US firms still have desire to invest in NI despite ‘erratic' and ‘unhelpful' tariffs

Belfast Telegraph

a day ago

At the time of writing that could see a 10% levy on most UK goods, with 15% on the EU.
'I think that the uncertainty that has been created – both by the tariff announcements and reversals – and all of the lack of clarity there and how erratic it has been, is really unhelpful,' Economy Minister Dr Caoimhe Archibald told Ulster Business.
Northern Ireland, the Republic of Ireland, and the UK as a whole is continuing to deal with the uncertainty over what potential US-related tariffs could have, both on with trade here, and in terms of the impact to foreign direct investment.
Asked whether she has concerns that those tariffs, or wider global turmoil, such as the war in Gaza, could impact investment here, she said:
'I think a lot of companies, whether it's US companies or others, will be looking at their investment landscape and making decisions about whether they go ahead or whether they hold off.
'Obviously, our relationship with the US in particular is a long-established one.
'We have really strong relationships. I was out there back in March – in Boston and New York. I met with a number of current investors and potential investors and other business leaders when I was out there, and there is still a really strong and positive relationship and view of this place.
'With the conversations that I've been having with businesses from the US… there is clearly still a desire to invest here, and a pipeline.
'I would be confident that will continue to manifest itself here… so I think we have a very strong offering.'
On the current US administration, and whether it's something she believes we should engage with in its current form, the Sinn Fein MLA said while there remains 'a lot of uncertainty about the direction of travel from the current administration' that the 'well-established and good working relationships we have with the US… transcend party boundaries'.
On the recent Good Jobs consultation, the Minister and department went as far as it ever has in terms of attempting to revamp employment legislation here, with a focus on improving worker rights.
'I certainly would say it is the biggest upgrade of our workers' rights legislation in a generation,' the minister said.
'[That's] bringing forward proposals across a whole range of areas to give workers more rights in respect of whether it's family-related leave, whether it's their voice within the workplace, in terms of trade union membership and access, and a whole range of family related leaves in relation to carers, leave, neonatal care, leave, paternity leave, the ending of exploitative zero hours contracts and strengthening work life balance.
However, while it also includes the 'ending of exploitative zero hour contracts', the proposals do not remove them entirely. Workers can demand an employer issues them a contract, while some 'zero hour' contracts will still exist for certain casual or seasonal work.
Dr Archibald says we 'have listened to businesses and the representations that they have made that in certain instances, work is genuinely casual or seasonal, and we are recognising that by allowing for that in terms of what we're bringing forward'.
The first report from Invest NI was recently published, following its major overhaul in the wake of a critical review of the organisation from Sir Michael Lyons.
The investment figures have been positive – with the agency saying 1,334 businesses received offers of support worth £630m to the local economy, potentially creating more than 3,000 jobs.
Dr Archibald says it reflects the 'profound change' which has happened over the last year, while she said Invest NI communicates better with the department than it once did.
'I think it is a strong signal that that that change is being implemented,' she said.
'There is really good tie in with the department, and I have had the opportunity to be on a number of engagements with Invest NI both in Berlin, and in the US, but supporting some of the work that they do here locally as well.
'I am particularly heartened by the increased investment outside the Belfast metropolitan area.'
That has seen Invest NI hitting a 59% target for investment outside the wider Belfast area, while aiming to hit 65%.
Something which has been discussed by MLAs and ministers alike over the last few years, and is part of our strategy going forward, is hitting the ambitious target of 80% renewable energy by 2030. That's less than five years away, and Northern Ireland's generation levels are only at 43% – and falling.
'I think that the target is ambitious, and it will be challenging to meet it,' Dr Archibald said. 'It's a statutory target. So we are legislatively bound in terms of delivering upon it.
'… what we are trying to do as a department is ensure that we have the right baseline there to support what is required to hit that target.
'It would also be remiss of me to not be very clear about the fact that it won't [just] be us as a department that delivers on our own – it is one of those areas where there is very much cross-departmental working and requirement to work together, particularly when it comes to, for example, planning, which will be crucial.'
While the court decision quashing the go-ahead for the £1.2bn A5 upgrade had just come through at the time of our interview, Dr Archibald described it as a 'really disappointing outcome'.
The Stormont green light for the scheme was turned down as it breached its own legislative goal of cutting greenhouse gas emissions.
'I think it will be devastating for families who have lost a loved one,' she said.
'The reasons why the judgment was made as it was – the [Infrastructure] minister and her officials – will be considering in detail, and I assume that will come back to the Executive at some point for an update as to how we move forward.'