Universities 'vital agents' says CBI Chairman

Universities are vital agents of social inclusion - and will be the pivot around which the nation's wealth will be created in the 21st century, CBI Chairman Sir Digby Jones has told a VIP audience at the University of Ulster.

Sir Digby was speaking at a business breakfast held on Tuesday at the University's Jordanstown campus, and attended by business people and opinion formers from all over Northern Ireland.

“Universities are among our best foreign exchange earners," he said. "Every year, UK higher education brings a massive amount of foreign investment into the UK. Our HE system is renowned worldwide for its excellence. And business/university partnerships are the way forward."

The CBI Chairman said he was concerned at the way the UK regions are falling behind London when it comes to business start-ups and growth. Small businesses are responsible for half of all UK jobs and wealth and are fundamental to future economic success, he said.

“But while London has seen a 16% increase in businesses since 1997, the figure for Wales is just 2%. The south-east recorded a 15% rise, but Scotland had only 5% and Northern Ireland 6%," he said

Sir Digby quoted CBI figures which showed the regional gap was increasing, with 62 adults per 10,000 starting their own businesses in London compared to just 29 per 10,000 in Scotland, Wales and Northern Ireland.

However he highlighted on statistic in which Northern Ireland outperformed the rest of the UK: new business survival.

The province has the best survival rate over three years - 72.4% - compared to a UK average of 66.5%.

(MB/SP)