Agenda item

            The Committee considered the undernoted report:

“1.0  Purpose of Report

1.1    To evaluate the outcome of Belfast’s delegation to the MIPIM international property exhibition (held in Cannes between 14-17 March); along with recommendations for next steps.

2.0    Outcomes and Recommendations

2.1   Three key outcomes were achieved from our attendance at MIPIM:

·        the strong Belfast PLC proposition has put the city back on the investment map;

·        the coherence of the Belfast partnership has been strengthened and;

·        at least 15 follow up visits to the city by significant investors are now in the pipeline.

2.2    Council has stated its ambition to attract £1 billion of investment into the city. To sustain momentum the Committee is asked to consider the following recommendations:

·        Agree in principle that Council should plan an appropriate presence at MIPIM for the next three years, with a further report brought to Committee in due course.

·        Approve expenditure of £60,000 from the City Centre budget in line with 2015/16 so Council can re-book the same site for MIPIM 2017 and commence related preparations.

·        Authorise officers to commence a fund raising initiative with the private sector, with the aim of meeting or exceeding match funding for MIPIM 2017.

3.0    Main Report

3.1   A total of 53 people attended MIPIM as part of the Belfast delegation with 23 sponsors making financial contributions that more than tripled the initial £60k budget. Our objective was to showcase Belfast from three core perspectives of ‘Talent; Tax and Technology’; including clear reference to the opportunities presented by the changes to Corporation Tax coming to NI in 2018.

3.2    Feedback from external investors and delegates was extremely positive. 91% of delegates ‘strongly agreed’ that MIPIM helped them to develop new relationships, and build on existing ones; whilst 100% of delegates agreed or strongly agreed that the media and PR around MIPIM provided a robust profile for the City. Feedback on the events programme and quality of the hospitality/networking opportunities was also strong.

3.3    From the outset Belfast was determined to have an energised presence, and our stand was brought to life through 22 separate events. This included presentations from Council and private sector sponsors to provide an in depth analysis and understanding of the ‘Belfast Offer’. In addition delegates held 121 separate meetings with a range of external contacts.

3.4    The events included five investment sessions. These lunches/dinners were sponsored by our partners and themed around opportunities in creative & digital, education and property sectors. Advance invites were sent to specific investment organisations, and positive interest was generated, in particular Belfast’s strengths in film, media and production.

3.5    One of the Council’s specific objectives at MIPIM 2016 was to introduce the City Centre Strategy to financial institutions who invest in UK regional cities, but have not invested in Belfast to date. This was extremely successful: 15 expressions of interest were made and visits from three organisations have now taken place with a further three scheduled. The visits will focus on investment opportunities around Grade A offices, retail and residential; as well as larger regeneration schemes such as the Cultural Hub.

3.6    Another key objective of MIPIM was to share experience of regeneration and investment with other cities, particularly in the UK but also further afield. BCC officers had significant contact with key officers from other cities and regions, which provided a rich exchange of information. The Chief Executive also spoke at a showcase ‘waterfront cities’ event alongside senior colleagues from Rotterdam, Liverpool, and Oslo.

3.7    Wider dissemination of the Belfast message was extremely effective. Activity was supported by a specially developed Belfast App, which highlighted key events and contact information. This was supplemented by 29 press articles, including in-depth coverage from specialist publications such as the Financial Times, Estates Gazette, and Property Week. There were five broadcast interviews profiling Belfast’s attendance at the event, and a successful twitter campaign that attracted 400 followers and made 275k impressions.

3.8    Delegates also made several suggestions to enhance our future presence:

·        Feedback on the location, hospitality, and networking opportunities afforded by the Belfast stand was very positive, but a number of delegates felt that the stand itself should be bigger. Whilst our main focus is on the quality of events rather than the size of the stand, it was accepted that the area did become quite congested at times.

·        One of the success factors at MIPIM was the significant effort put into pre-event preparations; including development of new marketing material and targeted dialogue with potential investors. However, some delegates suggested that this work  should commence at an earlier point. Subject to Committee approval, officers would be keen to commence preparations for MIPIM 2017 with immediate effect.

3.9    Finally officers from across the Council will be working to generate further investment interest, and to translate that interest into viable projects. This includes:

·        Developing a narrative for scheduled visits, and working with public and private sector partners to help host them.

·        Preparing a portfolio of investment opportunities in the city.

·        Integrating city centre investment activity with our existing international marketing strategy.

·        Continuing to develop shared investment messaging for the city, alongside strategic partners in both the public and private sector.

         Financel & Resource Implications

         Finance: Members are asked to note that Belfast has an option to secure the same location for its stand in 2017, as long as firm booking is made by 27 May 2016. This is an outdoor location on the Croisette, and the majority of delegates felt it helped Belfast stand out from the crowd. It is therefore recommended that £60,000 is allocated from the city centre budget to secure this, and to commence work for MIPIM 2017, on the understanding that private sector contributions will match or exceed this contribution.

         Resources: The city centre team and corporate communications will progress the agenda for MIPIM 2017. However, members are asked to note that significant external resource is also required: including design and construction of the stand; PR & marketing; and the cost of preparatory events. Subject to approval from Members, these will be funded through the public-private budget outlined above.”

            During discussion, a number of Members welcomed the report and the positive feedback which had been received from external investors and delegates regarding Belfast’s attendance at the MIPIM property investment conference, 2016.

            A Member referenced a recommendation which had been published in 2008 by the Organisation for Economic Co-operation and Development (OECD), which stated that, post local government reform, Belfast should have its own investment strategy and governance arrangements and stressed that an integrated approach for the city, including private sector support, was integral. 

            After discussion, the Committee:

1.     agreed in principle that the Council should plan an appropriate presence at MIPIM for the next three years, with a further report submitted to the Committee in due course;

2.     approved expenditure of £60,000 from the City Centre budget in line with 2015/16 so that the Council could re-book the same site for MIPIM 2017 and commence related preparations;

3.     authorised officers to commence a fund raising initiative with the private sector, with the aim of meeting or exceeding match funding for MIPIM 2017; and

4.     agreed that a report would be submitted to a future meeting on the arrangements for developing a strategy and governance arrangements for future investment in the city.