Inward Investment (Hansard, 29 March 1990)

§ 4. Mr. Tim Smith
To ask the Secretary of State for Northern Ireland if he will make a statement about inward investment into Northern Ireland.

§ Mr. Needham
We have achieved a number of notable inward investment successes during the past two years, and I am confident that we shall be able to build on those successes.

§ Mr. Smith
Does my hon. Friend agree that those successes demonstrate the confidence of overseas investors in the economy of Northern Ireland? Can he say from which countries the investment is principally coming?

§ Mr. Needham
It is not always appreciated how great the change in the fortunes of the Northern Ireland economy has been over the past few years and how it is growing. In the past year we have had Fruit of the Loom from the United States—the single largest American investment in Northern Ireland for 10 years—Daewoo from Korea, Montupet from France and Holian from Hong Kong. We are about to announce a German company coming soon to the constituency of the hon. Member for Foyle (Mr. Hume) and another company coming from Japan. We have Harris Laboratories from 658 the United States. We are creating thousands of new jobs from inward investment in Northern Ireland because the people who come there realise what a wonderful place it is and what wonderful people we are.

§ Mr. Beggs
Does the Minister agree that, within a reasonable time after interview, officials of the Industrial Development Board should be capable of providing a new business promoter with a letter of offer indicative of the support that might be forthcoming from the IDB? Does he further agree that every inquiry must be treated seriously and with sensitivity, to ensure that we do not lose anyone who might ultimately locate in Northern Ireland?

§ Mr. Needham
Of course, I agree with the sentiments expressed by the hon. Gentleman. It is crucial that the scope and scale of inward investment is fully understoood before the IDB—a body which spends taxpayers' money—makes an indicative offer. Subject to that, an indicative offer can and should be made.

§ Rev. William McCrea
Does the Minister accept that the bombings in Castlederg and Ballymena have hampered his efforts to attract inward investment to the Province? What encouragement have the Government given to investment in the Mid-Ulster constituency which has suffered so much from unemployment? Is it not true that it is better to have a stable environment, with the defeat of terrorism, and to allow the jobs that have been set up to remain, rather than, after years of hard work by the Department, to allow the IRA to demolish that in a few seconds with a bomb?

§ Mr. Needham
I am pleased to be able to agree with the hon. Gentleman for once. The recent damage at Castlederg was another dreadful, exasperating and pointless blow to that little town. The hon. Gentleman is well aware that we are establishing a project in Castlederg, which will involve all its people, to find a way forward, to attract investment and to bring the community together to rebuild its soul. For maniacs to blow apart the wishes of the ordinary people of Northern Ireland is utterly despicable.

§ Mr. Skinner
Does the Minister agree that if the poll tax were introduced in Northern Ireland, it would greatly affect inward investment? Does he know—and will he condemn it—that East Antrim Conservative association has called for the implementation of the poll tax in Northern Ireland? Is he aware that the Under-Secretary of State for Northern Ireland, the hon. Member for Eltham (Mr. Bottomley) is a member of that association? I am rapidly coming to the conclusion that all of them are infected with mad cow disease.

§ Mr. Needham
The community charge is unlikely to have any effect on inward investment in Northern Ireland. One of the incentives that we offer is that people do not have to pay rates. That is one of the main reasons for people wishing to invest in Northern Ireland.