NI economy: Plans to attract 150 investors to conference

Northern Ireland has the opportunity to be a pivotal trading area, Trade Minister Lord Johnson said

The government is aiming to attract about 150 businesses to the Northern Ireland investment conference in the autumn.

The event, due to be held on 12 and 13 September, was promised by the prime minister following the agreement of the Windsor Framework.

At that time, Rishi Sunak said the deal made Northern Ireland "the world's most exciting economic zone".

Mr Sunak said the region provided unique access to the UK and EU markets.

That was reiterated by Trade Minister Lord Johnson who said it gave Northern Ireland the opportunity to be "a pivotal trading area".

Speaking to BBC News NI, he said the conference would aim to showcase opportunities for infrastructure and property investment as well as direct job creation.

He said he had been explaining the opportunities in Northern Ireland to big capital investors like pension funds.

"They are already very excited," he said.

"I've told them about the opportunities in Belfast and they've gone there to see what they are. There is a lot of interest."

President Joe Biden told an audience in Belfast that scores of American corporations want to invest in Northern Ireland

When the US President Joe Biden visited Northern Ireland earlier this year he suggested that American companies stood ready to invest billions of dollars if they could see political stability.

"There are scores of major American corporations wanting to come here, wanting to invest," he told an audience in Belfast.

However, a key plank of Mr Biden's economic policy is the provision of generous subsidies to companies that are investing in green manufacturing in the US.

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The US Inflation Reduction Act includes tax credits for green technologies aimed at attracting and keeping investment in the US.

Lord Johnson said Northern Ireland and the wider UK still had opportunities to attract businesses in these growth sectors.

"The UK already spends a significant proportion of GDP (gross domestic product) on our net zero ambitions," he said.

"The US has come relatively late to the party.

"I'm not as negative on the Inflation Reduction Act as some people because it's great the US is spending so much on such an important area and frankly a lot of UK companies can benefit from this."

Defence spending

Meanwhile, a think tank has said the Ministry of Defence (MoD) should improve efforts to procure equipment from Northern Ireland businesses.

The Royal United Services Institute (RUSI) said official data showed the MoD spends just £60 per person in Northern Ireland compared to a UK-wide average of £310.

Last year, the MoD awarded a £1.6bn contract for three Royal Navy support ships which will be partially built at Harland and Wolff in Belfast.

The Belfast operation of Spirt Aerosystems is bidding for defence work and the Belfast factory of Thales has become well known for making the NLAW anti-tank missiles used by the Ukrainian army.

RUSI said that with these "three prominent businesses at the top of the supply chain" Northern Ireland has considerable potential.

But it said the MoD should do more to encourage and assist smaller firms to bid for defence work.

Prof Trevor Taylor of RUSI, one of the report's authors, added: "There needs to be a focused exploration of ways in which defence spending in Northern Ireland can be raised above the level at which it currently stands.

"This effort should involve initiatives from across the UK defence acquisition community in government and the private sector."