Business must prepare for investment

Businesses in the North West must prepare now and develop skillsets to capitalise on the opportunities that will arise from the fiscal commitments given by the UK Government and the Northern Ireland Executive to generate economic growth and create employment, according to Clodgah Hegarty Chair of ACCA Ireland.
By Claire Cartmill
Published 4th Mar 2020, 12:58 BST
Clodagh Hegarty, ACCA Ireland Chair, pictured with Mark Redmond, American Chamber of Commerce at ACCA Chair’s Annual lunchClodagh Hegarty, ACCA Ireland Chair, pictured with Mark Redmond, American Chamber of Commerce at ACCA Chair’s Annual lunch
Clodagh Hegarty, ACCA Ireland Chair, pictured with Mark Redmond, American Chamber of Commerce at ACCA Chair’s Annual lunch

The Ulster University Business School (Magee) lecturer who has been a strong advocate for government investment in Londonderry, stating that it is the most Brexit exposed City in the UK, has said that there is renewed optimism and expectation amongst skilled graduates about opportunities in the region.

While the exact timing of the drawing down of the UK Government’s £105m Derry/Strabane City deal package and further financial commitments by the Northern Ireland Executive are yet to be determined, Clodagh Hegarty has said that businesses in the city will have the opportunity to compete and capitalise on opportunities at a national and international level.

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Commenting at the ACCA Chair’s event in Londonderry, Clodagh Hegarty said: “For the first time in a generation we will see targeted and focused investment in both the economy of the North West and the skillset that can transform its economic prosperity. With the City deal, Inclusive Future Fund, commitments by the Northern Ireland Executive and investment within Ulster University Magee campus’ centres of innovation and excellence, we have a great environment to create, innovate, disrupt business markets and build a thriving economic hub that supports civic prosperity.

“Workplaces are changing, particularly in areas such as machine learning and AI and in addition to the vibrancy that a medical school will bring, new graduates in areas such as data analytics, robotics and automation will enable our economy to compete with regions throughout Ireland and the UK.

“I’m confident that many more of those skilled graduates will now stay in the North West and set the foundations for the future of the region’s economy but to ensure we maximise on this opportunity we must support the supply chain network of micro businesses that will help innovation and entrepreneurship thrive. It is for this reason that I’m calling on business bodies, third level institutions and professional organisations to work collaboratively with local companies to prepare for them for those opportunities ahead.”

Related topics:Northern Ireland ExecutiveNorth WestUK Government