The Top 100 is a celebration of the tremendous economic growth we have seen in Northern Ireland since the Good Friday Agreement almost three decades ago. The transformation of Northern Ireland since then shows how political stability is not only good for its people but good for business too.
This summer marks one year since I took office as Secretary of State for Northern Ireland. In that time I have had the privilege of meeting some great entrepreneurs and business leaders across the length and breadth of Northern Ireland.
It would have been difficult to imagine 30 years ago that we’d have such vibrant businesses in aerospace, life sciences, manufacturing, and film and television as we do here today. Yet these sectors are at the cornerstone of Northern Ireland’s economy and I have greatly enjoyed seeing first hand how businesses are successfully attracting inward investment, innovating and experiencing significant economic growth.
To move from a place struggling against terrorism and instability to being a region whose economy grew faster than the UK as a whole last year, shows what can be achieved with political stability, co-operation and a strong economy.
The Northern Ireland Executive is now working constructively together and I believe the conditions are in place for the Executive to make the most of the opportunities that beckon for Northern Ireland.
With a record settlement of £19.3 billion for the next three years from the UK Government, there is no longer a financial cliff edge limiting strategic investment and planning.
This funding, the largest in the history of devolution, reflects the Government’s commitment to delivery in Northern Ireland, as well as unlocking and realising the potential of its people, places and products.
In support of Northern Ireland’s growing economy, the Prime Minister announced a £1.6 billion deal in March which will see Thales in Belfast manufacture more than 5,000 lightweight-multirole missiles for Ukraine’s defence, creating 200 new jobs and supporting 700 highly skilled existing jobs at Thales in Belfast.
There will also be additional funding for Northern Ireland based cutting-edge research, skills and innovation including £2 million funding for Queen’s University Belfast’s Cyber AI Hub. Our local aerospace industries will also benefit, securing jobs for over 5000 people. And there will be £310 million over four years for City and Growth Deals to support economic growth and regional development in Belfast, Derry & Strabane, Causeway Coast & Glens and Mid South West regions.
Whilst global uncertainty means we must find a way through turbulent economic times, our Plan for Change will help economic growth to further strengthen the UK – and Northern Ireland’s – place in the world.
We have now published our Industrial Strategy which sets out a new relationship between business and government, so that the UK can be a more dynamic market, with business freed up to focus on what it does best – creating wealth.
Published alongside this, our Trade Strategy marks a reset in our approach to international trade. This strategy is designed to stimulate economic growth, through delivery of targeted business benefits. And building on the recent trade agreements with the US and India, we want to help Northern Ireland businesses reach new markets, attract international investment, and drive sustainable economic growth.
These deals will be on top of the advantageous trading arrangements which already exist through the Windsor Framework. And once finalised, the new SPS Agreement with the EU will also facilitate the smooth flow of agri-food and plants from Great Britain to Northern Ireland, protecting the UK’s internal market, reducing costs for businesses and improving consumer choice.
Northern Ireland’s prosperity is tied to its relationship with the rest of the UK and, as I look down this list of the Top 100, I am even more confident that Northern Ireland’s economy will continue to flourish as a thriving and growing part of the UK for many years to come.
