but I think businesses are very used to navigating the changes of election cycles and changes in government as well.”
Mr Holland was at Invest NI HQ in Belfast today for the announcement that US FinTech company Agio is creating 100 new jobs.
Agio works in the services sector – an area not covered by the terms of the protocol – and its executives have insisted it was not a factor in their decision to set up a new technology centre in the city.
DUP Economy Minister Gordon Lyons, who was also at the announcement, said it was the protocol, not his party, that was creating instability at Stormont.
“It’s the protocol that is creating instability right now and it’s the protocol that is causing economic harm in Northern Ireland,” he said.
“We want to make sure that there is an assembly, we want to make sure that there is devolved government in Northern Ireland, but we have to recognise the problems and the harm that the protocol is causing.”
Asked about the dual market access provided by the protocol, Mr Lyons pointed out that exporters of goods often needed to import component parts to manufacture their goods.
“The protocol needs sorted out because if you’re wanting to export into other markets you need to import in the first place in order to make your good or your product and that’s where the difficulties are coming from, whenever we’re struggling to get goods in and component parts in from Great Britain in the first place,” he said.
“So that’s why this needs to be dealt with. It’s facing many different types of businesses and manufacturers and, if we want to be able to export to different markets, we have to be able to get the components in the first place.”
