The Industrial Development Authority in the Republic and its northern equivalent, Invest Northern Ireland, should be merged, the chairman of the Ulster Bank Group, Dr Alan Gillespie, has urged.
The radical proposal to bring together the two job-creating agencies on the island of Ireland is made in an article in today's Irish Timesby Dr Gillespie.
"I believe that to market Northern Ireland effectively we should align the inward investment marketing activities of Invest Northern Ireland (INI) with the Republic of Ireland's IDA," Dr Gillespie says.
"We should promote an all-island economy through a single joined-up effective agency, with the IDA and INI no longer competitors, but fully collaborative," he says.
The proposal poses both a challenge and a potential economic opportunity for the Government and the Executive.
For the Government, it could mean the proven record and marketing experience of the IDA being exploited to create jobs in Northern Ireland, possibly at the expense of jobs in the Republic. For the Executive - particularly for unionist Ministers - it raises questions about potential dilution of UK sovereignty.
Dr Gillespie, however, addresses these points and argues strongly that neither situation should prevail. He says the IDA "is best in class" and that INI "still has some catching up to do". He points to how the island of Ireland is now marketed on an all-island basis through Tourism Ireland and adds that an IDA/INI merger would benefit both economies.
"Would this be a big concession by the Republic of Ireland? I don't think so, as it would stimulate all-island economic growth, enhancing the Republic of Ireland as well as Northern Ireland," he says.
"Would this be a big give-up for unionists in Northern Ireland? Such an international marketing arrangement would not compromise sovereignty," adds Dr Gillespie, who comes from a unionist background. His proposal carries additional weight as not only is he a leading influential financier but was a former chairman of the Industrial Development Board in Northern Ireland, the precursor to Invest Northern Ireland.
"Surely sensible people in Belfast and Dublin could work out a mutually beneficial operating protocol to bring real benefit to the whole island? Tourism Ireland is already an operating example to follow," Dr Gillespie says.
