Over 1,500 international companies have set up operations in Northern Ireland.
The region boasts a proven track record of attracting foreign direct investment (FDI) and is fast becoming a top location for businesses seeking to diversify their international operations and explore opportunities in new markets.
Invest Northern Ireland, the economic development agency for the region, is a trusted business partner for international companies working alongside them to explore the advantages Northern Ireland offers and supporting them to set up operations in the region.
Last year, with support from Invest Northern Ireland, 19 new international companies decided to invest. These companies were across the digital and creative technologies, financial, professional and business services and advanced manufacturing and engineering sectors and from countries including Canada, United States (US), Great Britain (GB), Ireland, Germany, Cayman Islands and India.
Renowned as a fantastic place to live, work, and do business, Northern Ireland offers international businesses highly skilled talent, excellent infrastructure, competitive costs, and a supportive, business-friendly environment.
From its connectivity to its world-leading industries, here are the top five reasons why Northern Ireland is an ideal place for international businesses seeking to grow and innovate.
1. A unique and integrated location
Situated between Europe and the US, Northern Ireland offers easy access to global markets.
What sets Northern Ireland apart from other locations as a prime investment location is its unique dual market access to GB and all 27 European Union (EU) member countries.
Dual market access allows manufacturing businesses in Northern Ireland to trade goods freely with both GB and the EU, providing access to a market worth over £6 trillion. This unique position means goods move from Northern Ireland to GB and the EU without customs checks or tariffs, giving businesses selling from Northern Ireland a competitive advantage in accessing both these markets.
Moreover, Northern Ireland maintains regulatory alignment with the EU on goods and remains in the UK Customs Territory. This means Northern Ireland-based businesses can access UK trade agreements, such as those recently concluded with Australia, New Zealand, India, and the US.
The 10% reciprocal tariff for most UK exports to the US, alongside zero tariffs on aircraft parts, applies to companies based in Northern Ireland.
On average, operating costs are around 40-50% lower than in other parts of Western Europe.
In terms of wider connectivity, Northern Ireland has a great communications infrastructure. It has a digital, fully fibre-optic communications network and was the first region in Europe to achieve 100% broadband coverage. Government and industry in Northern Ireland are working collaboratively to ensure that 5G mobile connectivity is world leading to help drive economic growth and attract investment.
The region is served by four ports and three airports that accommodate nearly seven million passengers per year, and the capital city, Belfast, is less than two hours by road or rail from Dublin.
To complement its connectivity and unique dual market access, Northern Ireland also boasts a business-friendly environment with competitive operating costs.
On average, operating costs are around 40-50% lower than in other parts of Western Europe. Additionally, R&D expenditure credit allows businesses to claim 20% tax relief, and there is a corporation tax rate of 25%, the lowest in the G7. Businesses can also take advantage of a 10% lower corporation tax on profits from patented inventions.
2. Skilled talent and educated people
Northern Ireland is home to a young, well-educated, highly skilled, English-speaking workforce, supported by a first-class education system.
It is one of Europe’s youngest and fastest-growing populations, with 50% of people under the age of 40.
The region also has the highest university degree completion rate in the UK, thanks to two world-class universities and a network of regional colleges.
Queen’s University Belfast is over 175 years old and a member of the prestigious Russell Group, with 99% of its research environment world-leading or internationally excellent.
Ulster University has four campuses across Northern Ireland and was recently awarded ‘University of the Year 2024’ by Times Higher Education, recognising it as the leading higher education institution in the UK and Ireland. It ranks in the top 10% of UK universities for research impact.
Both universities are internationally recognised for their high-quality, research-led education, with an emphasis on innovation and entrepreneurship. They have a long history of collaborating with international and Northern Ireland businesses on research projects and of producing graduates equipped with skills, competence, and insight in business-relevant areas.
What’s more, there are close links between government, industry and academia to ensure the workforce is equipped with the skills that local businesses and investors need.
The Assured Skills Programme is a fully funded, pre-employment training programme that guarantees incoming companies can secure the right talent with the right skill sets. It incorporates input from participating companies and collaborates with Northern Ireland’s colleges, so that newly arriving operations can hit the ground running. The Programme has helped companies recruit employees in specialist areas such as software development, data analytics, cybersecurity, and financial services.
3. Specialist key sectors and leading industries
Northern Ireland has a global reputation for excellence in a range of key sectors, including technology, financial services, artificial intelligence, aerospace, and life and health sciences.
Northern Ireland is set to become the UK’s next ‘Silicon Valley’ – according to technology giant Samsung. The region has emerged as a technology leader, particularly in fields such as fintech, cybersecurity, and software development.
Northern Ireland has consistently ranked among the top destinations worldwide for fintech inward investment projects and is the top European investment location for US cybersecurity firms. Global corporations like Allstate and Citi who both invested in the region, and Northern Ireland companies such as FinTrU have helped catapult the region into becoming one of the world’s largest FinTech investment locations.
