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Home » Blog » New Economic Plan To Fix Regional Imbalances In NI Is Launched

New Economic Plan To Fix Regional Imbalances In NI Is Launched

October 1, 2024 By //  by Des Ingham Leave a Comment

A new economic plan has been launched in a bid to fix the huge regional imbalances in Northern Ireland. The economy minister Conor Murphy has outlined plans to give £45 million of funding to councils, which will be handed to councils up and down the country to distribute through new local economic partnerships.

These partnerships will include businesses, community organisations, universities and colleges. Invest NI are involved and they will now direct 65% of its investments outside of the Greater Belfast area to help balance up the regional NI economies. There will also be a new approach from the Department of the Economy to help the plan take effect.

Councils Asked To Establish Working Partnerships

Speaking about this new economic plan, minister Conor Murphy is quoted in an article on the Business Eye website as saying:

“Councils will be asked to establish partnerships, which bring together central government, the business community, universities and colleges, local enterprise agencies, and civil society. These Local Economic Partnerships will identify the main barriers to economic development and the priority interventions that will build the region’s value proposition. I intend to support these partnerships with dedicated funding of £45million over the next three years.”

The Minister outlined that Invest NI will put a new focus on regional balance and will be a driving force within Local Economic Partnerships. He said: “Staff numbers in the Invest NI Regional Offices will be increased by an initial 40%. These offices will assume responsibility for managing local clusters and businesses with a turnover of up to £2 million. Property specialists will be recruited to develop land and property for business use. Invest NI Headquarters will support the Regional Offices, providing specialist advice and expertise.”  

The Minister added: “Invest NI will support this drive towards regional balance, and direct 65% of its investments outside of the Greater Belfast area. Consequently, the whole of Invest NI, not just Regional Offices, will be re-orientated towards developing local economies.”

Regional Development A Key Objective

CEO of Invest NI, Kieran Donoghue, is also quoted in the article, saying:

“I very much welcome the publication of the Minister’s Sub-Regional Economic plan and the key role of Invest NI within it. We are committed to working in partnership with the Department for the Economy and other key stakeholders to support the achievement of the Minister’s policy priority of increased regional balance. Our forthcoming new three-year business strategy has made regional development a key objective and will provide further detail on our overall approach.”

We fully support this plan too. Balancing the regions up is vital to promote an overall healthy economy and to promote a level playing field for all and goodwill throughout Northern Ireland.

Category: General

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