Can Hospitality Play A Vital Role In Rebooting Our Economy?

The hospitality sector has received quite a buffeting in the last couple of years to say the least. It has been in the eye of a storm ever since the onset of the Covid pandemic and the enforced lockdown of all the businesses for a prolonged period. It looked, for a short spell of time, like there may be light at the end of the tunnel once the vaccination programme took effect and society started opening up once more, but now we have the cost of living crisis and the rising of energy bills which has mainly been driven by the conflict in the Ukraine. This has had a serious effect on hotels, restaurants and pubs etc across Northern Ireland.

The 10X Economy Vision

But Colin Neill, the chief executive of Hospitality Ulster, is convinced that the industry can be a driving force in a reboot of the economy and can help with the so-called 10X Economy vision. If you have never heard of the term before, the 10X Economy vision is transformational mind-set centred on what can be achieved with the right levels of ambition. The concept embraces innovation to deliver a ten times better economy with benefits for the whole of Northern Ireland.

Here is what Colin says in an article in the Irish News about the role hospitality can play as we move through 2023:

“With a hopeful and expectant attitude, whilst not ignoring the current challenges, it is now time to focus on the strategic direction of our economy. We know that Northern Ireland thrives when our economy thrives.

“The 10X Strategy recognises Northern Ireland’s history as an international renowned location for its shipbuilding, rope works and linen factories. Over 100 years later, we are now global leaders in cyber security, fintech, robotics and advanced manufacturing. It is good that 10X embraces the future economic trends and job opportunities, but we must ensure that the economy develops in a balanced way, bringing with it benefit for all key sectors.

Hospitality The Anchor On Which Our Economy Has Depended

“While we may no longer be leading in some of the things we used to do well in, hospitality here has always been the anchor on which our economy has depended. Trends, businesses and indeed society in Northern Ireland has evolved drastically over decades, but we still rely on our hospitality businesses as the sanctuary where we go to meet our friends, eat great food, and enjoy life.

“Our vibrant hospitality sector can play a key role in the implementation of the 10X Economy. Not only are we a key driver of the economy, but we are also an economic enabler. Our fantastic hospitality businesses that serve out world-class food and drink position Northern Ireland as an optimal location to live, work, and play.

“It was our pubs, restaurants and hotels who drove the bounce back from Covid-19, guiding us all back to some sense of normality. But hospitality here also plays a central role in attracting business, talent and skills – it is the engine room when it comes to creating social value and creating a bond with the human capital which is a central theme in the 10X strategy.”

It would be fantastic to see a really thriving hospitality industry again so let us all hope that this vision does indeed become a reality.