Business

Value in role of hospitality priceless in unlocking our 10X economic ambition

Where once Northern Ireland was renowned for its shipbuilding, rope works and linen factories, the 10X Economic Strategy recognises the region is now global leaders in sectors like robotics and advanced manufacturing
Where once Northern Ireland was renowned for its shipbuilding, rope works and linen factories, the 10X Economic Strategy recognises the region is now global leaders in sectors like robotics and advanced manufacturing Where once Northern Ireland was renowned for its shipbuilding, rope works and linen factories, the 10X Economic Strategy recognises the region is now global leaders in sectors like robotics and advanced manufacturing

AS Stormont remains lifeless, no set Programme for Government, a technical recession, massive energy costs and rising interest rates, it would be easy to become cynical about the state we find ourselves in.

However, if recent years have taught us anything, the bad times pass.

Back in 2021, the then economy minister Diane Dodds announced her economic vision for a decade of innovation in Northern Ireland - published right in the middle of a global pandemic that brought our economy to an abrupt halt. Other priorities consumed us all at the time.

In 2023, we have now reached the stage where the next step in implementing the ambitious 10X Economy vision for Northern Ireland’s economic future is to set out clear objectives on how this will be achieved.

With a hopeful and expectant attitude, whilst not ignoring the current challenges, it is now time to focus on the strategic direction of our economy. We know that Northern Ireland thrives when our economy thrives.

The 10X Strategy recognises Northern Ireland’s history as an international renowned location for its shipbuilding, rope works and linen factories. Over 100 years later, we are now global leaders in cyber security, fintech, robotics and advanced manufacturing. It is good that 10X embraces the future economic trends and job opportunities, but we must ensure that the economy develops in a balanced way, bringing with it benefit for all key sectors.

While we may no longer be leading in some of the things we used to do well in, hospitality here has always been the anchor on which our economy has depended. Trends, businesses and indeed society in Northern Ireland has evolved drastically over decades, but we still rely on our hospitality businesses as the sanctuary where we go to meet our friends, eat great food, and enjoy life.

Our vibrant hospitality sector can play a key role in the implementation of the 10X Economy. Not only are we a key driver of the economy, but we are also an economic enabler. Our fantastic hospitality businesses that serve out world-class food and drink position Northern Ireland as an optimal location to live, work, and play.

It was our pubs, restaurants and hotels who drove the bounce back from Covid-19, guiding us all back to some sense of normality. But hospitality here also plays a central role in attracting business, talent and skills – it is the engine room when it comes to creating social value and creating a bond with the human capital which is a central theme in the 10X strategy.

What I hope we don’t forget is that hospitality has always been here, and we always will be here to attract investment and provide a place for society to come together, and the value of hospitality should not be underrated – we hold the key to unlocking the full potential of a 10X Economy.

:: Colin Neill is chief executive of Hospitality Ulster