25/08/05 - N. Ireland poised for economic success
Editor's Note: Denver lawyer James Lyons has been instrumental in forging trade ties between the Rocky Mountain region and Northern Ireland. Today, he comments on recent developments in Northern Ireland and their effect on trade relations.
The recent decision of the Irish Republican Army (IRA) to cease all activities in Northern Ireland is long overdue. But it is very welcome news, particularly for the economic prospects of the province.
Assuming this cessation of activities results in the transparent and verifiable destruction of IRA weapons and armaments, no legitimate political obstacles should exist to the re-forming of a devolved and local legislative assembly. Also, full implementation of the Good Friday agreement will revitalize cross-border institutions and inter-British Isles councils envisioned by the Good Friday agreement.
The wishes of the overwhelming majority of Irish people, north and south, Catholic and Protestant, who voted for the Good Friday agreement will thus be realized. Permanent peace and stability could finally be at hand.
Equally important is the significance of these long-awaited developments on economic prosperity and growth for Northern Ireland. During the Clinton administration, we identified a three-pronged strategy for economic initiatives in support of the peace process.
These included inward investment, business alliances and grass-roots' access to entrepreneurial capital. In short, we worked very hard to make "peace meet the streets."
At the grass-roots level, we founded Aspire, a micro-loan fund in Belfast and the first of its kind in Europe. To encourage business alliances between Northern Ireland and U.S. small and mid-size companies, the administration used events like the Washington, D.C., and Pittsburgh Trade and Investment Conferences to "matchtmake" between comparable U.S. and Northern Ireland businesses seeking trans-Atlantic opportunities.
The International Fund for Ireland, supported by the United States and used by President Clinton as the keystone of U.S. economic support, instituted partnership programs which led to numerous strategic alliances being formed between U.S. and Irish businesses.
Out of this concept successful ventures have been put in place. For example, a Colorado software development company (Fighting Bull) recently moved its operations to Belfast where it employs over a dozen Northern Ireland software engineers and staff.
Working together, the City of Denver and Invest Northern Ireland opened the Northern Ireland Business Development Centre in Denver almost two years ago. Providing basic support and facility services for Northern Ireland businesses seeking to explore opportunities in the fast-growing Rocky Mountain region of the United States, a number of successful strategic alliances and business opportunities have been established, particularly in the medical research, medical devices and bio-medical economic sectors.
Programs like this, already proven, should produce even greater gains from permanent political stability and full implementation of the Good Friday agreement.
The third prong of the strategy -- inward investment -- was not as successful. Although inward investment from companies seeking to establish a base in the European Union by tapping the resources of a highly educated and motivated Northern Ireland work force was vigorously pursued, these efforts were always burdened by the "Belfast is Beirut" syndrome.
Many inward investment candidates simply dismissed local political institutions and devolved government as temporary and chose more stable locations in the Republic of Ireland and the U.K. which aggressively sought their capital and jobs.
A return to a permanent assembly with full participation by, and interaction between, the constitutional political parties, led by the DUP and Sinn Fein, should put an end to this malignant perception and place Northern Ireland back in serious competition for investment from around the world.
This will finally bring Northern Ireland into the fullness of economic opportunity and the bright promise of the future for which its people have worked so hard and so richly deserve.
James M. Lyons served as special adviser to President Clinton for economic initiatives in Ireland. He practices law in Denver.
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