Minutes:
The Chairperson welcomed Mr. Steve Harper, Executive Director for International Business at Invest NI, to the meeting.
Mr. Harper explained that the International Division in Invest NI involved both attracting inward investment, from Foreign Direct Investment (FDI), and promoting outward trade from Northern Ireland to the rest of the world. He outlined Invest NI’s International Strategy for 2017-2021 and explained that their three key focuses internationally were supporting businesses which were exporting for the first time, assisting existing businesses in scaling up their export intensity, and working with businesses to ensure that they would stand out in international markets.
He provided the Committee with an overview of the aims of the Strategy, such as supporting and encouraging 30,000 to 40,000 additional jobs, and increasing business expenditure on Research and Development by £160million to £200million, and how they aligned with the NI Executive’s Programme for Government.
The Committee was provided with the Invest NI companies’ sales by sector for the Belfast City Council area, which illustrated that the top three sectors were Advanced Engineering and Manufacturing (28.7%), Agri-food (21.5%) and Financial, Professional and Business Services (21.2%).
Mr. Harper stressed to the Members that a challenge for Invest NI, and the NI economy as a whole, was encouraging more companies to export their product, as 71% of NI exports were carried out by 50 companies. He explained that 30% of its customers were selling to only one market, and that Invest NI’s contacts in overseas markets were vital in that regard. He reminded the Committee that Invest NI was continuing to promote a £1billion portfolio of NI Regeneration Investment Projects to investors, with the pitch book having been launched at MIPIM UK in October 2017.
The Committee was advised that Invest NI was due to open a Trade, Investment and Innovation Hub in Dublin, London and Brussels in April 2019. He explained that the Hubs would be used to present the benefits of investing in NI to potential investors. He presented the Committee with an extensive list of the various international businesses which had made significant investments in Belfast, in sectors such as manufacturing, legal services, business services, financial services technology development, new software development and cybersecurity development.
The Members were advised that Invest NI was refocusing on its NI diaspora engagement, both through NI Connections and by increasing its relationship with the Department for International Trade (DIT), to ensure that Northern Ireland had access to investment opportunities in the UK, as well as educating potential investors on the benefits of Northern Ireland. Mr. Harper stated that, post-Brexit, Northern Ireland would be in a unique position given its proximity to both the UK and European markets.
In response to a number of questions from the Members, Mr. Harper undertook to circulate information on the number of jobs which had been created over the past ten years in the north, south, east and west of the city.
A Member stated that it was disappointing that a site in west Belfast had been converted into allotments instead of attracting investment, and creating jobs, in the area.
Mr. Harper outlined that Invest NI sought to attract investment to the city as a whole and that, in general, large multi-national companies wanted offices in the city centre.
In response to a Member’s question regarding international students who studied in Belfast, and the fact that many cannot work here after graduating due to UK immigration rules, Mr. Harper explained that Invest NI were continuing to lobby the DIT regarding the two year extension rule. He added that Invest NI now had a full-time employee in the United Arab Emirates promoting our tertiary education sector to potential students.
In relation to the organisation’s preparations for Brexit, he advised the Members that Invest NI had dedicated Brexit planning information on its website and that it was in the process of organising roadshows to help NI businesses mitigate the risks and maximise the opportunities of Brexit.
After further discussion, the Chairperson thanked Mr. Harper for his attendance and he retired from the meeting.