US Investment Plan for 300 Jobs in Northern Ireland Withdrawn
A significant US multinational has unexpectedly withdrawn plans to create approximately 300 jobs in Northern Ireland, with concerns raised that political stances adopted by Sinn Fein may have influenced the decision. The revelation emerged during a Stormont committee hearing, where DUP MLA Jonathan Buckley directly questioned Economy Minister Caoimhe Archibald about the collapsed investment.
Committee Hearing Reveals Shelved Investment
During the Assembly scrutiny committee session, it was disclosed that global financial services firm Cantor Fitzgerald had been preparing to invest in the region but halted those plans following a meeting with Minister Archibald in the United States last March. Department for Economy permanent secretary Ian Snowden confirmed the company had "unexpectedly" informed the minister it was shelving the idea during what he described as a "quite short" encounter.
Mr Buckley specifically linked the decision to Sinn Fein's positions on international issues, particularly referencing the party's stance on the Israel/Gaza conflict. He noted that Cantor Fitzgerald lost 658 employees in the World Trade Centre during the 9/11 attacks and suggested the company might have concerns about political alignments.
Political Positions Under Scrutiny
The DUP MLA pressed Minister Archibald on whether her department or Invest NI had received any feedback from US-based investors expressing concern about political statements, public commentary, or reputational issues associated with her party. Sinn Fein has been a vocal critic of Israel's actions in Gaza and last year boycotted traditional St Patrick's Day events at the White House in protest at former President Donald Trump's support for Israel.
Notably, Howard Lutnick, former chairman and CEO of Cantor Fitzgerald, served as secretary of commerce in the Trump administration, adding another layer to the political connections being examined.
Minister's Response and Official Explanations
In her response to the committee, Minister Archibald declined to be drawn on the specific claim, stating: "Companies make decisions about why they invest or don't invest based on their own commercial interests, and I think that's absolutely a matter for them and, in terms of political positions or otherwise that people might hold, that's for individuals, it's for parties to express those as they feel."
When accused of not directly answering the question, the minister offered to have her department correspond with the committee on the matter. Meanwhile, Permanent Secretary Ian Snowden suggested alternative explanations for the investment withdrawal.
Alternative Explanations and Committee Demands
Mr Snowden, who was not present at the US meeting, indicated that the decision might be linked to broader Trump administration policies regarding overseas investment rather than specific ministerial positions. He stated: "I don't have the detail of it, but one of the assessments that was made was that a senior executive or leader of Cantor Fitzgerald is a member of President Trump's cabinet, and the policy position that the Trump presidency was taking around overseas investment and so forth may not have aligned with a decision to invest at that point."
The DUP MLA countered this suggestion, asking whether the minister's positions on certain issues might have been a contributing factor, describing the loss of 300 potential jobs as "quite a considerable jobs announcement" that came as a significant shock given expectations that the US meeting would be a "rubber stamping exercise."
Transparency Demands and Official Records
Committee members expressed frustration that nearly a year had passed without the Assembly being informed about the collapsed investment. Mr Buckley demanded the release of all information relating to the meeting to "ensure that we can get to the bottom of why 300 jobs did not come to Northern Ireland following that meeting."
DUP committee chair Philip Brett questioned why officials who attended the meeting hadn't been asked for the reasons given by Cantor Fitzgerald for the investment U-turn. Mr Snowden responded cautiously, stating he didn't want to "breach any confidences that the company had provided" but acknowledged they gave reasons for not proceeding with overseas investment.
The permanent secretary committed to providing the committee with the record of the meeting and the reasons given by the company. Sinn Fein MLA Gemma Dolan noted that since Mr Snowden wasn't present at the meeting, he would be unlikely to provide detailed insights about what transpired.
As the committee seeks greater transparency, the incident highlights the complex intersection of international investment, political positioning, and economic development in Northern Ireland. The permanent secretary noted that prospective inward investments "fall through on a regular basis" and this was "not a unique occurrence," though the scale of the lost opportunity and the political dimensions make this case particularly noteworthy.
