Local business urged to turn NI into thriving region

Local businesses must upgrade itself if Northern Ireland is top grow into a thriving, profitable business sector.

This was the message from Enterprise Minister, Ian Pearson as he addressed members of the Institute of Bankers at their annual dinner last night.

"Businesses create wealth not Governments and the wealth creating process is vital to the life-blood of any region or nation. Sometimes we in Government forget that. But the truth is that we cannot achieve our social or societal objectives without a thriving, profitable business sector.

“Sometimes those in industry and commerce forget that we have wider responsibility and just want us to get out of the way.”

The Minister said that that relationship between Government, the businesses it supports and the financial institutions was changing. He explained that the focus of Invest NI’s attention has been a desire to move companies away from grant dependency and to develop a robust range of financial products to support business.

“If Invest NI is using taxpayers money to help companies, then we should be able to share in the rewards from that investment. The aim is not for us to compete with the banking sector or with venture capitalists for equity participation, but to work with you," Mr Pearson concluded.

(MB)