The restoration of the Northern Ireland Executive is essential for the success of the local economy.
That was the message from Belfast Chamber at its annual lunch where the business body said the province needs strong political leadership to grow exports to the rest of the world and to woo inward investment.
The organisation’s president Alana Coyle said potential investors are being put off by the lack of an Executive at Stormont at a time when Northern Ireland has the chance to shine, given the visit of US President Joe Biden and in light of its unique trading position in the wake of Brexit.
“Investors see the opportunity, but they watch and, indeed, likely scratch their heads when they hear that one important ingredient is missing – a government making decisions and generating the sort of stability that is a basic building block of any investible city or region,” she said. “As we sit on the cusp of the 25th anniversary of the Belfast Good Friday Agreement, we know all too well from real life experience that peace and political stability are essential for our economic success.
“Prior to 1998, a US foreign direct investor was as rare in Belfast as a cruise ship or an open top sightseeing bus.”
She said a reformed Executive won’t be an answer to all the region’s challenges, but it will be a catalyst to prosperity.
“It would be wrong to paint an apocalyptic picture that without the return of government all of those investors will up sticks or tourists will never again visit our city. But let us be real. How do we easily explain the ongoing, indefinite absence of an administration to a potential investor without it damaging our sales pitch?
“Belfast Chamber has supported the efforts to find solutions on the Northern Ireland Protocol that represent a durable outcome that both protects consumers and gives businesses the certainty they need. But we were always realistic enough to appreciate that because Brexit wasn’t a perfect situation, finding a perfect solution to its complex challenges was always unlikely.”
The event was sponsored by law firm Evershed Sutherland.
