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The opportunities and friction caused by the Northern Ireland Protocol are clear, said Invest NI’s Managing Director.
Kevin Holland said it was now clearer for companies and investors after a long period of uncertainty when negotiating the Brexit deal.
The protocolole is the part of the agreement that keeps Northern Ireland aligned with the EU’s single market for goods.
Mr. Holland said that Invest NI helps companies explain how the protocol works.
He made the remarks in an extensive interview with the Inside Business program on Hfrance.fr Radio Ulster when the economic development agency released its year-end results.
‘Focus on the practicalities’
He said there had been “friction” as a result of the post-Brexit trade deal for Northern Ireland.
“There has been friction because we have seen it,” he said.
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“We have invested a lot of time in webinars and consulting sessions with companies in Northern Ireland to explain to them how the new setup between the UK and Europe works, which is a better way to deal with friction.
“Some companies approached us and wanted to explore the opportunities.
This week, the UK government requested a revision of the Northern Ireland protocol, which it had agreed to with the EU last winter.
He said the resulting controls on goods entering Northern Ireland from Britain were found to be unsustainable and damaging the “fabric” of the UK.
But the EU responded by saying that it would not agree to renegotiate the terms of the agreement.
Asked if any potential foreign investors questioned the political divide between the UK and the EU regarding the protocol, Mr Holland said: “When we talk to companies, we focus on the practicalities.
“In terms of the political discussions that take place on a daily basis, this is not the part we are focusing on.
“There has been real progress in the last few years.
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“If you look at where we were in June, finally, there was very little clarity and companies said ‘we want certainty, we want to understand what is happening’.
“[Desde el acuerdo del Brexit]I think what companies need to do to be successful in Northern Ireland is pretty clear.
“[Esta claro] what frictions … still exist and what opportunities exist. ‘There may be a future for the benefit of companies that established or expand in Northern Ireland. “
‘Northern Ireland is attractive’
Invest NI’s year-end results show that it made 3,000 financial assistance offers during fiscal year 2020-21.
Mr. Holland said the organization had adapted quickly to also help implement government support programs during the pandemic.
I express my confidence in attracting more new investors.
“We have a lot of conversations … our portfolio is very idea, as strong as it has been in the last four years,” he said.
“The challenge is actually getting people here because of Covid and travel restrictions.
“Northern Ireland is a very attractive destination and I believe that during the past year it made a name for itself among global companies.
“They saw the resilience of Northern Ireland companies and the speed at which they are growing. They adapt quickly.
“Just to move a deal across the line, to get the final signature on a dotted line, we really need some of these investors to come here and we’re looking forward to it opening so we can.”
We also asked Mr. Holland if Invest NI had a good value for money.
“Despite the traumatic year we have gone through, we have achieved the goals that we set ourselves four years ago. That no one has heard of Covid or even Brexit,” he replied.
“We deliver certain with that we are committed.
“I’m looking at our ROI, for every £ 1 we invest in companies, it’s £ 5
“So £ 1 we scatter, you get £ 6 in the economy.”
You can listen to Inside Business on Hfrance.fr Radio Ulster Friday at 5.30pm BST or on ‘Hfrance.fr Sound App.
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