In the context of regional and all-island economic development, and recognising the opportunity to pursue mutually beneficial cross border co-operation on aspects of economic policy and infrastructure/spatial planning, IDA Ireland cooperates on a number of initiatives with Invest Northern Ireland. Both agencies also share a strategic focus on attracting companies from the targeted sectors of ICT, Financial Services and Clean technologies.
One of the success stories of this co-operation between the two agencies is the jointly developed North West Business and Technology Zone (NWBTZ). The fundamental aim has been to capitalise on the combined strengths of Letterkenny and Derry City as an economic corridor, to develop compatible infrastructure and property solutions, which are now in place, and to make the region more attractive for investment. The initiative has provided the catalyst for Eircom, Bytel and BT to invest independently in the telecoms infrastructure between Letterkenny and Derry and has also led to the development of Project Kelvin, which is the first direct International Communications link of its kind into the North West of Ireland and Northern Ireland.
The economies of Northern Ireland and the Republic of Ireland both have a highly educated workforce and IDA Ireland highlights this competitive advantage to perspective investors. The skills pool available, both north and south of the Border, are presented to potential investors as a key competitive advantage of investing in the Border region on the island of Ireland. Up to 15% of IDA supported companies in the Border region employ staff living in Northern Ireland, increasing employment and prosperity in areas of north of the Border. A recent example of this is Paypal who chose to invest in Dundalk based on the pool of skilled staff it could recruit from the large catchment area incorporating both sides of the Border. While IDA does seek to influence location, the final decision as to where to locate is taken by the investor.