On Thursday 13^th July, representatives from umbrella group Trade NI were hosted at a reception in Iveagh House, Dublin by Micheál Martin, Tánaiste and Minister for Foreign Affairs. A large delegation of NI business leaders also attended the reception.

The report – ‘A Region Transformed and Creating Prosperity for All. Northern Ireland – The Prosperity Dividend’ – was carried out by BDO NI on behalf of Trade NI.

Seeking to provide a blueprint for driving growth and prosperity in Northern Ireland over the next 10 years, it calls for a planned programme based on four priority areas:

*Deliver a clear economic strategy for NI

*Reduce the regulatory burden on business

*Increase the productivity of the NI workforce

*Increase the skills base of its workforce

PRIVATE SECTOR INVESTMENT

A key focus will be on increasing investment in the private sector to reduce the dependence on the public sector in Northern Ireland which stood at 27%, above the UK average of 18%. Northern Ireland currently has over 1,200 foreign-owned companies currently with a presence in Northern Ireland, with over 70% planning to make further investments.

Recommendations in the major economic paper include:

* Focus on people: initiatives to attract skilled workers; investment in universities and higher education to prevent ‘brain drain’ from the region; development of academies to help transfer personnel from the public to the private sector; and skills tax incentives for business.

* Trading: capitalise on Northern Ireland’s unique trading position vis a vis the UK and EU markets provided by the Windsor Framework.

* Funding: investment in infrastructure projects to bolster key economic locations as conduits for foreign direct investment; enhanced air connectivity and abolition of air passenger duty.

* Green economy: Develop green opportunities including push for 80% target for renewable energy by 2030.

* Planning: overhaul the planning process which is currently deemed to be a major impediment to economic growth and progress in the region.

* Innovation hubs: develop through existing initiatives such as the 10X Strategy.

* Urban regeneration: establish multifunction hubs incorporating business, libraries, community services, health and education, and sports.

* New business forum: Establish a new forum from Government, trade bodies, business, finance and environment.

* Marketing: promote Northern Ireland in its true light as a great place to live and work.

‘UNTAPPED POTENTIAL’

Commenting in a joint statement, the Chief Executives of Trade NI, Glyn Roberts (Retail NI), Colin Neill (Hospitality Ulster) and Stephen Kelly (Manufacturing NI), said: “This is a blueprint for economic growth and prosperity for Northern Ireland.

“Over the last 25 years, Northern Ireland has enjoyed the benefits of a peace dividend. Over the next 10 years, the focus should be a prosperity dividend. Our vision is for Northern Ireland to become the very best place in these islands to locate, start and scale up a business.

“Northern Ireland has vast untapped potential. We have demographics on our side with approximately 40% of our population under the age of 40. We have a skilled workforce, a steady pipeline of talent from our higher and further education institutions, dual market access to the UK and the EU, and emerging clusters in new industries like tech, cybersecurity, health and life sciences. But there is so much more we can achieve if we get the fundamental building blocks in place.

‘Our vision is for Northern Ireland to become the very best place in these islands to locate, start and scale up a business’

“We must make progress on ensuring political stability at Stormont, fixing our planning system to facilitate speedier construction of major capital infrastructure and economic projects, investing in our educational institutions to ensure our workforce of the future has the right skills and competencies, capitalising on our dual market access, benefiting from the all-island potential, and reforming our public sector to remove our dependence on it.

“Today is a historic day when we bring a significant Northern Ireland trade mission to Dublin to deliver a positive message about Northern Ireland’s bright prospects to potential investors and key decision-makers from the Government, the Oireachtas, business and the diplomatic community. We must ensure that the prosperity promised by the Good Friday Agreement becomes a reality in the coming years.”

‘IMPORTANT CONTRIBUTIONS’

Micheál Martin, Tánaiste, Minister for Foreign Affairs and Minister for Defence, said: “In the years since the Good Friday Agreement, Northern Ireland has been transformed into a leading place to live, to visit, and to do business.

“The business community has been central to bringing about this transformation, driving economic growth and creating jobs for communities across Northern Ireland.

