Minister praises input of NICCI to local economy

NIO Minister Ian Pearson has praised the Northern Ireland Chamber of Commerce and Industry (NICCI) for its commitment to supporting efforts to modernise the local economy.

The Minister made his comments in an address delivered at a business lunch organised by the NICCI.

Mr Pearson said: “Of particular importance is the level of collaboration between NICCI and Invest NI in the search for new overseas markets. The recent Invest NI Trade Mission to China which was headed by the Chamber’s President, Victor Haslett, heightened the profile of both the trade mission and of Northern Ireland in this important marketplace.”

Highlighting the progress made by Invest NI over the nine months since its establishment, the Minister said that a "major step forward" will be the securing a new headquarters for Invest NI with the final touches being put in place for a procurement process to commence.

He added: "Excellent progress has been made in designing and putting in place a new cross-functional organisational structure, headed by an executive board and a new senior management team. Board members are bringing significant private sector expertise and experience – and great enthusiasm – to Invest NI’s work.”

The Minister outlined Invest NI’s progress in developing its new approach to company growth, including plans underway to review Invest NI support programmes, accelerate entrepreneurship and launch a new Venture Capital Strategy.

Focussing on Government’s Reform and Modernisation programme, Mr Pearson said that creating a new infrastructure for the economy will require the "generation of sufficient revenue" to sustain long-term investment which is "badly needed".

He added: "The rating system offers the scope to raise revenue to support the programme of modernisation and I have already announced proposals for the rating of vacant property and the phasing out of industrial de-rating. This will not happen overnight and the matter will be fully discussed with the business community.”

In conclusion, the Minister pointed to the commissioning of an independent study of the costs of operating business in Northern Ireland, the terms of reference for which are currently being drawn up.

(GMcG)