Oral Answers to Questions — The Executive Office – in the Northern Ireland Assembly at 2:30 pm on 10 June 2024.
T3. Ms Sheerin asked the First Minister and deputy First Minister, given the recent Ulster Bank survey that showed the sharpest rise in orders for the first time in two years, to join her in welcoming that good news, which indicates that our local economy and, in particular, our private sector are growing. (AQT 363/22-27)
Yes. It is certainly a positive indication, but we know how difficult it is. We can welcome that good news, and the First Minister and I, since taking up our roles, have said many times that we want to prioritise the prosperity agenda. We need our economy to grow, and we need to do whatever we can, as joint leaders of the Executive but also working with our Ministers, to ensure that we have the right interventions and context to allow our economy to grow. It would be wrong for me not to recognise that the inflationary rises and other cost rises are difficult for small to medium-sized businesses, which are battling through a challenging situation. Again, I want to send the message that we are here to support those businesses, listen to them and try to ensure that we grow our economy.
In that context, do you agree that it is really important for Invest NI and the Executive to maximise and focus on the benefits and opportunities that come from dual market access?
It would be wrong to say "focus", because we know that our economy is made up of many different elements. Of course, some aspects will be impacted by dual market access, particularly the export and manufacturing of goods. We are largely a small to medium-sized business economy. Many of those businesses are indigenous and trade only within Northern Ireland. We must show support for those businesses. They are the backbone of our economy, and we want to support them. Likewise, foreign direct investment is so important and essential. The biggest growth in that area has been in the services industry, which is not impacted by dual market access. It is important that we move forward in parallel with a range of those key aspects of our economy. It is only by doing so that we will grow the economy and ensure that we achieve the prosperity agenda.