Smith signals future direction of NI economy

The future growth of the Northern Ireland economy lies in the development of the tradeable services sector.

That was the message from Enterprise Minister, Angela Smith, who delivered the keynote address at the annual Exporter of the Year Awards last night in Stormont's Parliament Buildings.

The Minister said: "The tradeable services sector, which encompasses everything from financial and IT consulting, to biotechnology and engineering knowledge, is forecast to account for 54,000 new jobs in the next decade.

"However, we must seize the opportunities in this sector and cultivate it intensively. By doing so, Northern Ireland could far exceed these forecasts. It won't be easy, but Government will play its part to stimulate growth where possible, and I look forward to the private sector rising to the challenge with a similar response."

The Minister unveiled the results of detailed research into the future role of the tradeable services sector in the NI economy, and her proposals on how Government will react to the research. She also published the results of the first survey in International Trade in Services, which will act as a benchmark for export performance in the sector.

She continued: "The research sought to identify and forecast where future expansion will occur and where growth opportunities exist within the sector. It shows that tradeable services remain greatly under-represented in the Northern Ireland economy compared to other regions, particularly in the financial and business services sector.

"We must ensure that Northern Ireland's economy is enabled to grasp this significant opportunity. As outlined in the Government response to this research, we are ready to meet the challenge. It is imperative that the private sector also plays its part in developing Northern Ireland's tradeable services capability."

The Minister also outlined a range of actions being taken by Government as a result of the report.

These include the establishment of a Professional Services Unit within Invest NI to target growth opportunities; the development of the Enterprise Portal, which will provide ease of access to business information for entrepreneurs; the piloting of a programme to encourage young people to consider careers in the sector instead of more traditional sectors.

Invest NI's trade mission programme will have a new focus on the sector, which will help local companies make the important first steps into export markets.

(MB/SP)