Withdrawal of investor’s interest in Coleraine “profoundly disappointing”

EAST Derry MLA Claire Sugden has expressed “profound disappointment” that a potential client has withdrawn their interest in investing at Coleraine’s now-defunct unique enterprise zone.

Just weeks before the Atlantic Link Enterprise Zone on the Portstewart Road lost its unique status as Northern Ireland’s only such zone, a potential investor was found. This was after eight years of the zone having only one client and just before news broke that the whole of NI would now become an “Enhanced Investment Zone”.

“The timing of this is particularly tough to take and bad news for the area in general,” Ms Sugden said. “For years this was the province’s only such enterprise zone, offering tax breaks and other incentives for companies looking to set up shop here.

“While the scale and nature of the potential client was not made public, it could itself have drawn further interest and investment to the zone and to the area more generally.

“Following the deal to get Stormont up and running again, the unique status of the zone was, however, lost, with the entire province instead becoming an Enhanced Investment Zone.

“While this is great news for the whole of Northern Ireland – and Coleraine will individually benefit from the £20m regeneration funding from central government over the next 10 years – it is a shame that we were not able to take better advantage of our unique opportunity while we had it. Much more should have been achieved in that time.”

Following an Assembly question from Ms Sugden to the Minister for the Economy Conor Murphy, Mr Murphy confirmed that the prospective client had withdrawn its interest and that work was now going into develop proposals for the new Enhanced Investment Zone.

“I really hope this area can instead go on to benefit from the province-wide approach that is now being worked out,” Ms Sugden continued.

“The north coast and East Londonderry more generally remains an attractive place to live, work and visit.

“We must now do all we can to sell ourselves to potential investors and to support the numerous home-grown enterprises we already have and all the local people who have business ambitions of their own.”