Economy minister confirms no uptake in Foreign Direct Investment due to so-called 'dual market access'

Economy minister Conor Murphy has confirmed that information provided by Invest NI to MLAs – which confirmed no uptake in Foreign Direct Investment (FDI) as a result of ‘dual market access’ – is correct.

The Sinn Fein minister was questioned on the issue by the DUP MLA Phillip Brett during an evidence session at Stormont’ economy committee on Wednesday.

Economy Minister Conor Murphy has previously said Invest NI has “reported very significant interest in conversations with them" on dual market access. Photo: BBC Northern Ireland.

placeholder image — Economy Minister Conor Murphy has previously said Invest NI has “reported very significant interest in conversations with them" on dual market access. Photo: BBC Northern Ireland.

When the UK and EU signed the Windsor Framework, the government and some political parties, including the DUP, said that Northern Ireland would benefit from dual market access – also described as “the best of both worlds”. Rishi Sunak branded it the world’s most exciting economic zone.

However, while NI-based businesses can sell into both GB and the EU, trade with GB is restricted and most manufacturing products coming from the rest of the UK are caught by a full EU customs border, stifling trade.

Mr Brett, who chairs the committee, referenced comments by Invest NI’s Chief Executive Kieran Donoghue. In October he admitted that there hasn’t been any FDI relating to Northern Ireland’s new trading arrangements– despite claims by global leaders when the deal was signed.

He had been asked for evidence of FDI investment “principally around the unique dual market access”.

Mr Donoghue said: “Not to my knowledge. At this point in time, not yet. I think there is still a relatively low level of awareness of the opportunity represented by dual market access”.

During that meeting a senior department of economy official also said that trade between Great Britain and Northern Ireland “remains evolving and uncertain”.

Phillip Brett raised the issue, asking if Mr Donoghue was correct. Mr Murphy said: “I have travelled with them [Invest NI] and there is a significant interest, we know there’s significant interest in that”.

He said it was seen as a unique advantage – but argued that while FDI was important there had to also be a focus on growing local firms.

Asked if he had any examples that would contradict the Invest NI boss’s remarks, Mr Murphy said “He’s correct. But he also knows, as I know, the interest that is there”.