“This report is an important contribution to our understanding of the economy in Northern Ireland, setting out an ambitious economic vision for the years ahead. It sets out what needs to be done if Northern Ireland is to maximise the economic dividend of the peace, as well the unique opportunity provided by dual access to both the UK market and the EU’s single market for goods.

“I welcome the spotlight it contains on the important and growing North South dimensions of trade and business on this island, and how the report challenges us about what we can do together to secure a better and more prosperous future for Northern Ireland.”

Brian Murphy, BDO NI Managing Partner, added: “Northern Ireland has been on a transformative journey over the last 25 years. We have witnessed the expansion of new sectors such as renewable energy, legal services, film and television and we believe even better days lie ahead.

“There is a real belief within the business community that NI can become an economic powerhouse, where business, innovation, and creativity flourish. Also, given our unique position as a bridge between the EU and GB, it is critical that we look to the opportunities this affords us to grow our economy in a spirit of co-operation across the island.

“The significant Irish Government support for initiatives such as the Shared Island Fund is also so important in helping us achieve our potential in Northern Ireland. Working together with all our partners will be a key part in helping us transform the economy for the benefit of everyone.”

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Home to some of the country’s biggest food companies, manufacturers, distributors and artisan producers, the event runs until this Thursday, 31^st March, and up to 6,000 industry professionals are expected to attend over the three days.

Widely regarded as Northern Ireland’s longest-standing trade exhibition where foodservice and hospitality’s biggest players and association all come under one roof, IFEX, is one of the first business-to-business trade event to open its doors in Northern Ireland since the pandemic in March 2020.

Owned by 365 Events Ltd, and with widespread industry support from Hospitality Ulster, Retail NI, FSB, NI Hotels Federation, Restaurants Association of Ireland, Food NI and NI Takeaway Association, organisers are confident that IFEX will demonstrate how business-to-business trade fairs can operate safely and effectively, whilst still driving new business to exhibitors and showcasing the latest products and services to visitors.

“Celebrating the 25^th edition, IFEX has been the cornerstone expo for the foodservice, hospitality and retail industries in Northern Ireland.  Needed more than ever before IFEX is crucial for galvanising the industry and driving new business for exhibitors,” comments Toby Wand, Managing Director of 365 Events Ltd.

Multi-Michelin star award-winning chef, Michael Deane, officially opened IFEX today, 29^th March, and met with some of the 150 plus exhibitors who are attending the event to generate new business and contacts. Mr Deane praised the quality of local produce on show and welcomed the large crowds on the first day of the event.

From naming the Department of Agriculture, Environment and Rural Affairs (DAERA) Northern Ireland Chef of the Year, to artisan companies from across the country exhibiting in the Great Taste Market, IFEX is the place where all of those in the food, drink, retail and hospitality industries will be over the next few days.

IFEX opens at 10am daily and runs until Thursday 31^st March. The trade expo is free to attend, and you can register at www.IFEXexhibition.co.uk

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The Chief Executives of Retail NI, Hospitality Ulster and Belfast Chamber of Commerce, Glyn Roberts, Colin Neill, and Simon Hamilton said:

 “The local business community are looking with desperation at the rest of the UK and this island as their restrictions are being phased out. The Executive needs to produce a realistic timeline of safely lifting the remaining restrictions to give our members certainty and stability on the way ahead”

“We have heard a lot of unhelpful speculation about a fourth lockdown which has caused our members and their staff undue concern and anxiety. With Furlough ending and no further money from the Treasury for support grants, just how does the Executive propose to fund this?

“We also have a perfect storm coming our way with a forthcoming National Insurance hike and huge increases in energy prices which further add to the considerable burden of many business owners in Northern Ireland”

“The Executive needs to start giving more light and less tunnel in their message to business and the wider community”

“Those people remaining people who have not received the vaccination need to do so, for their own health, for their families and for their own community”

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Economy Minister Gordon Lyons has announced the contract for the delivery of the High Street Scheme (HSS) has been awarded to Prepaid Financial Services (PFS).

The £145million scheme will give everyone aged 18 and over in Northern Ireland a pre-paid card worth £100 to spend on their local high street. It is planned that the registration process will open to the public in September.