Northern Ireland has consistently ranked among the top destinations worldwide for fintech inward investment projects and is the top European investment location for US cybersecurity firms.
Bank of America recently announced its intention to establish its first-ever operation in Northern Ireland, with plans to create up to 1,000 new jobs. Allstate Northern Ireland also announced a £16m investment in skills to upskill or reskill their employees in AI, cybersecurity, and cloud computing. These significant investments highlight Northern Ireland’s reputation in global financial services and as a location for high-value, skilled employment.
But it’s not just Northern Ireland’s sectoral talent that is securing investment – crucial investment is being made in research and development too.
Northern Ireland’s cybersecurity and AI sectors are supported by research centres that are partnering with industry leaders. For example, digital technology company Kainos is investing £10m in the advancement and scaling of Generative AI by partnering with Ulster University’s AI Research Centre.
The Artificial Intelligence Collaboration Centre (AICC) is a £16m project led by Ulster University in partnership with Queen’s University, which supports technology diffusion to industry and training. It is designed to support industries, including manufacturing, legal, life sciences and creative technologies sectors, among others, who might otherwise be slow to adopt AI.
The region is also leading the way in financial services. It can provide international financial services solutions such as fund administration, investment operations, regulatory compliance, and risk management in support of global capital markets, asset management, and banking industries. All the ‘big four’ accountancy firms (Deloitte, PwC, EY and KPMG) have a presence in Northern Ireland, making it a well-known global financial services hub.
As for aerospace, defence and security, Northern Ireland’s industry generates £2.2bn in annual revenues and employs around 9,000 people. The aerospace sector is home to many international companies, including Collins Aerospace, Airbus, Embraer, and GKN Aerospace. Within the next decade, thrusters manufactured by Thales Alenia Space in Northern Ireland will be taking cargo to the moon.
Another surging industry is the life and health sciences sector. It has a vibrant cluster of over 250 businesses, international investors, and indigenous companies, exporting globally to over 140 countries. Northern Ireland has particular expertise in precision medicine, diagnostics, medtech, pharma, and biotech, underpinned by a skilled workforce of nearly 20,000 people.
Northern Ireland homegrown but global pharma and biotech companies such as Almac Group, Randox, Norbrook, operate alongside international companies such as TEVA and Terumo. Northern Ireland company CIGA Healthcare, a global leader in professional diagnostic tests, has recently landed two lucrative contracts with Walmart Marketplace and Austria DM valued at £1.4m.
4. A culture of innovation and investment in research and development
Northern Ireland has a celebrated history of innovation. From the pneumatic tyre to the portable defibrillator, the region has a reputation for impactful inventions.
Innovation is only set to grow in the coming years. Northern Ireland is benefitting from an investment package of £1.3bn from four City and Growth Deals. These significant deals will help strengthen the region’s expertise in key sectors.
The investments from the City and Growth Deals will create centres of excellence and leading-edge facilities, along with thousands of new jobs. They will stimulate a culture of innovation, which will allow Northern Ireland to compete globally and be seen as a leader in areas such as drug discovery, environmental sustainability, data analytics, and other transformational technologies.
Innovation can’t happen in isolation, and that’s why Northern Ireland curates a collaborative ecosystem to bring together government, industry, and academia to work together on major investments in infrastructure.
One such example is the UK Digital Twin Centre based in Belfast, a project expected to drive the next wave of industrial transformation by boosting digital twin technology. It is projected to deliver £62m in GVA for the economy over the next decade.
Innovation is only set to grow in the coming years. Northern Ireland is benefitting from an investment package of £1.3bn from four City and Growth Deals.
The strength of Northern Ireland’s commitment to R&D can be seen in the frequency of FDI companies re-investing in the region. The US mass-capacity storage technology firm, Seagate, established operations in Derry-Londonderry in 1993, and has become a world-class manufacturing facility and one of the area’s largest employers. Recently, Seagate announced a £115m investment over five years in the development of new hard drive technology.
5. Tailored investment support, guidance, and advice
For those companies seeking to expand their operations outside their home markets, Invest Northern Ireland provides comprehensive support pre, during and post investment. Financial and advisory support offered ranges across all aspects of business operations, from increasing productivity and efficiency to improving skills, developing products and services, and finding new markets.
Invest Northern Ireland has a global office network with professional investment teams who work with potential investors to explore what Northern Ireland can offer. Support includes organising visits, introducing companies to existing investors and wider industry and academia networks, and helping find suitable premises.
As a location, Northern Ireland has exactly what businesses are looking for – a workforce that is educated, innovative, resilient, and results-driven. People who will go the extra mile to make sure your expansion and operation is a success. Combine this with a superb infrastructure, competitive costs, and excellent support packages, and Northern Ireland is the ideal location to grow your business.
Find out more about what Northern Ireland can offer your business by contacting [email protected] or visit https://www.investni.com/international-business/invest-in-northern-ireland.
