08 July 2004

Invest NI attract almost £100m to North West

Invest NI's North West Action Plan has attracted almost £100 million in new investment to the region, its Chairman has revealed.

Speaking on Wednesday, Prof Fabian Monds said £24 million of the £60 million planned investment by Invest NI had been committed since the launch of the NW Action Plan in March 2004. This will lead to a total investment in the North West of more than £96 million, he said.

Detailing Invest NI’s work under the NW Action Plan at a meeting with business and civic leaders in Londonderry, Prof Monds said: “We’ve made significant progress since the launch of the plan in terms of attracting new investment to this important region but there’s still much to do to achieve our objective of helping to transform the North West into a vibrant and modern economy.

“Our focus on entrepreneurship, innovation and encouraging international trade is beginning to produce tangible benefits for the area that will create greater wealth for the community and provide new employment opportunities in a region that has been adversely affected by the decline of traditional industries such as textiles and clothing."

In addition to these achievements, Prof Monds said Invest NI had strengthened the region’s inward investment focus in consultation with the councils and business organisations in the region.

He added: “We are working alongside the University of Ulster to harness the business potential of leading edge research in nanotechnology, information technology and biotechnology and to promote knowledge transfer to local companies.

“Investment already allocated and planned will enable the pace of progress to gather momentum and thereby create exciting opportunities throughout the North West."

(MB)