Belfast Targets £1 Billion Investment And Thousands Of Jobs

Belfast has announced that it has set an ambitious target of attracting £1 billion of new investments and tens of thousands of jobs over the next five years.

Belfast City Council's Chief Executive, Suzanne Wylie, made the commitment at the MIPIM international investment event in Cannes.

At the event Ms Wylie unveiled the city's extensive programme for the week, with 15 events planned over three days.

The programme – with its theme of Talent, Tax and Technology - has been developed and will be delivered by a 50-strong contingent from the city's universities, creative industries, real estate developers and professional services who are intent on drumming up interest in Belfast from institutional and foreign developers.

Ms Wylie said: "Belfast's reputation as a leading hub for FDI and technology, alongside our world-class pool of talent, our confirmed low rate of corporation tax from April 2018 and a wealth of other opportunities for international investors, means that the city's attractiveness as a place to invest is only going to grow. And those messages of Talent, Tax and Technology will be central to our drive. 

"Due to growth in our real estate market, the prospect of more foreign direct investment and the pending lowering of corporation tax to 12.5% in April 2018, Belfast has now become a very attractive investment location for developers. 

"We are also focusing on becoming attractive to institutional investors as that will be crucial to future success as they have the capital to underpin our development programme.

"The momentum in Belfast is visible; cranes can once again be seen on the skyline and there is much more to come. We have seven new hotels, new offices, a range of new student housing schemes and a new major film studio all going on site."

She continued: "This year we are opening our new Waterfront convention centre and the Ulster University is investing £250 million to move into the centre of our city. We are continuing with the development of Belfast's Titanic Quarter, where the most famous ship in the world was built, which is now Europe's largest regeneration site.

"We believe that a target of £1 billion worth of investment and the creation of tens of thousands of jobs is within our reach. We can transform the city and move it on to a new level to be competitive on a global stage.

"The council is committed to its partnership with the private sector to make this work. We want to encourage, facilitate and deliver. We want to play our part in transforming this city to put it where it deserves to be.

"We have set up our own City Centre Investment Fund and for the first time agreed in principle to co-invest in the development of a significant joint venture in the north end of the city centre. This will be the first of a number of such investments we hope to make as the programme unfolds. We will invest where it makes sense for us – in projects that are going to deliver jobs, economic investment, create new opportunities for Belfast and add to what we already have," Ms Wylie concluded.

(MH/CD)