There are clear challenges for Northern Ireland on all three fronts not just now but in the years ahead as well, however I continue to believe that we are best served to meet those challenges within the United Kingdom.
World Bank Data for 2019 measures the United Kingdoms GDP at $2.83 trillion and the 5th largest in the world, there are clear advantages of being part of this truly global and word leading economy. Northern Ireland has proven in the past and continues to do so that it can be at the heart of the economic growth and development of our nation. Whether through our historically world class manufacturing sector which continues to export all over the globe or our more recent emergence in the service sector, Northern Ireland has always been at the forefront of the United Kingdom’s continued and strong economic performance. The challenge into the future is not only to maintain this but to enhance it and take advantage of the truly global presence being part of the world’s 5th largest economy provides.
A key part of this challenge in the next 100 years is moving from a position of economic dependency on the block grant to one of self-sufficiency based around growing our manufacturing sector and exports, long term growth in international tourism and continuing to enhance our infrastructure not only in Northern Ireland, on the island of Ireland but also crucially with the rest of the United Kingdom as well. To achieve economic self-sufficiency will be a challenge but one that I believe we are more than capable of meeting.
I believe our focus should be a significant increase in exports from their current levels with a greater focus required on the large and somewhat untapped global market.
Currently, 71% of our exports are with GB and ROI, with GB accounting for 51% and ROI 20%. Clearly that leaves a remaining balance of c. 30% with the rest of the world. We must therefore take advantage of our position within the United Kingdom to utilise all avenues through newly negotiated trade deals to extend our exporting base.
The Ulster Unionist Party has previously called for the creation of a NI Strategy Board that brings cohesive oversight to our entire economic performance. This is more crucial now more than ever as we emerge from COVID-19 and trying to mitigate the effects that has had right throughout our economy. This board should focus on delivering advice to government, reporting directly to the NI Executive and publishing annual reports monitoring economic performance against the following objectives withing the next 5 years, these being achieving annual 2% or above growth in GDP, 20% of our economy coming from manufacturing and £20bn worth of exports. Underpinning this should be the long-awaited manufacturing strategy that we have called for as well as the need to address skill shortages and develop a proper energy strategy, so we call all grow together.
Tourism and its continued growth should be another key area of focus for our continued economic development in the years ahead. To do that we must do more to attract international travel and work closely with Tourism Ireland to ensure fairness in that regard as well as leveraging the great links we have with the lucrative GB tourist market also. Our proximity to London should be leveraged to its maximum potential and to achieve that we must continue to lobby for a more level playing field for our airports in terms of air passenger duty. This penalty applied for travel clearly is disadvantageous to Northern Ireland as there is no option for direct rail links with major GB cities. We should also continue to lobby for infrastructure upgrades in Southwest Scotland with both the A75 and A77 of critical importance. The fanciful notion of bridges should not be ruled out but there are practical ways that infrastructure can be improved to enhance connectivity throughout the UK. This alongside domestic projects such as the York Street Interchange provide real improvements for our citizens as well as continued economic growth.
We must create an environment in Northern Ireland that rewards ingenuity, entrepreneurship and innovation. The skill set is there and is being used by some of the world’s largest companies with major employers in both the technology and financial services sectors using Belfast as a base whilst leveraging the fact we are an integral part of the United Kingdom. Technology companies alone raised over £45m in financing in 2020 in Northern Ireland and paid a salary of roughly £10,000 higher than the average Northern Ireland wage. We have also seen Belfast named as one of the Top 10 Tech cities of the future by fDi Intelligence and it is the first European city to have 100% broadband coverage. Sectors like this provide real potential for the future with our access to the wider UK market critical in terms of raising finance, giving workers greater exposure and opportunities.
Our place within the United Kingdom is critical for our future success, we must build on the advances we have seen and strive for better in our economic performance. Better is possible if we stretch ourselves, challenge traditional thinking and listen to those within our manufacturing and services sectors in order to fully maximise our potential. That potential within a global, dynamic and world leading economy can be whatever we want to be if we are willing to dream big and challenge ourselves.
Back to: Institute of Irish Studies