Exports key to economic success - Dodds

Finance Minister, Nigel Dodds, today highlighted the key role export markets can play in helping boost the local economy.

He was speaking at a British Printing Industries Federation meeting on the value of the services sector for the Northern Ireland economy.

The Minister recognised the role that the local printing sector has played in local economic growth over the last decade and said: “The local printing sector has, like the wider services sector, played a positive role in economic growth over the last decade.

“During this time, the performance of our service sector has been quite remarkable.  Sectoral GVA growth at some 9% per annum here broadly matches the UK average rate over this period. Employment in the sector has increased from some 456,000 in 1998 to over 568,000 in 2008. This represents the fastest growth rate in services employment within any UK region.”

Mr Dodds stated that further services sector growth is constrained by a relative lack of exports. He said:

“Reliance on an indigenous market of only 1.7 million doesn’t offer much potential for growth. Service companies that offer specialised products need to look wider afield for opportunities. If such companies can compete successfully on the world stage they can contribute immensely to the local economy at what is undoubtedly a challenging time for the global economy.”

The printing world is changing quite rapidly due to technological advancements in production processes, and the Minister encouraged the sector to use this to their advantage:

“Advancements in software technology, broadband access and increasing band width all mean that it should be easier to communicate and engage with clients further afield. These advancements offer greater opportunities for the local printing industry to seize market shares in foreign markets.

Mr Dodds concluded by encouraging local firms to seek global business opportunities as this is the key to improving the economic growth prospects of Northern Ireland.

Notes to Editors

1. The Finance Minister was speaking at the Harbour Commissioners Building on Thursday 29 January 2008.
2. The British Printing Industries Federation is the principal business support organisation for the UK print, printed packaging and graphic communication industry. It is a not-for-profit-distribution organisation.
3. Media enquiries only to DFP Communications Office on 028 9052 7644 or 028 9052 27375. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned.