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2002 Appointed chief executive officer for Invest Northern Ireland 1983-2002 Ran JP Morgan’s business with global mining clients, the Canadian oil and gas industry and certain US industrials from Wall Street, New York 1979-1983 Head of JP Morgan’s North Asia Financial Advisory Department, Tokyo |
What would your aspirations be for Northern Ireland over the next five years?
Our ambition is to see Northern Ireland become more prosperous through business success by gearing up our efficiency and product innovation in both manufacturing and services. This entails broader and deeper participation in international markets through exports, inward and outward investment and far higher technology transfer.
Invest Northern Ireland and its partners are working to create a flexible and value-added economy, to change perceptions towards entrepreneurial activity and to promote innovation and capability development.
Should Northern Ireland have capitalised more on the Celtic Tiger boom of the Republic of Ireland?
The Republic of Ireland has been terrifically successful in embracing the free enterprise system. Trade between Northern Ireland and the Republic of Ireland has doubled in the last 10 years and we are continuing to develop cross border links to capitalise on R&D investment across the island.
Do you think that Belfast is capable of becoming a leading European city, and has the absence of the assembly had any effect on Invest Northern Ireland’s role and profile in the international community?
Belfast is increasingly being recognised as a vibrant city which is highly attractive to inward investors. Foreign Direct Investment magazine recently named the city Best UK City of the Future, and benchmarking studies confirm that it has a very competitive foreign direct investment offer in the wider European context.
There is little evidence to suggest that inward investment flows have been materially influenced by the absence of the assembly. Flows are now driven by the global economic cycle and by our competitive proposition. Certainly, the cessation of hostilities a decade ago has been very important.
What target of attracting businesses should/ has Invest Northern Ireland set itself over the next 5-10 years, and which kind will they be?
Experience has taught us that it’s impossible to predict the exact nature of future business needs in today’s changing world. Invest NI is committed to attracting foreign direct investment which will broaden the economic base and stimulate the development of technologies and skills in new sectors. The focus of our sales and marketing activities remains the software, contact centres and shared services industries, and the electronics, telecommunications, health and biotechnology sectors.
Is there any way Invest NI could improve relations with the agents?
Invest NI has built effective relationships with local and national agents and developers and can offer companies a confidential conduit to possible property solutions. However many potential investors carry out their own market research. Invest NI is proposing to invite important stakeholders in the region’s property market to a series of business breakfasts. This will give agents, developers and others the opportunity to discuss their concerns. The bottom line with many companies is confidentiality.
Do you think Invest Northern Ireland will do more to attract industrial businesses, given the worry from agents that the industrial market has all but died?
More manufacturing investment is locating in or relocating to low-wage economies in eastern Europe and Asia Pacific. Like other parts of the UK, Northern Ireland is facing increased difficulties in attracting manufacturing businesses. However, while there is a greater focus on new investment from the service industry, we have very successful value-added manufacturing companies that are among the most efficient in their parents’ global network. Major expansions of existing overseas-owned plants have occurred in recent years.
Are there always enough buildings/right quality of buildings available for potential tenants to move into. Should Invest NI have influence over rents of the buildings, or are you happy with them?
Ensuring that there is sufficient grade “A” office accommodation in the right locations in Belfast, Londonderry and other key locations is a continuous challenge for promoters of economic development such as Invest NI, and we are working with developers across Northern Ireland to address this. Rentals and the specifications offered are largely determined by the market and it would be inappropriate for Invest NI to intervene directly. Headline rents in Northern Ireland remain very competitive.
