The UK has emerged victorious in the Brexit trade battle, luring £150 million in EU investment to its borders.
NORTHERN IRELAND’S post-Brexit trading edge has enticed an EU packing behemoth to invest, in what may be viewed as a big victory for the United Kingdom.
Ardagh Metal Packaging (AMP) is the latest company to announce plans to develop a (dollar)200 million (£150 million) beverage can plant near Belfast, taking advantage of the region’s “best of both worlds” trading status. A total of 170 new employment will be created in the region as a result of the investment. The initiative, which is one of the region’s greatest greenfield investments since the UK exited the EU, can be viewed as a vote of confidence in the contentious Northern Ireland protocol.
AMP’s investment came just days after Almac, a Northern Irish pharmaceuticals company, revealed that as part of a global expansion, it will be creating 1,000 jobs in the region over the next three years.
Almac lavished praise on the agreement, claiming that it provided “unique, unrestricted, and flexible access to the United Kingdom, Europe, and beyond.”
Northern Ireland gains access to UK markets while remaining within the EU’s single market for goods thanks to the protocol, which was approved as part of the December 2020 Brexit Agreement.
It was enacted to avoid a hard border between Northern Ireland and Ireland, making Northern Ireland the only territory in Europe with free access to both markets.
AMP, established in Luxembourg, intends to export beverages to both the United Kingdom and the European Union.
Coca-Cola, the world’s largest soft drink business, is among the company’s many clients.
“We are happy to be investing in Northern Ireland, supporting our clients’ sustainability demands and further decreasing our carbon footprint by locating closer to our end customers,” the company’s chief executive Oliver Graham told the Financial Times about the project.
Last year, Michael Gove informed the public that the protocol would give Northern Ireland “the best of all worlds.”
However, in recent months, it has come under assault, prompting the UK and EU to re-engage in talks to revise the agreement.
The protocol has been a source of contention since the transition period ended on December 31, 2020, but it has recently risen, with Downing Street claiming that the way it is being run by Brussels is unsustainable.
This is because products from the United Kingdom that enter Northern Ireland must go through EU import procedures at the ports, which means that. “Brinkwire News Summary.”