‘North’s economy must be insulated from China instability’ – Ritchie

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Friday, September 4th, 2015
Business, Politics
SDLP South Down MP Margaret Ritchie has urged the British Chancellor George Osborne to take action to ensure the Northern Ireland economy is insulated from volatility in Chinese markets. Margaret RitchieChina is seen as a key emerging market for Agri-foods exports from Northern Ireland and a volatile market could threaten that developing relationship. Speaking to Newry Times, she said, “The dramatic volatility within the Chinese Stock Market is a serious concern for European markets and poses a real threat to some of our indigenous industries. “The rapid economic expansion of China has made it an attractive trading partner, especially as an emerging market for our growing Agri-food industry, including pork and poultry products. “It’s important that the Chancellor works with Enterprise Ministers in the devolved nations to insulate our regional economies from the current volatility in the global market. That means developing robust export strategies that will enhance trade routes with foreign markets. Ritchie added, “The recovery in Northern Ireland is extremely fragile. It’s important that we all work to protect and enhance it.”
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