Minister's speech - Derry Chamber President's Lunch - 27 March 2025

Note: this publication may not reflect verbatim delivery by Minister Archibald

Good afternoon, everyone, it’s great to be in Derry two days in a row.

I was here yesterday with Michelle and Emma, and with Lilian for the official opening of the Alchemy Technology offices.

A cutting-edge company creating 150 highly paid jobs.

A stunning office building in the fantastic Ebrington site.

In many ways it summed up positive transformation that is happening in this city, and the political unity there is around that.

As Economy Minister I have an important role to play in that transformation.

My predecessor Conor Murphy made regional balance one of his four priorities and as you will know he put a particular focus on Derry.

Having worked with Conor to develop our policy agenda for the Department I can assure you that I am fully committed to continuing on his good work.

Since I took up post seven weeks ago the objective of regional balance has been confirmed in the final Programme for Government.

The New Decade New Approach target to expand Magee is also included in the Programme for Government, and we have purchased all the land we need to get to 10,000 students.

Thank you to the Chamber for your involvement in the Taskforce, which brought this important work to fruition.

Given our history, however, I can understand why some have doubted the possibility of progress.

But soon cranes will be in the sky and new teaching blocks will be built, and there will be no denying that change is happening.

We are keen to work in Partnership with the Council here.

The Council has long argued that investment in the City of Derry airport, which is key to the region’s connectivity, should not be left to the Council alone.

So my Department is taking on responsibility for that £3m annual investment.

We are going through the necessary internal checks and approvals, and I hope to be in a position to announce this funding very shortly.

In that spirit of co-operation, the Local Economic Partnership will come into formal operation next week, and I’m pleased to see that the Chamber is represented on that.

This will ensure that Executive Departments understand local economic priorities, and help us to work together to deliver change.

Recently I was in Berlin and the US to meet with potential investors and tourism operators.

The prospect of investing in Derry was discussed at a number of meetings with senior Executives, so I hope that translates into site visits and ultimately investments.

Derry was also referenced very positively in meetings with tour operators, and in Berlin I got to speak with Karen Henderson from Visit Derry about the great work going on here.

This includes the DNA Maritime Museum, which will begin construction soon, and a €7.6m programme to improve connections between the Causeway Coastal Route and Wild Atlantic Way.

In terms of what is outside of our control, unfortunately the economic picture is less positive.

Next week’s increase in National Insurance Contributions is hugely detrimental to business, and yesterday’s Spring Statement from the British Government offers nothing positive for places like Derry.

Nor will anyone win from a trade war with the US.

But we can only control what is within our local powers, and in that respect I’m confident we are on the right path.

The developments I’ve highlighted along with the £15m North West Regional College, Invest NI’s new regional focus, the A6, Foyle Port, and cross-border collaboration, adds up to a really compelling value proposition.

So thank you Andrew and Anna, for the invitation to be here today.

I look forward to being here regularly to support many more positive developments, and you have my commitment as Economy Minister to work with the Chamber to realise Derry’s full economic potential.

Thank you.