CBI Highlights Potential Of All-Island Economy

A Brexit deal resulting in an-all island economy in Ireland would bring "enormous potential" for Northern Ireland, the CBI President has stated.

Chairman of Tesco John Allan addressed the annual CBI Northern Ireland launch in Belfast yesterday by demanding clarity for local firms ahead of Brexit.

The UK-wide business organisation, which speaks for thousands of firms, identified four key ways that local businesses could expand their cooperation with the Republic of Ireland.

"If common ground can be found on Brexit, just imagine what we could achieve with the enormous potential of an all-island economy," Mr Allan told the event.

"By connecting road and rail across the North and South, pushing towards zero carbon, the electrification of vehicles and public infrastructure on both sides of the island.

"This could be our compelling vision of economic inclusion. Supporting a population of 10 million people across the island - improving lives and tackling deprivation in both jurisdictions."

The CBI President said the restoration of power-sharing at Stormont would boost the chances of exploiting an all-island economy.

As Northern Irish businesses seek to protect their position in the UK's internal market and across the island of Ireland, to allow them to invest, grow and contribute to their local communities, Mr Allan called for Government clarity on how local firms will be protected.

"Because Northern Ireland businesses simply cannot afford for the next phase of Brexit to drain investment and growth at the level we've seen over the past three year," Mr Allan warned.

"The political declaration, in its current form, would end decades of free and frictionless trade with our largest trading partners, forged by firms big and small. It would add huge cost and complexity across some of the UK's world-leading industries. And it falls a long way short on services, which make up just under 80% of the Northern Ireland economy."

According to the business chief, a big issue for member firms is skills shortages, particularly concerning a gap in digital skills, cloud computing, data analytics and other technical subjects.

To meet this demand for years to come, the CBI is set to launch a digital skills action plan in the hope of removing barriers in the existing immigration system, harnessing the insight of NI businesses to understand skills needs, and getting the right funding to the right places, particularly in further education.

In the meantime, local firms remain in search of clarification on Brexit preparations and the terms of future relations with the European Union.



(JG/CM)