NI Private Sector 'Too Small' - PM

David Cameron has said the State sector in Northern Ireland is "too big" and the private sector is "too small".

The Prime Minister was speaking at an investment conference today at the Titanic Quarter in Belfast.

Mr Cameron spoke of his affection for Northern Ireland.

"From my holidays walking through the beautiful Glens of Antrim and swimming off the Atlantic coast to my first visit as Prime Minister – in my first days in the job, Northern Ireland has always held a special place in my heart," he said.

"Tell me this," he continued. "Where is the world’s top city for the technology that drives global stock markets? Is it London? New York? Silicon Valley? Hong Kong? Tokyo?

"No. It’s none of those. It’s Belfast – where you’ll find the systems behind the New York Stock Exchange and Chicago Mercantile Exchange.

"Which country designs, tests or manufactures a quarter of the world’s marine energy devices and produces 40 per cent of the world’s mobile quarrying equipment?

"You might have thought it was Norway. Or perhaps America or Korea. But no, it’s Northern Ireland – where you’ll find companies like Terex who yesterday announced a further 260 jobs in Country Tyrone."

The PM said Northern Ireland is now second only to London as the top UK destination for inward investment, with almost 8,000 jobs from foreign investment in the last three years.

"But," he said, "the challenge is simply this: the State sector is too big and the private sector too small. And every politician is committed to the rebalancing that needs to take place not least by continuing to work on corporation tax so we can make a final decision on the devolution of these powers by next Autumn. But the case for Northern Ireland is not based solely on future tax rules."

He continued: "I’m here today with one simple message: put your money in Northern Ireland and be part of this incredible story. Because investing in Northern Ireland makes business sense."

David Cameron announced a £13.7m investment in broadband funding in Northern Ireland and said £20m would be put towards research and development in the region.

The Prime Minister was speaking at a one-day Investment Conference this morning.

The conference has welcomed ambassadors and international delegates from 16 countries.

It will be attended by around 150 potential and existing inward investors.

(IT/CD)