Empey details budget allocation for department

Sir Reg Empey, Minister for Enterprise, Trade and Investment, has detailed how his Department intends to spend its budget allocation for 2002/03.

Commenting on the budget, Sir Reg Empey said his department’s provision of £256 million would allow the Department to meet its Programme for Government priorities and Public Service Agreement targets.

He added: "In providing support to Northern Ireland business, it is essential to use resources strategically and focus funds on areas which will be of most benefit. Therefore a key platform, in terms of creating more focused support for Northern Ireland business, is the establishment of Invest Northern Ireland in April next year."

The Minister went on to highlight key areas of budget allocation:

· £139.2 million for industrial development to be used to support and develop indigenous businesses and enable Invest Northern Ireland to promote Northern Ireland as an attractive and competitive location for inward investment.

· £29.8 million to support the small business sector. Funding will be used to build on the work of LEDU in creating an enterprising culture and in growing the small business sector which is a key component of the Northern Ireland economy.

· Assisting research and development, £16.4 million is being made available for pre competitive and near market research.

· £19.6 million for the development of tourism, including £5.8 million for Tourism Ireland.

· £5.7 million is being allocated to the Information Age Initiative, primarily to assist in progressing the Programme for Government commitment to develop, in co-operation with the private sector, a telecommunications strategy.

· The Department has been allocated £0.575 million from the Service Modernisation Executive Programme Funds for its Electronic Record and Document Management Project.

In conclusion, the Minister said: "This budget allocation underpins the key aims of the Department in terms of developing SMEs and entrepreneurship, increasing inward investment, growing the knowledge based economy and developing the tourism industry.

"I am particularly pleased that the Department has been allocated support from the Service Modernisation Fund, which will go towards improving corporate knowledge which will make DETI more effective and efficient. This will ultimately lead to the Department providing a better service for the public.

"In addition to this budget allocation, DETI also anticipates significant extra funds from European Programmes.

The DETI will also begin a consultation on its Corporate Plan in the New Year which will provide more details on how the Department’s activities are focused on the creation of a globally competitive Northern Ireland economy. (MB)