Invest NI 'Welcomes' Review Findings

Northern Ireland's main official body for encouraging commerce and entrepreneuship is today under criticism.

While the Board of Invest Northern Ireland (INI) has welcomed the publication of the Review Panel's Independent Review of Economic Policy, the Barnett report says that Invest NI has failed to make significant progress in boosting the economy and creating more jobs.

According to a new report, which was commissioned by NI Enterprise Minister Arlene Foster in 2008, there should be a single Department of the Economy.

Chaired by Professor Richard Barnett, Vice Chancellor of the University of Ulster who chaired the review, the report said greater support for innovation, research and development and exports should be the "central plank" in enabling Northern Ireland to attract local investors.

However, Stephen Kingon, Chairman of Invest NI said: "The review panel has clearly considered the wide range of issues which impact on economic development, many of which are well beyond the scope or influence of Invest NI.

"As a Board, we welcome the continued priority which the Executive places on the economy, and the recommendation that it should remain so in the years ahead.

"A growing and vibrant economy is fundamental to achieving many of the targets set in the Programme for Government, leading to much wider social benefits for all," he commented, noting that, whilst the review makes some recommendations regarding relationships between Invest NI and some other departments, developing an over-arching approach to future economic development was outside the scope of the panel's work.

"In its Report, the panel has put forward a number of proposals, the merits and consequences of which will stimulate interesting debate.

"To that end, we welcome the public consultation announced today by Minister Foster and look forward to playing our part.

"In particular, increasing our focus on innovation and increasing levels of R&D, widening the reach of our support for business and encouraging the development of higher added-value sectors are all central elements of our current Corporate Plan.

"Many of the recommendations, particularly those aimed at reducing bureaucracy and proposing greater operational freedom for Invest NI, have, if implemented in a timely and proper manner, the potential to aid the work of Invest NI and improve the economic landscape of Northern Ireland enormously," he said.

See: Foster Announces Review

(BMcC/KMcA)