Stability and an increased focus on its “unique” strengths can help Northern Ireland’s economy compete successfully on the global stage, with dual-market access having the potential to act as a magnet for Foreign Direct Investment.
That was the key message delivered by Secretary of State for Northern Ireland, Hilary Benn, at Belfast Chamber’s annual Economic Forum.
The event at W5 - supported by headline partner Deloitte alongside associate partners AIB and Tughans - brought together political leaders, business figures, and key stakeholders to discuss the challenges and opportunities shaping Northern Ireland’s economic future.
Opening the Economic Forum, Finance Minister John O’Dowd outlined his perspective on the region’s economic priorities, underlining the importance of Executive restoration and reaffirming the commitment to delivering the first Programme for Government in over a decade. He also acknowledged the significant financial pressures facing the 2025/26 Budget, and stressed that strategic investment will focus on priority areas including Health, Childcare, Housing, Skills, Violence Against Women and Girls, and Public Sector Transformation.
The event concluded with a keynote address and Q&A session with Secretary of State for Northern Ireland, Hilary Benn. During a conversation with renowned broadcaster Jim Fitzpatrick, the Secretary of State stressed that stability must remain the cornerstone of economic confidence, noting that Northern Ireland has an opportunity to focus on its unique strengths to drive the creation of high-value, high-productivity jobs.
The Secretary of State also highlighted the dual-market access advantage as a powerful magnet for foreign direct investment, and said that the UK-wide Industrial Strategy is designed to target the sectors in which Northern Ireland already excels and has the capacity to compete on a global stage.
Leading economists Kate English of Deloitte Ireland and Richard Ramsey of Queen’s University Belfast delivered expert macro and microeconomic analysis, while Michael Donnelly from the Strategic Investment Board also outlined how central government’s investment toolkit can help unlock and accelerate major projects.
Two expert-led panel discussions provided further insight into the critical themes of infrastructure investment, attracting inward investment, and the importance of public-private partnerships in delivering long-term prosperity.
Panellists included Chris Conway, Chief Executive of Translink; Sara Venning, Chief Executive of NI Water; Matthew Hall, Chief Executive of Belfast City Airport; Ronan McKeown, Future Networks Director at NIE Networks; David Cain, Head of Infrastructure, at AIB; David Jones, Head of Real Estate at Tughans; Carol McTaggart, CEO at Clanmil Housing Group; and John McDonald, Director at Graham Investment, with each sharing their experience on how collaboration and strategic investment can drive economic transformation.
Secretary of State for Northern Ireland, Hilary Benn, said:
“The restoration of the Executive last year, and the record funding settlement for Northern Ireland from the UK Government, have helped give businesses the certainty they need to flourish.
“What’s more, Northern Ireland’s unique dual market access offers a huge advantage for businesses right across Northern Ireland and those looking to invest here.
“With sustained political stability, significant investment from the UK Government and Northern Ireland’s great reputation for innovation and entrepreneurial spirit, the ingredients for success are in place.”
This year’s Belfast Chamber Economic Forum brought together over 150 representatives from across the city’s business community, public sector and academia. Discussions throughout the day focused on how to harness Northern Ireland’s strengths in infrastructure, innovation and investment to build a more resilient and competitive economy.
Finance Minister John O’Dowd said: “Since its restoration last February, the Executive has been focused on delivering real change that creates hope and brings about tangible improvements in our people’s day-to-day lives.
“Economic growth and better public services require meaningful investment. I have made it clear to the Westminster Government that as the cost-of-living crisis continues, it is crucial that they do not make tax and public spending decisions in the upcoming Autumn Budget which place an undue burden on workers, families, or local businesses.”
Speaking following the event, Clare Guinness, Chief Executive of Belfast Chamber, commented:
“Our Forum demonstrated the power of collaboration between business, government and civic leaders.
“Belfast Chamber is committed to ensuring that Northern Ireland continues to attract the investment, talent and innovation required to deliver inclusive economic growth, and we were honoured to welcome the Secretary of State and Finance Minister to join this important conversation about the future of our economy.
“It was truly inspiring to see so many representatives from across Belfast’s business community come together to engage in meaningful discussions that will help drive our city forward.”
Marie Doyle, Partner at Deloitte, added:
“Deloitte is proud to support the Belfast Chamber Economic Forum for a fourth consecutive year, with the Forum having become a fixture in Belfast’s economic calendar and an event at which ideas meet action, and ambition meets collaboration.
“Events such as this help to shape a shared vision for sustainable growth while also serving as a reminder that, through partnership, Belfast can become a global example of how regions can reinvent themselves around talent and technology.”
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