£89m early investment hinges on UK City of Culture 2013 bid

The UK City of Culture award would bring at least £89m in early stage investment to Derry/Londonderry.  Businesses in the city have got behind the bid and pledged major capital investment to cope with the expected upsurge in demand for hotels, cultural activities, restaurants, retail and other tourism infrastructure that would flow from Derry/Londonderry becoming UK City of Culture.

At a time when government departments in Northern Ireland and the rest of the UK are under major pressure to cut regeneration spending, the award would provide a stimulus that would be of enormous importance to the construction sector and employment in the North West of Ireland.

"Our members, and investors from outside the city, have already made clear that they will commit to a massive capital investment if Derry-Londonderry becomes the City of Culture," says Sinead McLaughlin, chief executive of the Londonderry Chamber of Commerce.  "Promises of at least £89m of early stage capital spending would represent one of the biggest boosts to the city's economy ever.  The jobs and commercial activity created would represent the best possible news for a city that has been badly hit by the collapse of manufacturing sectors.

"Ahead of us we can see a new future for the city - one based on attracting visitors because of our unrivalled history, important urban architecture and array of cultural jewels.  If the City of Culture goes the right way - our way - it will be the start not merely of reversing the decline of our great city, but creating a major new industry, that of cultural tourism."

Jim Sammon, president of the Londonderry Chamber of Commerce, added: "Our city has for a long time been suffering from low levels of economic activity and high levels of poverty.  The award of the title City of Culture would be one of the foundation stones for putting this right."

Sir Roy McNulty, Chairman of Ilex Urban Regeneration Company, said: "Derry-Londonderry is a hidden gem, whose creative talent, cultural wealth and enormous historical importance have never been fully exploited.  We are determined to put this right and winning the title would create the step change the city needs to drive the regeneration process on to fast-forward."

Valerie Watts, chief executive of Derry City Council, explained: "City of Culture is potentially Derry-Londonderry's turning point.  It is the doorway of opportunity for the economic improvement for our city and its transformation .  We believe that when Derry-Londonderry wins the title, significant levels of investment from the business community and the public sector will follow.  This will result in an economic boom for the city and a big increase in local jobs.  It would fire the starting pistol for an exciting new journey towards greater prosperity and creativity."