Ministers warned not to waste US opportunities

Friday, May 09, 2008

By Jonathan McCambridge

As he prepares to walk off into the history books, the outgoing First Minister urged his successors not to waste the opportunities which the US:NI investment conference and the presence of 120 top American business executives in the province have created.

The message that Northern Ireland is open for business was hammered home by Prime Minister Gordon Brown and Taoiseach Brian Cowen at a gala dinner in Hillsborough.

The Prime Minister announced that Northern Ireland's power-sharing ministers are to have an extra £1bn to spend on key projects and declared the conference a major success.

He said: "British-Irish relationships have never been stronger.

"When we have Britain, Ireland and America working together, nothing can stop us."

The conference, which has included a series of investment announcements, was winding up today with US executives exploring what opportunities exist for them in the province.

But Mr Paisley, who declared his belief that Northern Ireland has forever left violence behind, has stressed that it is important that the Executive now focuses on the delivery of what has been started over the past two days.

He said: "We must maintain an effective, stable, locally accountable government with a strong foundation, driving forward a clear plan to secure economic prosperity. It is this that the people of Northern Ireland want to see most. So we must now focus on the business of delivery if we are not to fail them. So that is why action and delivery will be the key words for the Executive in the coming months. This is the challenge before us.

"While I fully recognise that this challenge will be for others to take forward in a few weeks time, I am confident that, under new management, the Executive's renewed focus on delivery will enable Northern Ireland to continue to move forward as it has done it the past year."

Economist John Simpson, writing in today's Belfast Telegraph, has also sounded a note of caution and said the long term success of the investment event still has to be decided.

"The conference was not a place where new formal investment agreements were negotiated and signed. Any deals done were those that had been negotiated well in advance....the success of the conference lies in winning more new investments in the months ahead."

He added: "Was there too much reliance on peace and stability (which itself is not a unique selling point) and not enough on business viability?"

After two days of intense lobbying there was a more relaxed feel at the conclusion of the investment conference today as remaining delegates toured potential sites and enjoyed a round of golf.

Among those touring potential investment sites were New York City Comptroller William Thompson who announced last month 150 million US dollars in pension funds will be ploughed into infrastructural projects in Northern Ireland and the Republic through the specially created Emerald Fund.

Mr Thompson is due to visit the site of the former Crumlin Road Jail and adjoining Girdwood Barracks in north Belfast which has been earmarked for a major regeneration project. He will also meet Sinn Fein president Gerry Adams during a visit to west Belfast.

Some of the major announcements

• CyberSource, which handles billions of pounds-worth of internet payments, announced it will recruit 56 software development graduates for a new research and development centre in Belfast.
  
• Bloomberg, the US-based global business and financial news provider, said it was establishing a bureau in Belfast, reporting on the recovery of the Northern Ireland economy after decades of violence.
  
• Canadian aerospace giant Bombardier declared that it is investing £ 70 million in its Belfast plant where it will build a large part of a new 100-seat regional jet.
  
• New York Stock Exchange Euronext announced it was expanding the local financial software company Wombat, which it bought for £100 million in March. NYSE chief executive Duncan Niederauer said it would be increasing the workforce from 100 to 175 through a £3 million investment. The jobs would be in place by 2010.
  
• Independent News and Media, which owns the Belfast Telegraph, unveiled plans for a £7m investment in its print centre in Newry.