US Consul General hears the value of SMEs to local economy

US Consul General Visit

Small businesses will be the driving force of economic recovery in Northern Ireland, the US Consul General, Kamala Lakhdhir, has heard.

Wilfred Mitchell, Policy Chair of the Federation of Small Businesses (FSB), told Ms Lakhdhir as she visited the organisation's premises inApril, that small and micro enterprises represent around 98 per cent of the business environment in Northern Ireland and with the right conditions in place will be the catalyst for economic change and growth here.

Mr Mitchell also said that while Foreign Direct Investment was always welcome here and benefited many smaller businesses through subcontracts and the supply chain, greater emphasis must be placed on the thousands of small indigenous firms in Northern Ireland who drive the economy.

"The United States has invested heavily in Northern Ireland in the last decade or so and we are delighted to see this relationship continue to grow with the province in the unique position of being actively earmarked for investment by the USA despite their policy to concentrate on internal ventures during the current economic crisis," he said.

"This is a major confidence boost to the local economy as the world's biggest economic force recognises the wealth of talent and resources here, however, the FSB believes that current economic conditions in Northern Ireland demand greater attention and support for the foundation of the economy's small businesses.

"To achieve this we are actively promoting the utilisation of the varied skills and products offered by our home-grown small firms by overseas investors and companies such as those from the United States.

"We are encouraged by this meeting with Ms Lakhdhir and look forward to building a strong relationship with the US Consulate in Northern Ireland."

As well as briefing the Consul General on the benefits of reducing the rate of local Corporation Tax, Mr Mitchell also gave an overview of the need to designate Northern Ireland as an Enterprise Zone and provided an insight into the many issues affecting local small businesses at present.

The Policy Chair also encouraged Ms Lakhdhir to take the opportunity to draw the importance of small businesses in Northern Ireland to the attention of President Obama when he visits the Republic next month.