Northern Ireland's Economy Minister, , today outlined his commitment
to developing a regionally balanced economy where everyone shares
in the benefits of prosperity.
The Minister was speaking in the Assembly as he launched a
new Sub-Regional Economic Plan which has three elements:
- Creation of Local Economic Partnerships with dedicated
funding
- Restructuring of Invest NI
- DfE New approach
Minister Murphy explained that the new approach to economic
development starts with local communities identifying their own
priorities. He explained:
“Councils will be asked to establish partnerships, which bring
together central government, the business community, universities
and colleges, local enterprise agencies, and civil
society. These Local Economic Partnerships will identify the
main barriers to economic development and the priority
interventions that will build the region's value
proposition. I intend to support these partnerships with
dedicated funding of £45million over the next three years.”
The Minister outlined that Invest NI will put a new focus on
regional balance and will be a driving force within Local
Economic Partnerships. He said:
"Staff numbers in the Invest NI Regional Offices will be
increased by an initial 40%. These offices will assume
responsibility for managing local clusters and businesses with a
turnover of up to £2million. Property specialists will be
recruited to develop land and property for business use. Invest
NI Headquarters will support the Regional Offices, providing
specialist advice and expertise."
The Minister added:
“Invest NI will support this drive towards regional balance, and
direct 65% of its investments outside of the Greater Belfast
area. Consequently, the whole of Invest NI, not just Regional
Offices, will be reorientated towards developing local
economies.”
Kieran Donoghue, CEO of Invest NI said:
“I very much welcome the publication of the Minister's
Sub-Regional Economic plan and the key role of Invest NI within
it. We are committed to working in partnership with the
Department for the Economy and other key stakeholders to support
the achievement of the Minister's policy priority of increased
regional balance. Our forthcoming new three-year business
strategy has made regional development a key objective and will
provide further detail on our overall approach.”
A copy of the Sub-Regional Economic Plan can be accessed on
the DfE website.
