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03/10/2007
Dodds Sets Out Economy Plan
Economy Minister Nigel Dodds set out his vision for a higher value-added NI economy that can compete effectively.
Speaking at the 12th Annual Economic Conference, the Minister highlighted some of the significant economic developments that have taken place since the first conference was held in 1996.
The Minister said: “The key economic data painted a very different picture than they do today. Unemployment was running at double digit levels of 10% but now it currently stands at 3.4% and the lowest of all UK regions.” But the Minister went on to say that successes need not be limited to the labour market. He also outlined the significant growth in R&D, especially amongst small and medium sized enterprises and the fact that the local manufacturing sector was more outward-looking with exports increasing by 72% since 1996.
The Minister pointed to the changing nature of Foreign Direct Investment (FDI) and said: “Invest NI is attracting much higher valued added investments such as Citibank, Liberty IT and yesterday’s investment by mFormation, which should create over 160 new high-value added jobs.”
However, Mr Dodds said: “The economic challenges have already been the subject of rigorous debate and there is now urgent need to turn quickly to facing them with a clear action plan.”
Beginning with the role of Government, the Minister outlined that he was already making the argument that the economy should be a top priority for the Executive and he was hopeful that this would be appropriately reflected in the forthcoming Programme for Government.
Stressing the need for foreign investment, the Minister said that "the private sector has also a major role to play.”
In this context, the Minister pointed to the need for businesses to be more outward looking and innovative.
Employers were also encouraged to do more ‘on-the-job’ training as the Minister highlighted that with: “around 80% of the current working age population projected to remain in the workforce by 2016, on-the-job training is more critical than ever before.”
Mr Dodds said: “The economic challenges may be great but we shouldn't let them daunt or intimidate us - the rewards will be even greater.”
(SP)
Speaking at the 12th Annual Economic Conference, the Minister highlighted some of the significant economic developments that have taken place since the first conference was held in 1996.
The Minister said: “The key economic data painted a very different picture than they do today. Unemployment was running at double digit levels of 10% but now it currently stands at 3.4% and the lowest of all UK regions.” But the Minister went on to say that successes need not be limited to the labour market. He also outlined the significant growth in R&D, especially amongst small and medium sized enterprises and the fact that the local manufacturing sector was more outward-looking with exports increasing by 72% since 1996.
The Minister pointed to the changing nature of Foreign Direct Investment (FDI) and said: “Invest NI is attracting much higher valued added investments such as Citibank, Liberty IT and yesterday’s investment by mFormation, which should create over 160 new high-value added jobs.”
However, Mr Dodds said: “The economic challenges have already been the subject of rigorous debate and there is now urgent need to turn quickly to facing them with a clear action plan.”
Beginning with the role of Government, the Minister outlined that he was already making the argument that the economy should be a top priority for the Executive and he was hopeful that this would be appropriately reflected in the forthcoming Programme for Government.
Stressing the need for foreign investment, the Minister said that "the private sector has also a major role to play.”
In this context, the Minister pointed to the need for businesses to be more outward looking and innovative.
Employers were also encouraged to do more ‘on-the-job’ training as the Minister highlighted that with: “around 80% of the current working age population projected to remain in the workforce by 2016, on-the-job training is more critical than ever before.”
Mr Dodds said: “The economic challenges may be great but we shouldn't let them daunt or intimidate us - the rewards will be even greater.”
(SP)
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