US-Ireland Business Summit deals out initiatives

A number of transatlantic initiatives are among the first fruits of the recent US Ireland Business Summit.

The series of initiatives are aimed at increasing trade links with the US and create business partnerships.

The main initiative so far is the announcement of a European-backed £80m government research and development package through the centres of excellence scheme. Also announced was a US biotechnology trade mission to Ireland, a US-Ireland scheme aimed at better co-ordinating a collaborative approach to elements of cancer programmes, and a workshop later this month run by the National Science Foundation to highlight advances in internet technology.

Both Minister for Enterprise Trade and Investment Sir Reg Empey and Tánaiste Mary Harney welcomed the initiatives as important developments in US-Irish business affairs.

In his keynote speech delivered to the 300 summit delegates on Thursday, Sir Reg said that he was confident that the contacts and relationships made would produce "tangible benefits" as business and academia worked in partnership with government to shape measures that would rebuild confidence so seriously dented by the upheaval of the past year.

However, Sir Reg said that the bigger the problems, the stronger must be the resolve to face them head on and move forward: "We must press on to adapt ourselves to the new world, to survive and grow amidst new uncertainties and dangers. And we must continue to encourage an innovative and entrepreneurial spirit."

Outlining the current position of Northern Ireland, Sir Reg said the province's economic foundations were strong and most economic indicators were positive. He said companies were benefiting from a young, well-educated, and IT-literate workforce.

Quoting research by the National Commission on Entrepreneurship, he said that fewer than 5% of companies were classified as - fast growth companies - but these ‘gazelles' created 60% of new jobs. Sir Reg said that he would like to capture a few of these companies - or at least find out what made them work.

He told delegates that while government could not create entrepreneurs or innovators it could "promote enterprise by creating a thoroughly supportive physical and financial infrastructure" and this, he said, they were seeking to do through Invest NI.

(SP)