[This article was first published in the Belfast Telegraph on Tuesday 2nd January 2024]
2024 will be a hugely busy year on the political front, with elections happening in the United Kingdom, the United States and the Republic of Ireland in the space of 12 months. Hopefully, we will also see the Northern Ireland Executive and Assembly restored, with public finances set on a more stable and sustainable footing and short-term tactics replaced with a longer-term economic strategy which looks towards Northern Ireland`s next 25 years, with the peace process evolving into a prosperity process.
I hope 2024 is the year in which we see Northern Ireland exploiting the huge opportunities that have been presented to us. Last year the President of the United States, Joe Biden, visited us, and we had former and current Presidents, Prime Ministers, Taoisigh and diplomats from many parts of the globe - here to mark the 25th anniversary of the Belfast Agreement. Northern Ireland also hosted an International Investment Summit with potential investors from all over the world; and a large US Trade delegation visited to explore the opportunities to invest and work with companies here. These remarkable occasions were in addition to the many conferences and events that were held here such as the UK Space Conference, a Cyber Security Conference and the One Young World Summit, which again attracted delegates and guest speakers from all over the world.
These events didn`t happen by accident. They happened because of the people and businesses we have here. For a small place on the world map, we certainly punch above our weight and that`s before we even start to talk above the huge and innovative talent pool we have in the creative industries, manufacturing, financial and tech sectors.
In 2024 Northern Ireland can remain in the international spotlight - for all the right reasons. We can showcase Northern Ireland as a place to invest and grow businesses, encouraging a new generation of entrepreneurs to step forward and bring their ideas to fruition. The opportunity is there to move ahead and truly aim to bring Northern Ireland and its people to a better place where the whole of society can benefit from the potential opportunities before us. The international goodwill is there and 2024 can be the year that we make good on that.
However if we want that to happen at pace, 2024 will also need to see local politicians back in the Executive and Assembly. Despite the low regard in which Stormont may be held by some sections of our society, the reality is that properly functioning institutions of the Assembly and Executive can make a huge difference. Firstly, a restored Executive and Assembly projects political stability on to the world stage. That is a valuable currency where those investing or starting up their businesses here can speak directly to the politicians and policymakers who are engaged in setting the framework for success.
Secondly, they can make decisions which directly benefit our society - economically, culturally and socially. A new Executive will not be a panacea for all society`s ills, but what they can do is set the direction of travel. And here`s how.
Northern Ireland doesn`t have a Childcare strategy which could help reduce our high levels of economic inactivity. It could facilitate more people, primarily women, into the workforce, returning to work or starting their own business. A restored Executive can ensure that 2024 is the year that talent pool is finally released and resolve a lot of pressure across so many sectors.
Our politicians can also give political leadership in the Assembly and in local government to ensure that invoices are paid promptly, which assists cash-flow in so many businesses. A new Executive can also make sure that 2024 is the year that businesses in the retail, hospitality and leisure sectors in Northern Ireland get access to the 75% business rates discount which is available in other parts of the United Kingdom. And they must also revisit NI`s corporation tax powers to reduce the tax rate and overcome the competitive disadvantage we currently suffer compared with businesses just across the border.
A restored Executive could also refresh Northern Ireland`s journey to net zero, not only to meet the climate change targets that the Assembly itself set, but to ensure the many local businesses that have invested in green renewable sectors can use their expertise and innovation locally and also sell it all round the world. At the moment, Northern Ireland is being left behind the rest of the UK in the journey to net zero because of the lack of local decision making.
And finally, after much heavy-lifting by the business community, Stormont politicians could play a key role in ensuring that we a voice at the table in Whitehall and in Brussels to resolve ongoing issues around the Windsor Framework.
I hope we can seize the opportunities and, in years to come, look back on 2024 as the year when there was a step-change in how we present Northern Ireland on the world stage, projecting ambition across the globe.