Dáil Éireann Debate, Wednesday - 24 October 2007
129 Deputy Caoimhghín Ó Caoláin asked the Minister for Enterprise, Trade and Employment his views on the recent proposal from the Ulster Bank Group chairman that the IDA should merge with its Northern equivalent, Invest NI. [25415/07]
Amharc ar fhreagraAs the Deputy is no doubt aware, the proposal he refers to was just one of a number of recommendations made by the Chairman of the Ulster Bank Group on how to deliver the future of the Northern Ireland economy.
The Comprehensive Study on the All-Island Economy published last year, examined the joint marketing of the island for Foreign Direct Investment. That Study concluded that the package of incentives offered by North and South differed in certain critical respects. On this account, a marketing campaign based only on common elements of the offerings could not be anything other than a lowest common denominator. However, the Study suggested, and I concur, that the position be kept under review.
I might mention that there is already close liaison between the two agencies. Joint board meetings between IDA and Invest NI already take place and there is increasing contact at executive level. As a result of these meetings, IDA and Invest NI have agreed that the present focus for collaboration would be around the business operating environment (eg Communication, Infrastructure, Skills, Legislative Policy, Business Environment and Knowledge/Research) and the examination of how they can work together to jointly influence and/or change the business environment in a manner that would increase the attractiveness of the whole island for Foreign Direct Investment.
I should add that a key criterion in progressing North/South initiatives, is that they demonstrate clearly that they will result in mutual benefit.
Finally, I would refer the Deputy to the fact that InterTradeIreland, the all-island trade and development body established under the Good Friday Agreement is a joint North/South agency promoting the all-island economy. It has established an impressive track record across a broad range of initiatives. I am committed to ensuring that the full potential of North/South economic cooperation is realised.
