Collaboration the key to stimulating NW economy: Derry debate hears
Greater collaboration between government and business, a concentrated focus on supporting local SMEs and more strategic investment in infrastructure were all identified as key drivers to the future of the North West economy during a lively debate in Derry.
The debate, the third in a series of Danske Advantage events hosted by Danske Bank, was held in partnership with the city’s Chamber of Commerce and saw around 100 business leaders gather at the Great Hall in Ulster University’s Magee campus.
Speakers and panel members at the debate included Finance Minister Arlene Foster, Environment Minister Mark H. Durkan, John Kelpie, chief executive of Derry City and Strabane District Council, Professor Paddy Nixon, Vice Chancellor of Ulster University and John McGrillen, CEO of Tourism NI.
The wide ranging debate highlighted a number of well-known challenges facing the North West, including the need to increase employment, attract more foreign direct investment and improve connectivity to the rest of Northern Ireland. But it also highlighted the potential to create a thriving tech sector based around the North West Science Park and the opportunity that exists for the new Derry & Strabane Council to accelerate economic development in the region.
Gerry Kindlon, president of the Chamber said was “missing” from the public debate in Northern Ireland was a consideration of how a long-term strategy of investment, local enterprise development and entrepreneurial public policy could collectively transform the North West economy.
He added: “What we got yesterday was the sort of full and frank engagement that needs to be taking place on an ongoing basis if we are to overcome the issues affecting progress.”
Finance Minister Arlene Foster said the Executive remained focussed on delivering its economic strategy and it was crucial the partnership work underway with Invest NI, the Chamber and other stakeholders continued in order to develop its Integrated Economic Strategy.
She added: “This joined-up approach will contribute to the development of the regional economy and our overall objective to rebuild and rebalance the Northern Ireland economy.
“Invest Northern Ireland’s record in the North West shows it has delivered local results with over 650 jobs promoted, over 800 new jobs created and a 60 per cent increase in investment to the sum of £64m in 2014/15.
“The North West Regional Science Park also plays a very important role in developing the local economy. It demonstrates the strong footprint of the Knowledge Economy in the North West region as well as the Science Park at Fort George which will continue to provide an important hub to promote and stimulate innovation activity in the local area. We look to grow a private sector focussed on high value added sectors generating economic wealth and prosperity for all.”
Danske Bank has invested £2m refurbishing its Shipquay Place branch and Finance Centre and said it has seen a 30 per cent year on year increase in lending to local businesses in the North West through the Finance Centre.
Redmond McFadden, head of the bank’s Finance Centre in the city, said the purpose of the event was to provide a platform for the North West business community to discuss with key decision makers the challenges they faced and the opportunities that existed for growth.”
He added: “There is a lot of media attention on large FDI announcements and of course we certainly want Foreign Direct Investment in the North West but we must also not lose sight of the importance of supporting and developing our SMEs.
“At Danske we see good potential for growth in the North West in the manufacturing, healthcare, tourism, energy and digital sectors. The increase in lending through Danske Bank’s Finance Centre in the city is also testament to this recovery.”
Photo shows (from left) Angela McGowan, chief economist at Danske Bank; Gerry Kindlon, president of the Derry Chamber of Commerce; Redmond McFadden, head of Danske’s North West Finance Centre; Finance Minister Arlene Foster; John Kelpie, CEO of Derry City & Strabane District Council; Jim Fitzpatrick, event host; Environment Minister Mark H. Durkan; John McGrillen, CEO of Tourism NI; Richard Caldwell, head of Danske Bank’s Finance Centres and Professor Paddy Nixon, Vice Chancellor of Ulster University.