The IRA's statement on decommissioning its weapons has been cautiously welcomed by the North's business community as a crucial step. Business leaders believe the confirmation by the de Chastelain Arms Commission that the IRA has begun the process of putting its weapons "beyond use" is a significant breakthrough for the peace process.
The business community now hopes the corroboration from the Independent International Commission on Decommissioning will be the key to removing outstanding obstacles in the peace process.
The mood in Belfast last night was one of guarded optimism, but there is a growing conviction in the business community that a new political will could now emerge. Mr John Stringer, chief executive of the Northern Ireland Chamber of Commerce, said the IRA statement would be viewed as a "hopeful indicator" of things to come. "We would welcome the political stability that this statement could deliver, and we would hope that all the various political parties would now follow through and look carefully at the implication of it.
"The business community values positive input from any of the political parties involved in solving the political situation. Hopefully, this statement is enough to convince politicians now to look at continuing the process of devolved government that has worked so well for us, and that is essential for the economic prosperity of Northern Ireland," Mr Stringer added.
He said there was no doubt among business leaders that further political uncertainty would continue to undermine the local economy. "If we don't get the political situation resolved, we are going to lose out on inward investment, our tourism sector is going to suffer and we could see a decline in cross-Border trade," he warned.
Mr Eric Bell, chairman of the Institute of Directors, said the confirmation from the de Chastelain Commission might help remove the threat of suspension from the Northern Ireland Assembly. "After a period of uncertainty and frustration, this announcement is welcomed. We recognise that what we need is an end to all violence because, as long as it continues, it is to going to restrict the economic development of Northern Ireland," Mr Bell said.
"What we need more than anything is stability in our political institutions and if this statement can deliver that, we can begin to address the issues that are important to the economy, such as investment in our education system and in our infrastructure," he added.
Mr Bill Jeffrey, who is vice-chairman of the Federation of Small Businesses in the North, said that while the majority of business people will welcome the statement from the IRA, they will want to see what it will deliver. "As a businessman, I believe that the confirmation from General John de Chastelain is a very welcome breakthrough. But the acid test of the IRA statement will be if it is enough to restore the Northern Ireland Assembly. If it is not, then it will not be enough for the Northern Ireland business community either," he said.
