North must continue to raise its game - Foster

NORTHERN IRELAND must continue “to raise its game” if it is to remain competitive, the North’s Minister for Enterprise has warned in the US as her trade mission draws to a close.

Arlene Foster, who took part in a two-city trade mission to the US this week, said key economic agencies and government departments in Northern Ireland were doing everything they could to encourage new hi-tech US investors to locate in the North.

The Minister said they were also keen to support Northern Ireland businesses in pursuing and securing new US opportunities.

She illustrated her commitment to local firms yesterday by announcing a £4.1 million (€4.5 million) investment by a Newry software firm during a visit to its New York offices,

First Derivatives, which provides software and consulting services to the capital markets, intends to fund two new research projects into the development of new products to deal with real-time risk and market data management.

The Newry, Aim-listed company will receive £1.2 million in financial support from Invest NI towards the cost of its latest investment project.

Speaking in New York yesterday, Ms Foster said: “Many Northern Ireland companies have discovered how research and development can deliver significant commercial advantages in competitive markets, leading to increased turnover and profits.

“As the strategic mission to the US this week demonstrated, there are significant opportunities for local companies in this market, and innovation is key to developing a competitive edge.”

The Minister told The Irish Timesthat she had been encouraged by the response she received during the trade mission to Washington and New York, and that there was evidence of "growing ties" between the US and Northern Ireland.

“We have reinforced the message that Northern Ireland is a dynamic place to do business, with a skilled and well-educated workforce, a strong infrastructure and third-level institutions where the commercial exploitation of RD and innovation lies at the heart of the economic agenda,” said Ms Foster.