The ability of Northern Ireland’s small and medium-sized enterprises (SMEs) to out-think the global competition will determine the success of our local economy over the next 10 years.

That’s according to Henry Elvin, Ulster Bank’s head of business banking, who said that many of Northern Ireland’s larger corporate businesses are already competing strongly in global markets and that SMEs must be ambitious and enterprising to follow suit.

Mr Elvin was speaking today ahead of the next instalment in his bank’s programme of ‘growth seminars’ on Wednesday.

“The Northern Ireland economy enjoyed a period of prolonged economic growth which was driven to a large extent by government spending and the property boom. The property boom is now over and there is a slowdown in government spending, so something else needs to drive our economy forward,” he said.

“Larger export-oriented businesses will continue to be highly important in this regard and any foreign direct investment will be very welcome. However, it is the potential of our SMEs and their ability to exploit that potential which offers to be the major economic driver over the next 10 years and beyond.”

Mr Elvin highlighted the likes of Randox, Brett Martin, Lagan Technologies, APT and FG Wilson as local businesses which have achieved global success.

“SMEs need to discover the kind of innovation and enterprise that have driven those names and others to global success,” he added.

“Economic conditions are extremely challenging, but that doesn’t mean SMEs should be sitting on their hands waiting for the economy to turn around. They should be doing everything they can now to take advantage of the opportunities and positioning themselves as strongly as possible to capitalise fully when things do turn around. I am confident that they can and will do so. For our part, we are committed to providing the SME sector with our full expertise and support and to working in partnership with dynamic firms to help them achieve their potential.”