Loss of 300 jobs in potential US investment could be 'the tip of the Sinn Fein economic iceberg' - DUP MLA
Claims that a major US firm scrapped plans to create 300 jobs in Northern Ireland over concerns about the economy minister’s stance on issues such as Gaza could be “only the tip of the Sinn Fein economic iceberg”, a DUP MLA has said.
Caoimhe Archibald wouldn’t be drawn on whether Cantor Fitzgerald pulled a planned investment in the province during a meeting last year due to the views of her party, when questioned on the matter by Jonathan Buckley this week.
Her top civil servant told MLAs that the multinational firm had “unexpectedly” told the minister that it had shelved the idea during a “quite short” meeting in the United States last March.
The Sinn Fein minister said the company’s decision was “absolutely a matter for them” – and that parties should express political positions “as they feel”.
Ms Archibald’s top official Ian Snowden said he didn’t have the detail on why the investment fell through, but told MLAs that a senior leader of the company was a member of President Trump’s cabinet, and overseas investments may not have aligned with US government policy at that point.
Earlier this year, Sinn Fein faced questions about its attitude to US investment after the first minister and economy minister missed a meeting with Bank of America, which had pledged 1000 jobs for Northern Ireland.
Now, Mr Buckley has accused the minister of “evasion” over the Cantor Fitzgerald jobs – and asked whether other investment has been lost because of the minister’s “public commentary”.
The DUP MLA told the News Letter it has been a “major inward investment setback for Northern Ireland”.
“At the Economy Committee, I asked the Sinn Féin Economy Minister to explain why this major US financial services firm withdrew its investment so unexpectedly and at the last minute. I am totally unsatisfied by the minister’s refusal to provide a clear answer. Evasion is not good enough when hundreds of high value jobs are at stake.
“This raises a very serious question. Are these jobs only the tip of the Sinn Fein economic iceberg? How many other potential inward investment opportunities have been lost and are they related to the Economy Minister’s public commentary or Sinn Fein’s ideological and foreign policy stances?
“Investors require confidence, stability and reassurance that Northern Ireland is open for business. Sinn Fein’s hard-left ideology should not interfere with the economic leadership of Northern Ireland and it certainly should not deny people here from valuable job opportunities. Their stance risks real and lasting damage to our international reputation”, Mr Buckley said.
“Three hundred jobs should not simply disappear without explanation. The Assembly, and the people of Northern Ireland, deserve full accountability”, the DUP MLA added.
The Department for the Economy has been approached for comment.
Asked by the News Letter if the views of the minister or her party were a factor in their decision to stop the investment – and whether it could have gone ahead despite US trade policy if it were not for Sinn Fein's views on issues such as Gaza – a spokesperson for Cantor Fitzgerald declined to comment.
The row follows controversy over an apparent reluctance by the economy minister to promote a jobs boost from Bank of America last year. Mr Snowden had faced questions from the economy committee chair Phillip Brett MLA about why the department had not promoted the investment on its website.
Mr Snowdon pointed to a UK government press release when the jobs were announced, in which the minister said her department looked forward “to engaging with Bank of America to successfully implement these investments”.
First Minister Michelle O’Neill and the economy minister skipped a meeting with the bank when its representatives visited Stormont, with only the DUP deputy first minister Emma Little Pengelly in attendance.
On Thursday, the DUP chair of the economy committee Phillip Brett welcomed confirmation that Bank of America has secured office space at Belfast’s City Quays development. He said an initial 100 roles were already being recruited, and that figure will grow to 1000.
The North Belfast MLA said: “The creation of high-value roles by one of the world’s largest banks is a strong endorsement of Northern Ireland’s talent base. Per capita, Northern Ireland is second only to Greater London in securing foreign direct investment.
“Crucially, financial services are not within the harmful remit of the Protocol and to date the Minister for the Economy has been unable to provide a single example of FDI secured as a result of the Protocol.
“While others continue to act as cheerleaders for arrangements that undermine Northern Ireland’s economic foundations, this party will always stand up for jobs, investment and our place in the United Kingdom”.