Secretary of State visit highlights NI company鈥檚 major growth under Windsor Framework
Secretary of State for Northern Ireland visits food distribution company, PRM, as figures from the Northern Ireland Statistics and Research Agency show the Northern Ireland economy grew faster than the UK as a whole in the final quarter of 2024.
Secretary of State Hilary Benn with CEO and Founder of PRM Group Philip Morrow and Company Director Lynne Morrow.
The Secretary of State for Northern Ireland today [Wednesday 14 May] visited PRM, a leading food distribution company based in Lisburn. While there, he learned more about the significant growth the company has seen from having the benefit of dual market access provided under the Windsor Framework. This status, unique only to Northern Ireland, allows the free movement of goods between Northern Ireland and Great Britain and the EU.
PRM has said that dual market access to both the UK and EU is a major factor behind its growth strategy, which over the past year has enabled it to commit to a 拢15m聽investment in its Lisburn headquarters paired with the creation of 40 additional jobs.聽
The NI Composite Economic Index (NICEI) from the Northern Ireland Statistics and Research Agency (NISRA) shows that in each of the five sectors it tracks, Northern Ireland grew in output between October and December 2024. Output rose by 0.9% in Q4, contributing to a yearly growth in output of 3.6% across NI. Whilst for the UK overall, Q4 growth was 0.1% and yearly growth was 1.4%.
Today鈥檚 visit follows the Prime Minister鈥檚 recent announcement of two new trade deals with the US and India. Both deals will open up new export opportunities for businesses across Northern Ireland, providing them with full market access to two of the world鈥檚 largest economies and enabling them to grow further and thrive. Sectors said to benefit the most from these trade deals include agricultural food products, biotechnology manufacturing and whiskey.
Speaking after his visit, the Secretary of State, Hilary Benn, said:聽
鈥淧RM鈥檚 expansion is a great example of how dual market access is helping Northern Ireland鈥檚 businesses to expand and create more jobs.
鈥淲ith full access to both the UK and EU markets, and now new trade opportunities with the US and India, Northern Ireland聽 is uniquely placed for success.聽
鈥淭hese are tangible聽 benefits that are strengthening Northern Ireland鈥檚 economy and creating prosperity.鈥澛�
Philip Morrow, CEO and Founder of PRM Group, said:
鈥淲hile Brexit brought with it understandable apprehension, there鈥檚 no doubt that the Windsor Framework has unlocked unique advantages for businesses and individuals in Northern Ireland.聽
鈥淲e have found ourselves in a very favourable position perfectly positioned between the UK and EU with full access to both markets. That鈥檚 an enviable place to be, and it鈥檚 been instrumental in shaping our investment decisions and future growth.聽
鈥淎t PRM, it鈥檚 allowed us to commit 拢15 million to expanding our Lisburn headquarters and create over 40 new jobs. Businesses here have been handed the key to the best of both worlds and that鈥檚 something we should champion, celebrate and capitalise on.鈥�
Our Plan for Change sets out a bold vision for Northern Ireland鈥檚 economic future - to go further and faster in driving growth, attracting investment, and putting more money in the pockets of working people. Expanding international trade, cutting red tape and supporting innovation are key pillars to this plan.聽
The government continues to operate the Duty Reimbursement Scheme, allowing companies to claim back any additional duties paid on goods deemed 鈥渁t risk鈥� of entering the EU, ensuring fairness and competitiveness.