Taoiseach joins business leaders to discuss future of all-island economy
Taoiseach Micheál Martin joined business leaders and stakeholders from across the island in Dundalk on Thursday 12th June, for the annual Ibec and Confederation of British Industry All-Island Conference.
This year’s event, which was supported by strategic partner Belfast Harbour, took place at the Ballymascanlon Hotel, against the backdrop of new challenges for the all-island economy, including rising global uncertainty driven by US trade and tariff policies and heightened geopolitical disruption.
Businesses across the island are eager to see aligned policy support from both governments that unlocks economic opportunities and broadens the benefits of cross-border cooperation. According to Ibec and CBI, more must be done to strengthen and future-proof the all-island economy by enhancing collaboration around trade, infrastructure, sustainability, workforce integration, private investment, and long-term resilience.
The Taoiseach said it was important to not only protect what is already established in terms of all-island business, but also to pursue opportunities to grow all-island businesses and trade opportunities further.
“It is now well over a year since the restoration of the Assembly and the Executive and our positive engagement with the Executive and strengthened partnership with the UK Government provides the most promising context we have had for years for harnessing what North/south and East/West partnerships can deliver,” he said.
“Economic stability and sustainable growth rely on a culture of enterprise, innovation and investment that benefits everyone. North and South, we have a shared responsibility to work together to foster such a culture on all parts of the island.”
Danny McCoy, CEO Ibec said the restoration of the North-South Ministerial Council had cleared the way for improved cooperation across the island.
“However, the rise in global uncertainty stemming from US trade and tariff policies and growing geopolitical disruption means the all-island economy must focus on building resilience and deepening collaboration.
“The business community across the island is eager to see aligned policy support from both governments to enable economic growth and widen the benefits of cross-border cooperation. The ongoing UK reset of post-Brexit relationships with the EU – and separately with Ireland as co-guarantors of the Belfast/Good Friday Agreement – is an encouraging step. But further progress in both areas must also include tangible support for businesses operating across the island.”
Rain Newton-Smith, Chief Executive, CBI added: “As geopolitical tensions continue to reshape global trade, this year’s Ibec-CBI All-Island Annual Business Conference comes at a critical time for businesses across Northern Ireland, Great Britain, and the EU.
“The disruptive impact of tariffs, tax retaliation, and a changing global order has only reinforced the urgent need to strengthen cross-border economic ties on the island of Ireland.
“In the current climate, policy stability and certainty are not optional but are prerequisites for investment in sectors that matter most to both of our economies, from manufacturing and agri-food to life sciences.
“The recent EU-UK Common Understanding offers welcome progress, particularly through an improved Sanitary and Phytosanitary/Veterinary Agreement and linking our Emissions Trading Schemes. These are tangible steps towards rebuilding trust and unlocking long-term growth.
“Firms on both sides of the border are clear: clarity, collaboration, and consistency are essential. Here in Dundalk, we have an opportunity to turn those principles into action, demonstrating how the all-island economy can be a blueprint for shared prosperity in uncertain times.”
Angela McGowan, Director, CBI Northern Ireland said: “Businesses are navigating major geopolitical changes in a tough economic environment, with implications for supply chains, labour markets and exports across all parts of the island of Ireland.
“Greater collaboration across the island offers a solid foundation to tackle these challenges together and make the most of new opportunities that arise – such are re-shoring supply chains and upskilling the island’s labour market.”
Ongoing engagement by CBI and Ibec with business across the island have identified the following key policy priorities for all-island firms:
- Protect and build on all-island trade and business success
- Invest in essential infrastructure and connectivity
- Build a low carbon reputation for the all-island economy
- Maximise the benefits of the all-island labour market
- Highlight the synergies for private sector investment in the all-island economy
- Prioritise long-term resilience of the all-island economy
