Empey gives economic update to business representatives

Enterprise Minister Sir Reg Empey has spoken out about the vital need for committed progress towards a politically stable and harmonious society as the key to successfully meeting economic challenges.

Speaking at a Northern Ireland Chamber of Commerce and Industry (NICCI) lunch, the Minister updated business representatives on a range of economic issues, which included the role of individuals in the small business sector, and the future remit of Invest Northern Ireland (INI).

Sir Reg commenced by describing the announcement, made earlier in the day, on the expansion of the all-Ireland gas network as “an enormous boost of confidence in our economy.”

The Minister said: “The £250 million gas proposals are for an interconnected all-island infrastructure for the next 30-40 years, thus providing reassurance of gas supply to business and industry and to domestic consumers.”

Updating the audience on progress towards the establishment of Invest Northern Ireland (INI), the Minister said: "INI will hold significant implications for the future well-being of the Northern Ireland economy. It underscores my commitment to ensuring that the Government support mechanism for businesses of all sizes is the best possible to enable them to meet the ever-changing needs of the knowledge-based economy in the 21st century.”

Sir Reg went on the describe how the Board of INI would have a pivotal role to play in helping to create an environment for sustained economic development. Working hand-in-hand with the social partners represented on the Economic Development Forum, the Department of Enterprise, Trade and Investment has been developing a limited number of medium-term strategic priorities for economic development – which will become a key part of the policy direction set by the Department for INI.

He concluded: "Here in Northern Ireland we are monitoring the performance of the global economy as it ebbs and flows creating new challenges for our business leaders and entrepreneurs." (CL)