Northern Ireland co-operatives contribute £1.5bn to economy, new research finds
Northern Ireland co-operatives: The sector contributes an estimated £1.5 billion to the economy, according to new research highlighted by Economy Minister Dr Caoimhe Archibald.
The Minister said the findings demonstrate the potential of co-operatives to play a greater role in Northern Ireland’s economy and has pledged further support for the sector.
The research examines the contribution made by businesses operating under a co-operative model, where enterprises are owned and controlled by their members.
Northern Ireland Co-operatives’ £1.5bn economic contribution
The findings put the economic impact of Northern Ireland’s co-operative sector at £1.5 billion, highlighting its contribution to communities and the wider economy.
Dr Archibald said co-operatives were an important part of her department’s plans to develop an economy that delivers benefits across society.
She said: “Co-operatives have a long history here, but I believe their potential remains largely untapped.
“This new research demonstrates the significant contribution co-operatives already make to our economy and provides us with an evidence base from which we can build.”
The Economy Minister said the co-operative business model could support the creation of sustainable businesses while allowing workers and communities to have a greater stake in economic activity.
Minister pledges further support
Dr Archibald said the Department for the Economy would work to create the conditions needed for more co-operatives to be established and existing organisations to grow.
The Minister said she wants to raise awareness of the model among entrepreneurs and communities considering starting new businesses.
Co-operatives differ from conventional businesses because they are owned and democratically controlled by their members, who can include employees, customers or members of a community.
Profits can be reinvested in the business or distributed among members depending on the structure of the organisation.
Part of wider economic plans
The Department for the Economy has increasingly focused on alternative business models as part of its economic strategy for Northern Ireland.
Dr Archibald said supporting co-operatives could contribute to efforts to create good jobs, increase productivity and ensure the benefits of economic growth are more widely shared.
The Minister said the latest research provides evidence of the scale of the sector while also indicating there is scope for further growth.
The Department for the Economy is expected to continue working with the co-operative sector to identify ways of supporting its development and encouraging more people to consider the model when establishing businesses.