Invest NI assists 5,000 business starts ups in two years

Invest NI has secured commitments of £1 billion and assisted nearly 5,000 new business starts in its first two years, the agency has claimed on its second anniversary.

Professor Fabian Monds, Chairman of Invest NI said the agency had played an integral role in helping Northern Ireland adapt to "global market dynamics".

"Today, we have more companies working to improve their competitiveness, trading in global markets, and undertaking research and development, and a much improved level of business starts," Prof. Monds said.

"For example, in the past year over 1,500 companies participated in overseas trade missions. In the second half of the year alone, participating companies reported winning orders worth some £30 million in the short term."

Although still in its infancy, Invest NI’s Accelerating Entrepreneurship strategy and, in particular, the “Go for it” marketing campaign have heightened awareness of entrepreneurship and increased referrals to the rebranded “Start a Business” Programme, Prof Monds said.

The programme, which is funded and managed by Invest NI along with the 26 local councils and delivered by the local enterprise network, has contributed to the 2,758 new business starts, of which 38% are located in NTSN and Special Status areas.

These have the potential to create some 5,000 jobs and complement our support for businesses operating in the social economy.

NIO Enterprise, Trade and Investment Minister, Ian Pearson acknowledged the contribution of Invest NI to the Northern Ireland economy.

He said: “Invest NI is working well in a fiercely competitive, ever-changing international marketplace and I congratulate them on securing a total investment in the local economy of some one billion pounds and providing assistance to almost 5,000 new business start ups over the last two years."

The Minister said that the benefits of reforming the approach to economic development with the creation of Invest NI were starting to be seen, and as a one-stop-shop, the Agency offered a broader range of services than any other development agency in the UK.

(MB)