Retail sector brings variety and richness to the local economy - Wilson

Finance Minister Sammy Wilson today emphasised the importance of the retail sector to the local economy.

Addressing members of the Northern Ireland Independent Retail Trade Association at their 10 year anniversary reception in Parliament Buildings, the Minister said: “The importance of the wholesale and retail sector in Northern Ireland cannot be underestimated, as it contributes almost 13% of Northern Ireland’s output and almost 15% of all local employee jobs.

“The independent retail sector brings real variety and richness to the local shopping experience. That is its real value to the local economy.”

After acknowledging some of the difficulties facing the industry as a result of the global economic downturn, Mr Wilson said: “The local economy appears to be emerging from the recession and although there is no doubt that we face an extremely challenging future – not least in terms of managing a highly constrained public expenditure position - I am cautiously optimistic about our economic prospects.”

The Minister also noted the positive implications of implementing of the recently published Barnett Review Report: He concluded: “The Independent Review of Economic Policy provides a road map to guide our economic policy. The proposals outlined in this report, such as widening the remit of Invest NI to embrace more local businesses, will undoubtedly assist companies such as those within this sector.”

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