Northern Ireland’s Economy Minister Seeks Trade Balance with China

Northern Ireland’s Economy Minister, Caoimhe Archibald, has emphasized the need for a balanced approach to trade with China, highlighting both the potential for economic growth and the importance of adhering to values and responsibilities. Archibald is set to embark on a five-day visit to China, starting on October 2, 2023, aimed at strengthening business links and showcasing Northern Ireland’s capabilities in industries such as education, tourism, and screen production.

During her trip, Archibald will engage with Chinese officials and business leaders in major cities including Beijing, Shenyang, Dalian, and Shanghai. She noted that despite ongoing concerns regarding China’s human rights and environmental records, there is a strong economic rationale for enhancing trade relations. “It’s important that we engage with China on the same basis as all our international engagements, advancing our economic interests while upholding our values,” she stated.

Focus on Ethical Engagement and Trade Opportunities

Archibald revealed that her team is developing an “ethical investment framework” based on United Nations principles, designed to guide Northern Ireland’s investment and trade relationships. This framework will undergo a public consultation process, ensuring transparency and accountability in trade dealings.

The minister highlighted the need to address the current trade imbalance, where £125 million worth of goods were exported from Northern Ireland to China last year, compared to £1 billion in imports from the country. She expressed particular interest in expanding sectors such as medical and pharmaceutical products, including professional scientific instruments and chemicals.

Archibald’s visit is also set against the backdrop of discussions surrounding a proposed new Chinese embassy in London, which has faced delays due to security concerns. She acknowledged the importance of data security but reiterated that there are significant economic opportunities to be seized. “It is a case of getting the balance right,” she added.

Promoting Tourism and Cultural Exchange

In addition to trade, Archibald aims to enhance tourism and promote Northern Ireland’s screen industry during her trip. She plans to present to members of the Chinese tourism sector and highlight the recently opened Studio Ulster, which spans 75,000 square feet along Belfast Lough. “There are really significant opportunities to develop and promote that internationally,” she remarked.

Last year, approximately 186,000 tourists visited Ireland from Asia, and Archibald aims to leverage Northern Ireland’s natural beauty and hospitality to attract more visitors. “We have a really strong offering, and it’s about going out and selling that,” she concluded.

As Northern Ireland seeks to navigate its relationship with China, the focus remains on creating mutually beneficial partnerships while maintaining ethical standards and responsibility in trade practices.