There will be significant interest from Northern Ireland in the US Presidential election this week. And whatever the outcome, hopes will be high that the region’s strong relationship with the US can be strengthened further in future.
Whether it is Kamala Harris or Donald Trump who takes up residence in the White House in January, American companies will remain an essential part of the global economy and the island of Ireland has attracted its fair share of investment from them over the past 25 years.
When the US Special Envoy to Northern Ireland Joe Kennedy spoke recently at Glandore’s Gateway to Growth event in our new space on Arthur Place, he reiterated the attraction of a place like Northern Ireland to US firms.
He said the fact that 70% of NI’s 1,200 international companies reinvest in this region “speaks volumes” about what the region has to offer, including world class universities, a skilled workforce and the best telecommunications infrastructure in Europe.
“This is an incredibly exciting time to be in Northern Ireland because of what you all have built, nurtured, incubated and now what I get to broadcast all over this island and over the United States,” he said.
While there are undoubted headwinds globally, it is certainly my belief that international foreign direct investment still has a major role to play in the future of Northern Ireland’s economy.
For companies in the north’s ecosystem like Glandore, which has seen many US firms pass through the doors of our flexible workspaces at various stages of development, there must be a relentless focus on continuing to provide the high levels of service that encourages these companies to stay and grow their operations in the region.
Our panel event had representatives from four international companies currently scaling teams in our offices - Agio, Intapp, 9fin and Optiva - but we’ve also provided the landing and expansion space for a significant number of other international firms in Northern Ireland including Rapid 7, Microsoft, Liberty IT, HP and Ogletree Deakins. These are companies many other regions are desperate to attract but can’t offer the same as NI.
The FDI Intelligence ‘European Cities and Regions of the Future 2024′ report which was published earlier this year, officially ranked Belfast fifth overall compared to other mid-sized cities. Ranked number two for FDI Strategy and in the top ten for investment potential and business friendliness, Belfast is leading the charge in bringing FDI investment to Northern Ireland.
The factors that influence Northern Ireland’s success in attracting international investment, its impact on career opportunities and economic growth were discussed as the panellists shared their companies’ investment journeys and choice of Belfast as a location.
I was particularly struck by John Vance from Intapp’s description of its decision to grow from a team of 30 to 70 as a “safe investment”.
When Glandore chairman Michael Kelly first purchased Arthur Place in Belfast in 1998, three months after the Good Friday agreement, that might not have been a phrase that immediately jumped to mind.
Twenty-six years on, Glandore’s Arthur Place and Arthur House are now home to over 50 member companies from local start-ups and SMEs to international firms that have chosen Northern Ireland as an investment location.
The transformation of what was a tired, dilapidated street into a vibrant retail and business hub is an example of how international investment has been and will continue to be Northern Ireland’s gateway to growth.
So whether the US administration in the next four years is a Trump or Harris one, we must all do what we can to work together to support the growth and retention of US investment in Northern Ireland.
- Clare Kelly is a director at Glandore