SMBs vital to Northern Ireland's economic recovery

Wednesday 12 December 2012

Business

Small and medium-sized businesses (SMBs) have a vital role to play in stimulating economic growth in Northern Ireland, it has been claimed.

Professor Marie McHugh, Dean of the Ulster Business School, told the Belfast Telegraph that small companies can play a significant role in restoring sustainable growth.

She noted that small enterprises make up almost 95 per cent of businesses in Northern Ireland.

And with so many jobs having been lost in the public sector, such firms have a crucial role to play as employers.

Northern Ireland also needs SMBs to thrive in order to successfully rebalance the economy, Prof McHugh said.

"Investing in SMBs that are capable of contributing to the regional economy through export growth and employment creation is central to Northern Ireland's economic future," she added.

Prof McHugh urged SMBs to take advantage of the support networks and resources they have available to them in order to achieve their growth potential.

Back in October, Prime Minister David Cameron said UK SMBs have a key role to play in creating an 'aspiration nation' over the coming years.

"We need businesses, of every size, in every type of industry, in every part of the country -investing and taking people on," he stated.

Posted by Sarah Parish