Record investment levels continuing - Dodds

Nearly £6million of public procurement contracts have been awarded for supplies and services alone since the start of February.

These contracts are specifically for supplies and services and are in addition to those awarded for capital investment projects.

The figure was revealed by Finance Minister Nigel Dodds who highlighted that the Executive was on track to deliver the highest level of public procurement spend on record.

The Minister welcomed the continued investment and said: “The value of tenders issued and signed off in the past fortnight alone shows the continued investment in the local economy by the Executive.

“This work forms part of the £2.2billion we will spend on procurement locally this year, around £1.5billion of which will be on capital investment projects.

“Only five years ago we were spending less than half of what do today on construction-related projects and I am committed to ensuring the continued roll-out of the Investment Strategy and of the record levels of procurement spend.

“Despite the current economic downturn, we are pumping unprecedented levels of spend into the local economy with over 90% of contracts being won by local firms, the majority of which are SMEs. This provides ongoing employment for businesses across Northern Ireland and helps shield local communities from much of the fall-out from the recession.

“These are undoubtedly challenging times for the economy, but the Executive is continuing to deliver for local firms in a number of ways; through investing record levels of procurement spend; by freezing regional rates; by moving to introduce a Small Business Rates Relief Scheme; by setting a target of paying invoices within 10 days to help firms’ cashflow situation; and by looking at ways to streamline the tendering process for small firms bidding for Government tenders.

“I will continue to look at ways we can help the local economy through the recession and equip local businesses for the future.”

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