In a new role with OCO Global, a Belfast headquartered economic development and inward investment business, I have been reflecting on how the rules of the game for inward investment have shifted since I worked here last, just over decade ago, and what it means for our economy.

Back then, regions competed on a relatively narrow set of factors. Labour costs, tax regimes and the availability of property tended to dominate decision-making. Investment agencies focused on promotion, incentives and relationship-building, often with considerable success. That model is now under pressure.

Across Europe, North America and Asia, governments are deploying far more active industrial strategies. Public funding, targeted incentives and sector-specific interventions are being used to attract investment in areas such as advanced manufacturing, semiconductors, life sciences and clean energy.

At the same time, companies are making different decisions.

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Location choices are no longer driven primarily by cost. Investors are increasingly focused on access to skills, the depth of research ecosystems, infrastructure capacity, planning certainty and the ability to scale quickly once they arrive.

Energy, for example, is no longer simply a cost input. It is increasingly acting as a constraint on where companies can locate, with power availability........

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