Foster announces review of economic development policy

Enterprise, Trade and Investment Minister Arlene Foster announced a review of her Department and Invest Northern Ireland’s economic development policy today.

In a statement to the Northern Ireland Assembly, the minister outlined the scope and membership of the Review Panel, chaired by Professor Richard Barnett, Vice Chancellor of the University of Ulster. Professor Barnett will be supported by four high calibre individuals, drawn from academia and business.

Addressing Members of the Legislative Assembly, (MLAs) today, the minister said: “I am launching an independent review of economic development policy, as it relates to my department and Invest Northern Ireland.

“This will be, strategically, a very important exercise, and it also comes at a time when the Northern Ireland Executive has made the economy its top priority in the Programme for Government.

“The Executive is already taking measures to help businesses cope with the significant short-term pressures stemming from the global downturn. However, we also need to keep focused on the medium to longer term priorities for the economy that are set out in the Programme for Government.”

The minister highlighted a number of areas that she wants the review to report on. She said: “Firstly, the review should ensure that the Department of Enterprise Trade and Investment and Invest Northern Ireland’s policies and programmes are able to deliver on the productivity goal contained in the Executive’s Programme for Government.

“Secondly, it should identify whether any new policies are necessary, having regard to the legislative powers of the Assembly.

“Thirdly, it should consider if there are any issues which risk compromising the delivery of the Programme for Government’s productivity goal, but which fall to other departments.”

The Review Panel members were selected on the basis of their knowledge and experience of business and economic development needs, in Northern Ireland, and elsewhere. In addition to Professor Richard Barnett, the panel will comprise the following:

Professor Brian Ashcroft, from the University of Strathclyde and a Board Member of the Economic Research Institute of Northern Ireland;

Dr Graham Gudgin, from the Centre for Business Research, University of Cambridge, and Oxford Economics;

Professor Michael Moore, from Queen’s University but currently working in Harvard University; and John Wright, former international banking Director and current Chairman and non-executive director of a number of companies in the UK and overseas.

Commenting on the full Review Panel, the minister said: “The panel consists of a high-calibre team with both depth and breadth of experience in business and regional economic development. I understand that the members are seeking to have an early meeting to agree their project plan, timescales and also how further practitioner expertise can be drawn in to advise on the report and emerging recommendations.”

The minister concluded: “This is strategically a very important exercise that comes at a crucial time for the Northern Ireland economy. Given the medium to longer term focus of this review, I am looking for evidence-based recommendations that will help strengthen our competitive position and to put us in pole position for when the global economy begins to strengthen.”

The review is expected to be concluded by summer 2009.

Notes to Editors:

1. For general media enquiries, please contact DETI Press Office on 028 9052 9297. Outside office hours, please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned.

2. Media enquiries for Professor Richard Barnett, Chair of the Economic Development Policy Review Panel, please contact David Young, University of Ulster Press Office, tel: 028 9036 6178 or mob: 07595 393272.