Business

Business must prepare for investment opportunities, ACCA lunch hears

ACCA Ireland chair Clodagh Hegarty pictured with Mark Redmond (American Chamber of Commerce)
ACCA Ireland chair Clodagh Hegarty pictured with Mark Redmond (American Chamber of Commerce) ACCA Ireland chair Clodagh Hegarty pictured with Mark Redmond (American Chamber of Commerce)

BUSINESSES in the north west must prepare now and develop skillsets to capitalise on the opportunities that will arise from the fiscal commitments given by the UK Government and Stormont Executive to generate economic growth and create employment.

That's according to Clodgah Hegarty, Ireland chair of accountancy body the Association of Chartered Certified Accountants (ACCA),who was addressing the organisation's chair's lunch in Derry.

The Ulster University Business School (Magee) lecturer, who has been a strong advocate for government investment in Derry, claiming that it is "the most Brexit exposed city in the UK", said that there is renewed optimism and expectation amongst skilled graduates about opportunities in the region.

While the exact timing of the drawing down of the UK government’s £105m Derry Strabane City Deal package and further financial commitments by the Northern Ireland Executive are yet to be determined, she has said that businesses in the city will have the opportunity to compete and capitalise on opportunities at a national and international level.

She told guests: “For the first time in a generation we will see targeted and focused investment in both the economy of the north west and the skillset that can transform its economic prosperity.

“With the City Deal, Inclusive Future Fund, commitments by the Northern Ireland Executive and investment within Ulster University Magee campus’ centres of innovation and excellence, we have a great environment to create, innovate, disrupt business markets and build a thriving economic hub that supports civic prosperity.

“Workplaces are changing, particularly in areas such as machine learning and artificial intelligence, and in addition to the vibrancy that a medical school will bring, new graduates in areas such as data analytics, robotics and automation will enable our economy to compete with regions throughout Ireland and the UK.”

She added: “I’m confident that many more of those skilled graduates will now stay in the north west and set the foundations for the future of the region’s economy, but to ensure we maximise on this opportunity we must support the supply chain network of micro businesses that will help innovation and entrepreneurship thrive.

“It is for this reason that I’m calling on business bodies, third level institutions and professional organisations to work collaboratively with local companies to prepare for them for those opportunities ahead.”