Business Irish

Monday 19 March 2018

Belfast sets sights on £1bn in foreign investment

Belfast City Hall Photo: deposit photo
Belfast City Hall Photo: deposit photo
Michael Cogley

Michael Cogley

Belfast City Council is aiming to use major development sites, recently freed up from Nama debt, and the pending cut in corporation tax to attract £1bn (€1.26bn) of foreign direct investment.

The target was set out as part of a major investment initiative titled 'Belfast Goes to Market'.

The initiative was launched at St George's Market in Belfast yesterday where investors heard that the council had regained planning permission powers for some key development sites.

"The council unveiled its investment and regeneration strategy last year with the aims of growing employment and the population, improving the retail offering and maximising tourism opportunity," said Lord Mayor Arder Carson.

"There are already tangible examples of how this is starting to work," he said.

According to Belfast City Council, the development of Castle Street as well as a reimagined Royal Exchange are among the projects that will get under way in the near future.

"With the burden of Nama debt largely lifted and regional developers and investors back in the market, we believe that a target of £1bn worth of investment and the creation of tens of thousands of jobs is within our reach," the chief executive of Belfast City Council, Suzanne Wylie, said.

"We can transform the city and move it on to a new level to be competitive on a global stage," she added.

"We have set out new and exciting plans for the Linen Quarter to support Grade A office space and new hotels. This represents a bold new vision for the central business district that will see the area provide a home for corporate occupiers looking for a prestigious address in the city," Ms Wylie said.

Irish Independent

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