In today's fast changing global economy, it has become increasingly important to provide the right business conditions to ensure that Northern Ireland remains the best location for investment in Europe and maintains its position as a key bridgehead for foreign companies into other European markets.
Charged with spearheading this objective is Invest NI , which operates a network of international offices to market the Province to potential inward investors and help indigenous firms do business abroad. The agency's trade division helps businesses to create or expand commercial relationships overseas, while the inward investment side focuses on attracting foreign firms to set up in Northern Ireland. There are a total of 13 overseas offices employing 40 people providing market assistance and access to influential contacts in the public and private sectors. The international offices are located in North America, Europe, the Middle East and the Far East; and there are also three technology development centres located in Boston, Denver and Dubai to help companies grow in global markets.
A recent report showed Belfast to be the second-highest ranking UK city
(London being first) for attracting Foreign Direct Investment (FDI) with a particular focus on the ICT and financial services sectors.
The total amount of assistance offered by Invest NI in support of inward investment projects during the five years between 2002/03 and 2006/07 was £215.m.
The 164 projects, which planned to invest almost £1.1bn within the Northern Ireland economy and create over 13,200 new jobs, included major investments by names such as Citi, CocaCola, Tech Mahindra and Controlled Electronic Management Systems Ltd.
"The overseas offices are absolutely vital to helping the Northern Ireland economy grow,'' says Jeremy Fitch, Invest Northern Ireland's Managing Director Business International.
"On the one hand you look at the Northern Ireland economy and say SME's are vitally important - which they are. But international investment is also extremely important and that is where you have to have a balance
in Invest NI about supporting indigenous business.
"Around 55 per cent of our budget goes towards supporting indigenous companies but international investment is also of huge benefit to the local economy.
"It introduces more exports, new skills, new technologies, new management techniques and practices, new markets and can bring higher quality jobs.''
However, there has been concern that because of the global economic downturn, investment opportunities may be limited in the short to medium term.
Jeremy Fitch agrees that FDI projects may be impacted but he believes Northern Ireland can still capitalise on opportunities which arise.
"If you look at financial services and think of the short term - things will be difficult and there will be a slowdown in terms of FDI - companies are taking a breath.
"At the same time it is not all doom and gloom in financial services because those companies are looking to save costs and that is where we can offer opportunities. Rather than working out of London or Frankfurt,
companies are looking for a nearshore culturally compatible cost competitive solution - that is our niche area and that is where we
can offer a cost saving to them.''