The Minister for trade Sir Reg Empey has said Stormont must be responsive to the particular needs of the technology sector if it is to achieve its aim of creating a world class business culture and infrastructure.

Sir Reg Empey, Minister for Enterprise, Trade and Investment was speaking as he launched a new ‘Fast Track’ appraisal system for the 2002 ‘Compete’ programme which has provided £48 million grant funding to a variety of projects since its inception in 1994.

The Fast Track system is open to any Information Computer Technology (ICT) company proposing to carry out research for a new project or process development that would not be carried out in Northern Ireland without such assistance.

There is potentially £2 million available for projects, with successful applications receiving assistance of up to 40 per cent of eligible costs within an overall limit of £250,000 per project.

Sir Reg said: “ICT technologies are currently developing at a rapid pace; speed to market new products and processes is of the essence. In addition, product life cycles are short as new technological innovations are constantly introduced.

The ‘Fast Track’ initiative developed by Industrial Research & Technology Unit (IRTU), in collaboration with Momentum, is aimed specifically at meeting the time-sensitive needs of the ICT sector. This development, along with other initiatives currently being brought forward by IRTU, such as the work of the E Solutions Centre, is expected to create a vibrant ICT infrastructure which is vital to the growth of Northern Ireland’s economy.

Billy McClean, Chief Executive of Momentum, said: “This announcement will be welcomed by the membership base of Momentum against a backdrop of challenging trading conditions in the ICT sector. IRTU is to be commended for the positive approach it has taken to help support local R&D and for providing practical, timely support for local innovators in this important sector.”

Businesses interested in more details of the ‘Compete’ programme should telephone John Cooke, IRTU, telephone 028 9262 3116 or access the website at www.irtu-ni.gov.uk. (AMCE)