New Three-Year Economic And Business Growth Plan Launched

A new three-year economic and business growth plan has been announced by Economy Minister, Conor Murphy.

The Minister launched the publication, 'Three-Year Forward Look and 2024/25 Business Plan', at the latest Northern Ireland Chamber of Commerce and Industry Public Affairs Forum.

Following last week's Executive announcement on the publication of the draft Programme for Government, the Minister outlined how the 41 actions contained in the publication will help turn the dial on our economic performance.

He said: "Creating more Good Jobs will ensure that working families enjoy a decent standard of living. Increasing productivity will be the fundamental driver of overall living standards. Promoting regional balance ensures that everyone shares in the benefits of prosperity. And decarbonising will safeguard the planet for future generations.

"In pursuit of these objectives my Department will tailor its interventions to the needs of specific sectors. It will develop clusters of businesses and gear its support to start-ups and local SMEs. It will take full advantage of the export opportunities created by Dual Market Access. And it will embrace the potential of the all-Ireland economy." The Minister explained that since taking office much work has already begun to ensure these objectives become a reality. He said: "Action Plans have been published to grow seven of our most innovative, productive and export-orientated sectors. Co-design groups have been established to develop the tourism and social enterprise sectors. A consultation on a landmark Good Jobs Bill is underway.

"A Taskforce is producing a plan for 10,000 students at Magee campus. College lecturers have been given a substantial pay uplift and a new £12million fund has been announced to address skills shortages. Licensing of onshore oil and gas exploration and production has been ended."

He concluded: "This 2024/25 Business Plan and three-year forward look sets out how, working in a spirit of partnership, we will continue this programme of change."

Suzanne Wylie, Chief Executive, Northern Ireland Chamber of Commerce and Industry, said: "We welcome the objective of the plan to deliver on the priorities set out by the Economy Minister earlier this year in his economic vision. They strongly align with NI Chamber's core areas of focus including competitiveness, the future workforce and energy transition.

"There is work to be done, and opportunities to realised, and at NI Chamber we look forward to continuing to facilitate that vitally important work through direct engagement with business and by presenting evidence based solutions for better growth.

"What matters now is effective partnership, not just with the Department and the Minister, but with the Executive as a whole, to create an agreed competitive proposition of Northern Ireland as a place to work, do business, and invest."