Minister Lyons also today revealed the ‘Spend Local’ logo which will feature on each of the cards.

On the cards

Speaking during a visit to businesses in Carrickfergus, the Minister said: “After a robust procurement process, I am pleased to announce that the contract for the High Street Scheme has been awarded to PFS.

“This scheme is a key element of my Department’s Economic Recovery Action Plan and will give a very welcome boost to our high streets which were hard hit by the Covid-19 pandemic. This uplift is what our local businesses need and deserve.

“It will mean up to 1.4 million people will have an extra £100 each to spend on our high streets rather than online. This will help bring many more customers back through the doors of local retail, hospitality and other sectors.

Benefits

“I look forward to seeing the benefits this scheme will bring to the wide range of businesses situated in the heart of towns, villages and cities across Northern Ireland.”

PFS is a payments technology company which helps governments worldwide get money quickly into the hands of people who need it the most. Most recently, citizens in the United States, the United Kingdom, Australia, Spain, Italy and Finland have been assisted with innovative payment solutions across 562 separate initiatives.

Lee Britton, CEO Europe at PFS, said: ”We are delighted to have been awarded this contract. Our award-winning economic stimulus product trusted by governments worldwide will help to give a huge financial boost to the Northern Ireland economy.”

Colin Neill, Chief Executive of Hospitality Ulster, said: “Hospitality businesses are an integral part of our city, town and village high streets and have suffered considerably due to the impact of Covid. The High Street Scheme is a really welcome and important way we can all support our struggling high street businesses.

“Supporting the high street not only helps the businesses, it also supports the jobs of our friends and family who work in our hospitality industry.”

Difficult year

Aodhán Connolly, Director of the Northern Ireland Retail Consortium, said: “The past year has been one of the hardest on record for our retail industry and our high streets because of the pandemic. This scheme will give a welcome boost to high street retailers and other consumer-facing sectors in towns and cities in Northern Ireland. It will create a virtuous circle of spending that supports our economy, boosts local commerce and gives our shoppers some retail and hospitality therapy. We would encourage everyone who is eligible to register for the scheme and make every penny count.”

Win-win

Retail NI Chief Executive Glyn Roberts said: “This scheme is a win-win for our members and our high streets. It will be a significant spending boost for struggling independent retailers as we progress the long road toward recovery.

“70p in every pound spent with an independent retailer is recycled around the economy, supporting local producers, farmers and manufacturers. So it is vital that consumers make a special effort to spend this pre-paid card with local traders to ensure the widest possible boost to our economy.”

Roger Pollen, Head of the Federation of Small Businesses (FSB) NI, said: “This scheme is a key element in reinvigorating our retail and hospitality sectors after more than a year of crippling restrictions and downturn. What is particularly important is the simplicity of its operation and the widespread distribution.

“By empowering every adult consumer in Northern Ireland, the value of the spend will reach every community and sector. We would urge users of the scheme to consider those businesses that have been most impacted by the pandemic and use their pre-paid card where it can spread most benefit.”

September

Minister Lyons added: “My Department is planning for the scheme to go live in September and I want to ensure everyone who is eligible can receive their pre-paid card as soon as possible after registration. As a first step in that process I would urge members of the public to sign up for the electoral register if they have not already done so as we plan to use the register to check registrations for the High Street Scheme.”

The Minister also today published research carried out by Retail Economics to inform the roll-out of the High Street Scheme.

Retail Economics carried out research on how, when and where the HSS scheme could impact on consumer spending. The researchers made use of outturn data from a similar scheme which operated in Jersey and information from the Office for National Statistics. A consumer panel survey was also conducted, reflecting a nationally representative sample of 1,000 households in Northern Ireland.

Roll-out

Minister Lyons said: “Currently, we intend to roll out the High Street Scheme in the autumn. This aligns well to Retail Economics’ recommendations on optimal timing.

“The results of the consumer panel show that there is evidence that the scheme will encourage shoppers back on the high street, to support local independent businesses and to spend their card in those sectors that have faced difficulties trading in the past year. Many respondents considered that it would encourage them to visit physical locations.

“The Covid health restrictions will need to be monitored closely and taken into account as we move forward.”

@Economy_NI

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