'A Successful Belfast Is A Key Component Of Economic Recovery' - Hamilton

Finance Minister Simon Hamilton MLA has told an audience of business men and women that a strong and successful Belfast is a key component of economic recovery in Northern Ireland.

Speaking at the Belfast Media Group's 'Belfast Business Top 50 Awards', the Finance Minister also stated that economic recovery in Northern Ireland is being built upon firm foundations.

Addressing the event in Parliament Buildings, Stormont, Simon Hamilton said: "The importance of Belfast to the Northern Ireland economy cannot be underestimated. It is the gateway through which the majority of tourists enter Northern Ireland. It is the place that scores of blue chip companies choose to invest in. And, it is an enormous driver of economic activity across the whole of our country. Northern Ireland needs a socially, culturally and economically strong Belfast.

"We have all witnessed the transformation of Belfast over the past decade. It has become a vibrant, dynamic and cosmopolitan European capital city. With its radically altered skyline and globally recognised events like the MTV Awards, we are beginning to build the Belfast we were denied during the Troubles."

Continuing the Minister said: "The Review of Public Administration presents us with an unprecedented opportunity to continue that positive change by utilising the powers that will be devolved to the new Council to invest in much needed infrastructure.

"Belfast and Northern Ireland have come through tough economic times. At long last, the signs are filling us with hope instead of despair. Unemployment, business activity, activity in the housing market, tourism numbers and spending are all heading in the right direction.

"What we've hopefully learnt during the downturn is that the economy that emerges from the crisis will be a distinctly different one from that which entered it in 2007. It isn't a matter of riding out the storm and seeing us return to the boom times of the early part of this century. The new normal will be lower growth and less public spending.

"Companies will need to innovate continually and persistently look outside Northern Ireland for new opportunities."

(CD/JP)