Economy minister Conor Murphy has outlined a 41-point three-year economic vision which includes expanding the Magee campus in Derry to 10,000 students, restructuring Invest NI, and relocating the Insolvency Service HQ from Fermanagh House in Belfast’s Ormeau Avenue.
The wide-ranging plan, launched at a public affairs forum run by the NI Chamber of Commerce, also focuses heavily on skills, with £12 million set aside to address skills shortages, and looks at formulating a 10-year plan for tourism and also creating s new route development policy to maximise air connectivity.
And although many of the action points - especially those around improving productivity - will be seen as treading old ground, the minister insists the publication can help turn the dial on the north’s economic performance.
The 41 action points, of which two are already complete, are build around the four key pillars of Good Jobs (a consultation on a new employment bill continues until September 30), productivity, regional balance and decarbonisation.
Mr Murphy told 150 guests at the Chamber forum: “Creating more good jobs will ensure that working families enjoy a decent standard of living. Increasing productivity will be the fundamental driver of overall living standards while promoting regional balance ensures everyone shares in the benefits of prosperity. And decarbonising will safeguard the planet for future generations.
“In pursuit of these objectives, my department will tailor its interventions to the needs of specific sectors. It will develop clusters of businesses and gear its support to start-ups and local SMEs. It will take full advantage of the export opportunities created by dual market access and will embrace the potential of the all-Ireland economy.”
He added: “Action plans have been published to grow seven of our most innovative, productive and export-orientated sectors. Co-design groups have been established to develop the tourism and social enterprise sectors.
“A task force is producing a plan for 10,000 students at Magee campus. College lecturers have been given a substantial pay uplift and a new £12 million fund has been announced to address skills shortages. Licensing of onshore oil and gas exploration and production has also been ended.”
He added: “This 2024/25 Business Plan and three-year forward look sets out how, working in a spirit of partnership, we will continue this programme of change.”
NI Chamber chief executive Suzanne Wylie said: “We welcome the objective of the plan to deliver on the priorities set out by the minister earlier this year in his economic vision. They strongly align with our core areas of focus including competitiveness, the future workforce and energy transition.
“There is work to be done and opportunities to be realised, and we look forward to continuing to facilitate that vitally important work through direct engagement with business and by presenting evidence based solutions for better growth.
“What matters now is effective partnership to create an agreed competitive proposition of Northern Ireland as a place to work, do business, and invest.”
A copy of the plan is available at: https://www.economy-ni.gov.uk/publications/dfe-business-plan-2024-25
