Empey welcomes enterprise agencies' annual reports

The Minister for Enterprise, Trade and Investment has welcomed the simultaneous publication of the annual reports from IDB, LEDU and IRTU.

Sir Reg Empey described the synchronized publishing as “symbolic” given that the agencies will soon be part of Invest Northern Ireland.

The Minister said: “This is an opportunity to reflect upon last year and to look towards the future. Clearly Northern Ireland’s economy faces challenging times ahead; my appeal to the business community is for them to gather their resources and to take stock of the future with the determination which has seen them through 30 years of civil unrest. Above all, I believe that we must not and should not talk ourselves into a recession.

“The response to the current economic situation must be measured. As highlighted in these reports, Northern Ireland plc remains an attractive location for inward investors.

In addition, established companies, particularly small to medium sized enterprises, are achieving significant rates of growth and increasingly businesses are investing in R&D, which is key to future economic growth.”

The Minister highlighted the significant achievements of the various agencies during 2000-2001. Over 7,500 new jobs were promoted by IDB from 47 projects with a total investment of £382 million, including 16 new inward investment projects with a total of 3,085 new jobs promised. While 2,715 of new inward job promotions to the new targeting social need areas.

During LEDU’s 30th anniversary year, the small business agency supported 1,330 businesses that contributed £115 million to the local economy creating 2,700 new jobs.

In 2000-2001 IRTU approved support to 108 companies through the COMPETE programme which focuses on near market R&D. Over 30 per cent of participating companies were investing in this type of research for the first time.

An additional seven major strategic research projects were supported under the START programme.

However, Sir Reg warned that the global economic slowdown was impacting adversely on Northern Ireland and that the growth in investment and employment would not be sustained in the short term: "We were experiencing difficulties from the downturn in the technology and communications sectors, particularly in North America, before the terrorist attacks on the US. Since September 11, the problems have deepened and widened to cover a broad range of industries. As a result, the job promises will be difficult to secure over the timescales originally agreed.

"The three agencies are responding to the changed economic situation by working as closely as possible with companies to ensure they are aware of the services available to help maintain their competitiveness in what is now a very difficult global marketplace.”

Sir Reg added that there had been, and would continue to be “grounds for optimism.” (MB)