View: Investment Summit at the core of UK’s global ambition

Already, 100 global investors have confirmed they will attend the Summit to engage with innovative local businesses. The stage is set; promises are enticing – but what should we expect; what will a successful event look like?

In business, relationships are key. It’s seldom about a ‘quick deal’ between people who haven’t previously met. So I see this Summit as an opening engagement; an exciting ‘first date’ where local businesses and international investors show each other what they have to offer, and start the process of relationship-building.

It's worth noting that this Summit isn’t just a local initiative. The Prime Minister has doubled down on his ambition for Northern Ireland to become “the most exciting economic zone on the planet” - putting treasure, networks and personnel at our disposal to help showcase some of our most innovative businesses to some of the world’s most sophisticated investors. So let’s pause and consider just what’s on offer, and how we ought to respond.

Local politicians of all stripes repeatedly call on Westminster to spend and do more here. As our elected representatives, that’s their role; articulating our needs so government gives us a fair share of investment and opportunity.

But in this case, UKG got ahead of the curve and offered something of remarkable value – an exercise in ‘soft power’ that will see Cabinet Ministers sharing the government’s international network of embassies and trade advisors, and a raft of its other global relationships, in support of our local businesses so they can escalate and fast-track their own efforts. What a glorious opportunity!

Of course, it would be even better if our Executive were operational so they could play their part, but their regrettable absence must not divert Westminster’s efforts to support local businesses in continuing to boost growth.

Although business is still waiting for some of the details that will underpin the Windsor Framework and clarify exactly how “dual market access” will work, the UK and EU have committed jointly to make it work for Northern Ireland. We will hold them to that commitment so, as clarity emerges, our ambition should be to seize the initiative and help investors to see the value of our proposition, from which relationships will blossom.

FSB members have great expectations for the Investment Summit. Those in advanced manufacturing, software and technology, financial and professional services, and emerging health and life sciences, are excited because this first event is directly focused on their sectors; but others are similarly enthusiastic because of the international focus being brought to bear on Northern Ireland and recognition that ‘a rising economic tide lifts all boats’, to everyone’s benefit.

Looking beyond this Summit, FSB has advocated repeated investment events to showcase sectors such as screen; creative industries; agrifood; and hospitality & tourism, as well as attracting investors from defined geographic areas whose businesses could benefit from our dual market access and who could bring industry to Northern Ireland.

Excitingly, the route-map doesn’t yet exist; we are only limited by our imagination. The Business and Trade Secretary, the NI Secretary; the Levelling Up Secretary, and the US Economic Envoy to NI will all be here underscoring our offering; we simply must not squander this level of interest. Instead, we must make them welcome, build relationships, and keep them close so they continue to play a part in the ongoing success of Northern Ireland business as a force for good.

This Summit will let us foster relationships with investors and governments that should combine to make Northern Ireland an economic powerhouse like no other. There is also an appetite not to be content with a single event, but ambitious for an ongoing series of showcases that put Northern Ireland right at the heart of the UK’s international economic offering. Do that, and we will truly give effect to the Prime Minister’s ambition to make Northern Ireland ‘the most exciting economic zone on the planet’, simultaneously producing wealth that will let our local politicians deliver world class public services to benefit everyone.