Minister's speech - New York Business & Civic Leaders’ Lunch - The Lotos Club - 11 March 2025

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

Introduction

Thank you, Kieran,

And good afternoon, everyone.

This is my first visit to the United States as Economy Minister, so I’m delighted to be here with you today in New York; a city with such strong cultural and economic connections to Ireland.

The economic transformation of Ireland, both north and south, owes much to the United States.

And our prosperity continues to grow thanks to the support of our American friends.

As business and civic leaders, I want to thank you for all you do to promote Ireland as a great place to live, work, study, and invest - it is greatly appreciated.

Special Envoys - from George Mitchell to Joe Kennedy - have also played an important role in that regard.

I would therefore endorse the call by the Ad Hoc Committee to Protect the Good Friday Agreement, for President Trump to continue the tradition of appointing a Special Envoy to the North.

The Proposition

Our society in the north of Ireland has been transformed from a place of conflict to a place of economic opportunity.

Today, over 280 US-owned companies operate in the North.

This includes leading firms such as Allstate, Baker McKenzie, Citi, Caterpillar, Microsoft, and Spirit Aerosystems.

The US is our largest international employer, providing jobs to 32,000 people, in growing sectors such as advanced engineering, financial services, and life & health sciences.

Indeed, 64% of our new investors – after experiencing our talents and capabilities for themselves - decide to reinvest and deepen their roots with us.

The North of Ireland is a top location for US cyber security investment.

Just yesterday, I met with a US firm with a strong base in Belfast, to discuss AI opportunities and the North’s position as a global cyber-security cluster.

Companies in the North of Ireland are becoming more confident and ambitious.

50 of our own home-grown businesses now operate in cities across the US, including New York.

Our tourism economy is booming.

Last year, 141,000 US visitors came to enjoy all the North has to offer, from its stunning scenery to its world-renowned welcome.

We expect to welcome many more to the 153^rd Open – the oldest and most prestigious golf tournament in the world – when it takes place at Royal Portrush this July.

And next year Belfast hosts the Fleadh Cheoil na hEireann – Ireland’s largest traditional music festival. 

Our creative arts industry is also going from strength to strength.

We are now locally producing global television and movie productions, including Game of Thrones and the magical Derry Girls.

And we are partnering with American corporations including HBO and Netflix.

The North of Ireland now benefits from a unique trading position known as Dual Market Access.

We have unfettered access to Britain, and all 27 EU member states, for manufactured goods.

While manufacturing exports to the EU have decreased for England and Scotland, and remained stagnant for Wales, the North’s exports to Europe have increased by 14%.

Dual Market Access is also particularly beneficial in highly regulated industries, such as life & health sciences, which is growing rapidly across the North.

We’re also committed to innovation, with plans to inject 2 billion dollars of government funding into transformational infrastructure projects in the next 10 years.

My Economic Vision has four key priorities:

1. Creating more well-paid, Good Jobs - so that people in work can support themselves and their families.
2. Delivering higher productivity – so that we excel in high-value sectors, including green-tech, advanced manufacturing, and cyber & software.
3. Promoting Regional Balance - so that all communities feel the benefit of economic prosperity; Belfast is our key economic centre, but I would also encourage you to look across the North for opportunities throughout the region and in particular Derry and the North West.
4. And decarbonisation, which is a moral obligation to future generations, but also an economic opportunity.

The North of Ireland’s natural resources, combined with its skilled labour force, world-leading universities, and strong reputation for engineering innovation mean we are perfectly positioned to grasp this Net Zero opportunity.

Indeed, just yesterday I met with members of our US Net Zero Advisory Board, and leaders from the University of Massachusetts, to discuss green-tech opportunities for innovators on both sides of the Atlantic.

Conclusion

So, we have much to be positive about as we prepare to celebrate St Patrick’s Day.

The cultural and economic ties between our people are deep and enduring.

As Economy Minister for the North, I am committed to doing all I can to ensure these ties continue to develop and grow.

Thank you again for being here this afternoon, and for your continued support.