Bank chief in invest merger call

http://news.bbc.co.uk/go/rss/-/1/hi/northern_ireland/7026228.stm

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The merger of investment and development agencies across Ireland could help both economies, the chairman of the Ulster Bank has said.

Alan Gillespie - a former chairman of the IDB - said such a move would not "compromise sovereignty" for unionists.

He said the most effective marketing of Northern Ireland would be all-island.

"To market Northern Ireland effectively we should align the inward investment marketing activities of Invest NI with the Republic's IDA," he said.

"We should promote an all-Island economy through a single joined up effective agency with the IDA and INI no longer competitors, but merged and fully collaborative."

He said that the way Tourism Ireland worked gave an example of how such an approach could help both areas.

Mr Gillespie said Northern Ireland was "poised at the beginning of a new era with restored devolution, an Executive hard at work and high expectations of a stronger economic future".

He said there was pressure for a cut in corporation tax in Northern Ireland to match the 12.5% paid by companies in the Republic.

However, he added that if this was lobbying was unsuccessful, another plan would be needed.