Invest Northern Ireland Helps Local Firms Take To The Sky
As the first phase of a major initiative to target the European Aerospace Sector, Invest Northern Ireland is helping five leading precision engineering firms to exhibit at the Berlin Air Show 16 – 21 May. This support is part of an Invest NI initiative aimed at strengthening the competitive position and global reach of local precision engineering firms, which service the aerospace sector.
With an estimated worth of over €16 billion in 2005 the German aerospace industry is ranked as the fourth largest in the world and offers many export opportunities for Northern Ireland businesses.
Invest NI’s Düsseldorf office has been actively involved in ensuring that local firms here will be able to fully exploit these opportunities and establish potential new business contacts not only in Germany but Eastern Europe as well.
Commenting on the importance of local company attendance at the show Kevin McCann, Director of Transport, Construction and Tourism at Invest NI said:
“By attending this event local companies here will be able to establish potentially lucrative new business contacts which will allow them to enhance both their current exporting capabilities and profit margins.
“The aerospace sector offers significant new business opportunities for those innovative companies able to meet its unique needs,” he continued.
The German market encompasses the latest developments within the aerospace sector and is dominated by principal manufacturing companies like EADS/Airbus as well as systems integrators such as Siemens and Bosch.
The German market offers business opportunities for what is classified as Tier 1 suppliers (which provide subsystems or sophisticated components involved in plane manufacture) as well as Tier 2 suppliers who provide the basic components for Tier 1 companies.
It is anticipated that the event will further strengthen Northern Ireland’s aerospace sector which in 2005 had a turnover of £720 million, and currently employs over 7,000 people.