INI board sets course to promote local economy

Nine strategic principles will underpin the work of Invest Northern Ireland (INI) in promoting economic growth and employment when it comes into operation, Professor Fabian Monds, INI Chairman, has said.

In a letter outlining the strategy and structure of the new single agency to the Assembly’s Enterprise, Trade and Investment Committee, the Economic Development Forum and the Business Alliance, Professor Monds said his board’s first priority had been to establish the strategic principles which will drive INI.

Stressing that innovation would be at the core of INI’s approach, he added: “Rapid growth in value-added per employee by business is essential if Northern Ireland GDP is to approach the UK average. INI must work, particularly with the universities and industrial centres of excellence, to improve the economic benefits flowing from local R&D capabilities.

“This commitment to innovation will also be carried forward into the initiatives that INI will develop to attract further investment and to assist established companies to compete successfully in international markets which are increasingly more competitive and more globally focused. This is especially important in relation to the smaller enterprises which will have a central role in driving growth.”

Professor Monds said his Board recognised that Northern Ireland was very much a small firms’ economy and that INI would have to respond to this particular challenge of helping SMEs win an increasing share of international business.

He concluded by saying that the promotion of business start-ups would be another key priority and INI would be required “to encourage and promote a climate in which risk-taking is not only accepted, but understood and admired.” (MB)