Minister for the Economy Dr. Caoimhe Archibald below sets forth her commitment to the North West region and its people and details her department’s leading role in recent developments and projects under way towards realising Derry’s ‘huge economic potential’.

As Economy Minister I am committed to growing prosperity across every part of the north. Reversing the deep legacy of historic underinvestment in the North West will take time, but strong momentum has been established.

The transformation of Invest NI is pivotal to this change. Previously, Invest NI had no objectives to promote regional balance. Now it has specific targets to support businesses in the North West. Last year Invest NI supported more than 270 investment projects, which are expected to generate over £80 million of investment. Examples include Kainos creating 32 new jobs in Derry, Seagate investing £115 million in the largest Research and Development project Invest NI has ever supported, and Alchemy’s expansion. Change is underway and Invest NI will continue to grow both the number of companies it works with, and the number of projects it supports in the region.

As well as building its client base, Invest NI is also playing its part in the wider strategic development of the North West. For example, Invest NI is working with the Council, business leaders and civic society on the Local Economic Partnership. This is a £5.15 million fund being spent in line with priorities set by the Partnership for Derry City and Strabane. They are bringing forward a wide range of programmes including a Student Enterprise Programme, Future Leaders Student Placement Programme, Business Growth and Competitiveness Grant Scheme, and the AI Accelerator Programme.

Economy Minister Dr Caoimhe Archibald in Derry.

placeholder image — Economy Minister Dr Caoimhe Archibald in Derry.

To drive forward a renewed economic proposition for the region Invest NI needs to be more visible, accessible, and embedded in the North West. Arrangements for a new regional office in Derry are being finalised. This will be much more than a change of address. The office will be a hub for driving economic development in the region. It will provide space where businesses, entrepreneurs, investors and civic leaders can connect and turn ideas into growth. I am delighted that Aeidin McCarter has been recruited to lead this office as Head of Regional Business for the North West. Aeidin is highly regarded within the local business community and under her leadership the office will serve as a strong champion for the North West.

Invest NI is a key partner on the Magee Taskforce. Its role there is to ensure that the expansion of the campus meets the needs of local businesses. On Wednesday, I launched an example of this in action; the Ulster University Business School’s Short Courses Programme. These courses are an accessible way for people to develop new skills, and for local businesses to access the talent they need to innovate, compete, and grow.

10,000 students

Supporting the expansion of Magee to 10,000 students remains one of my top priorities. Since the Executive was restored in 2024, student numbers have increased by 22 per cent to a record high of 6,500. The forthcoming academic year will likely see a further increase in student numbers. All the land required for expansion has now been secured, a new teaching facility opened at Timber Quay last year, and further refurbishment will increase teaching capacity from September 2026. The decision of Ulster University to not proceed with the Sports Dome project is disappointing but it is important to note that it will not impact on student numbers on the campus.

Pictured at the launch of this years Short Courses Programme at Magee (l-r are Professor Gillian Armstrong, Pro Vice Chancellor & Executive Dean, Ulster University Business School; Terence McLaughlin, graduate of the Mini MBA Future Leaders 2025/26; Economy Minister Dr Caoimhe Archibald; Alison Craig, graduate of the Mini MBA Developing Female Talent 2025/26; and Sean Carey, graduate of the Mini MBA GEMX Lead ME.

Under my leadership of the Department for the Economy, the City of Derry Airport is also recognised as a key strategic regional asset. Connectivity is another essential part of a successful regional economy. The airport links businesses, residents and visitors to key markets, supports tourism and makes the North West more attractive as a place to invest. My Department is therefore providing up to £12 million over four years to stabilise and develop the airport. This investment is already paying off. Passenger numbers have increased from 179,095 in 2024 to 220,933 in 2025. Growth has continued in 2026, with 120,151 passengers recorded in the first six months of the year, a 16% increase on the same period in 2025. The upcoming re-establishment of the Derry-Dublin route, expected by March 2027, will further boost the airport and the economy of the North West.

We have also supported a successful North West Community Wealth Building pilot, demonstrating how local economic development can help retain wealth within communities, strengthen local ownership and empower people to shape economic decisions that affect them.

Tourism is contributing strongly too. Tourism NI funds Derry Halloween, the North West 200, Foyle Maritime Festival; Stendhal Festival, SuperCupNI, and Other Voices -Derry~Londonderry. Together these events are expected to provide a £21 million boost to the local economy this year and generate around 120,000 commercial bed nights. The £14.4 million Derry on the North Atlantic museum at Ebrington, due to open next Summer, will add further to the North West’s tourism proposition. Shared Island funding has also been provided to link the North West to Failte Ireland’s hugely successful Wild Atlantic Way brand and I continue to make the case for further progress in that regard.

There is much more to do, and historic imbalances will not be reversed overnight. There will continue to be challenges and setbacks. But there is no doubt that the landscape is changing. Investment is being secured, local partnerships are strengthening, and Derry’s huge economic potential is beginning to be realised.