To ask the Minister for the Economy what action he is taking to promote investment to and from the European Union and the European Economic Area to maximise any benefits from dual market access.

Mr C Murphy

Maximising the opportunities associated with dual market access is key to growing our prosperity. Invest NI promotes the dual market access proposition through its network of overseas offices in Europe and beyond. It has developed a European programme that will showcase the North as an investment destination. The programme includes a comprehensive online marketing campaign and a series of in-person events, the first of which I will attend in Germany in October. Further events are planned for the Netherlands and Belgium. Locally, I want to see our businesses take advantage of dual market access. Accordingly, my officials have initiated a forum with business representatives to co-design support and guidance for navigating the new regulatory environment and maximising our unique trading opportunities. Research has been published that identifies the particular sectors that stand to gain most from access to both markets.

Mr C Murphy

As the Member may know, I have just returned from North America, having been there all last week. It was a frequent topic of discussion. The Invest NI team out there has been presenting similar evidence of what dual market access looks like and will mean. There is an interest there in what it means for companies. I suppose that it is on three levels. Geographically, we are looking at North America and Europe, but we are also looking at our indigenous businesses so that they fully understand what the propositions are. That is why that research was done. As the Member says, the services sector is strong, but it may not necessarily benefit so much from dual market access. We will, however, need to ensure that the sectors that stand a chance of benefiting most understand what the rules and regulations are and how they will benefit. Bear in mind that dual market access was finally agreed only at around this time last year. It will be under implementation until 2025. Some of this is still evolving. There is a significant interest in North America. As I said, when we met people last week, it was a frequent topic of conversation. We had officials there who were able to give advice and guidance to people who are considering investing here. That is the proposition that we will bring to Europe next month. I intend to go to a number of European destinations to make sure that people fully understand that, because, as the Member will understand as much as anybody, there continue to be unwelcome challenges from Brexit, and there will continue to be challenges for our businesses as a consequence of Brexit. Where there is an advantage to be gained, we have to make sure that we are in a position to act on it.

Mr McGuigan

Following on from answers that the Minister has already given, I ask whether the recent HMRC trade data suggests that manufacturing exports are benefiting from dual market access?

Mr C Murphy

Yes, a number of companies have been saying that they have benefited specifically from that. From the existing data, it is difficult to measure the exact impact across manufacturing. There is no data available on specific companies that are selling to both Britain and the EU to identify exactly how companies are benefiting. We certainly have had testimony from individuals indicating that they have seen great benefits. We have seen a small increase in goods from the North being exported to the EU over the past year, despite a challenging business environment and the cost-of-living crisis. Goods exports from GB to the EU fell by 9% over the same period, so that indicates that there are benefits to be had. We need to ensure that our local, indigenous businesses are fully aware of how to take advantage of those benefits.

Mr Brett

I welcome the Minister back from his trade visit and hope that those representing North Belfast did not cause him too much difficulty while he was out there. Data published last week shows that manufacturing output is down by 1·1% and that dual market access has, to date, not brought any benefit to the Northern Ireland economy. The service sector, which shows 33% growth, is, of course, not covered by the protocol.

Can the Minister assure the House that he will continue to focus on building not only the European market but the UK internal market, which continues to be the biggest investment market for companies and exports from Northern Ireland?

Mr C Murphy

Yes. Access to both markets is the key to the dual market access benefit that will flow to us. We will ensure that companies have as few barriers to trade as possible, east-west, North/South and into Europe. Our manufacturing companies, like the wider economy, face challenges. There is historically high inflation in raw materials, and there are rising wage and energy bills, but the figures published on 12 September show an easing in the contraction of the production output rate, with an improvement in the second quarter estimated at 3·5% from a figure of 4·3% in quarter one. The Ulster Bank purchasing managers index reported that the manufacturing sector had the highest level of growth, activity and new orders and the strongest level of optimism of any sector. It points to an improving picture for the manufacturing sectors, but I agree with the Member that we want to ensure that our companies can grow, export and trade as seamlessly as possible, both east-west and North/South.

Mr Durkan

Can the Minister provide an update on the publication of the Magee task force's report?

Mr C Murphy

I am not sure what that has to do with dual market access, but, nonetheless, the report was published last week. The matter may arise in further questions, but the interim report was published last week. It identifies challenges that need to be met in order to realise the ambition. I am sure we will get down to meeting those challenges in the near future.