The Northern Ireland Protocol represents a major strategic advantage for businesses which locate in Northern Ireland, Chartered Accountants Ireland has said today. The accountancy body which represents almost 25,000 members across the island of Ireland, has highlighted the significant positive feedback it has received from businesses regarding the unique market access into both Great Britain and the EU that they enjoy.
The Institute has sounded a note of caution however, highlighting the focus to date in discourse around the Protocol on the consumption economy, at the risk of missing out on the significant production opportunities that it can afford Northern Ireland’s economy.
The comments come as Chartered Accountants Ireland launches a guide “Building on Opportunity – A Guide to Foreign Direct Investment in Northern Ireland” showcasing Northern Ireland as a world-class location in which to do business.
Commenting, Cróna Clohisey, Public Policy Lead with Chartered Accountants Ireland said
“While the Protocol itself remains a topic of heated debate at political level, it is clear to us from our engagement with the business community, that many businesses are already reaping the benefits that Northern Ireland’s unique position affords them.
“Post-Brexit, trade in goods has continued largely as it did before the UK’s departure from the EU with no customs duties or customs paperwork on the sale of goods to both Great Britain and the EU (including Ireland) from Northern Ireland. This unique market access, in addition to a skilled workforce and business friendly environment makes Northern Ireland an attractive base for companies, particularly in the manufacturing and distribution sectors, that want to trade in both the UK and EU markets.”
Foreign direct investment has remained strong, with 6,000 more companies now operating in Northern Ireland than in 2016. Northern Ireland is now home to more than 1,100 international companies, employing 100,000 people.
Clohisey continued,
“The discourse has to date been overshadowed by a focus on the consumption economy, on bringing goods into the country. I think there is a real danger that this persisting, negative focus on the Protocol could lead to the greatest risk of all – missing out on the significant production opportunities that it can afford Northern Ireland.
“Those already located in Northern Ireland know its advantages as a place to do business – location; educated workforce; a stable and competitive tax system. But it is critical to highlight its ability to innovate and change with the times. Far from the ship building days of the past, the country has established itself in some of the world’s fastest growing and innovative industries including data analytics, cyber security, life and health sciences, clean energy, and aerospace.”
Over the next ten years, Northern Ireland will see over £1 billion of investment from the NI Executive and UK Government into four City & Growth Deals. This will further enhance the region as a significant destination for innovation and facilitate investment opportunities that further build upon Northern Ireland’s reputation in manufacturing, life sciences and artificial intelligence industries.
The Building on Opportunity guide can be downloaded here
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