Described as a 'strategic meeting space for Northern Ireland companies and stakeholders', businesses can use the Hub to meet with clients, develop new trading partnerships and explore the southern market. The Hub will also be the base for Invest NI's Dublin team which works to secure inward investment to the north and also for Tourism NI in Dublin.
Speaking at the launch, Minister Murphy highlighted that with the all-Ireland economy thriving, it is extremely timely for Invest NI to be increasing its presence across the island.
He said: "Cross-border trade has grown by 125% since 2018, reaching over €10billion in 2023. This growth has continued in the first six months of 2024.
"More and more companies are operating in, and establishing footprints in, both parts of the island. Supply chains and clusters are increasingly all-Ireland in nature. Cross-border tourism has also surged over the last few years, with latest figures showing an unprecedented number of visitors from the south in 2023.
"This Hub will build on that success and will serve as a base for businesses across the island to reach new clients; and to showcase their products and services. The team at this Hub will work to encourage investment from the south into the north, with a key selling point being dual market access."
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The Minister added: "The all-Ireland economy offers significant potential and this Hub will help realise that potential for the benefit of everyone on this island."
As well as supporting local businesses to develop trade links, the Hub in Dublin will promote all aspects of the region across business and tourism.
Invest NI's CEO, Kieran Donoghue, said: "Since establishing an office in Dublin in 2002, the Republic of Ireland has grown to become one of Northern Ireland's key markets and largest sources of inward investment. Over this time, Invest NI has secured over €800million of investment commitments by 180 Irish-owned businesses that will lead to the creation of 4,500 new jobs in the local economy by investors including Kingspan, Kerry Group and O'Neill's Sportswear.
"With dual market access as an added string to Northern Ireland's bow, our Hub will provide a great base from which to highlight the north's unique trading position into GB and EU markets. This is an exciting development for Invest NI and Tourism NI, whose teams will showcase all the benefits of visiting, investing in and doing business with Northern Ireland."
John McGrillen, CEO of Tourism NI, said: "The Republic of Ireland is a very important market for the Northern Ireland tourism industry. Visitor numbers from the south have increased four-fold since 2016 to more than 1.3million in 2023, directly contributing £267million to the Northern Ireland tourism economy.
"Dublin is also home to many of the major tour operators who bring our international visitors to the north as part of their visit to Ireland, spending an estimated £50million last year in contracting with many of our attractions, experience providers and accommodation providers.
"This is business which we anticipate will grow significantly as overseas markets continue to recover post Covid."
Mr McGrillen added: "This new facility will provide us with a base to continue with the important work we do in Dublin and provide a meeting space for Northern Ireland tourism providers to meet and showcase their products to their customers here in Dublin."
The Invest NI Dublin Hub will be open for bookings from Tuesday 1 October 2024. For further information please go to: www.investni.com/northern-ireland-hub-dublin
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