ECONOMY Minister Conor Murphy has outlined his commitment to developing a regionally balanced economy in the North 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 will see the restructuring of Invest NI and put a new focus on regional balance.
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 per cent. 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 per cent 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.”
