Invest NI plays a Key role in North West: Foster

The North West is benefiting from over half a billion pounds of investment, as local companies and international investors continue to innovate and grow.

That was the message from Economy Minister Arlene Foster, following a visit to Invest NI’s North Western Regional Office at Timber Quay, Londonderry, where she met with Invest NI staff and local stakeholders.

Mrs Foster said: “Since its establishment in 2002, Invest has offered the North West over £115million of support, resulting in investment worth £514.88million.

“Invest NI has some 390 clients based in the North West, including 270 managed directly from the North Western office. This office works closely with businesses and stakeholders across the four Council areas of Coleraine, Limavady, Magherafelt and Londonderry to support the establishment of new businesses with export potential and the growth ambitions of existing home grown clients.

“Companies such as Fleming-Agri, Moyola Precision Engineering and Millar Savoury Foods send a clear signal that ambitious locally-owned businesses in the North West can grow to the scale necessary to compete in global markets.

“The support provided by Invest NI plays a pivotal role here. Their level of support, and total investment per head in projects supported in the North West, have both been greater than the Northern Ireland average.

“The North West’s strong entrepreneurial culture is evident from the volume of indigenous start-ups in the region, which are nearly 30% higher than the Northern Ireland average.

“Recently established, new local businesses such as Vuelos Baratos, Tree of Knowledge and Telatec are showing that, across the region covered by Invest NI’s North Western office, our home grown business base is increasingly rising to the challenge of the knowledge economy.

“Many international investors are also recognising the opportunities which exist in the North West. Only recently, we have had two major Invest NI-backed investments - by FirstSource Solutions and Fujitsu Services. These together, will result in nearly 500 new, quality jobs. They are joining other major international companies such as Seagate and Allstate who have invested, and reinvested, in the North West, contributing towards the creation or safeguarding of over 6,500 jobs.

“For inward investment projects, the amount of assistance offered by Invest NI, has been over 80% higher, and total investment per head 73% higher, than the Northern Ireland average.”

In conclusion, the minister said: “Despite occasional criticism of the lack of focus on the North West by Invest NI, it is clear from the figures that this is not the case.

“Invest NI’s regional office will continue to work closely with clients, both locally and internationally owned, and stakeholders to support the continued growth and development of the business base in the North West.”

Notes to Editors:

1. Invest NI assistance in North West Regional Office area.

Time period: 2002/03 to 2007/08

• Invest NI has made 2,297 offers to clients in the North West, with the amount of assistance offered being £115.11million towards total planned investment of £514.88million.
• For Northern Ireland as a whole, comparable figures are a total of 14,161, with assistance of £708.45million and planned investment of £3,287.24million.
• Assistance per head equates to £620 in the North West, compared to £520 for the whole of Northern Ireland.
• Total investment per head equates to £2,775 in the North West, compared to £2,414 for the whole of Northern Ireland.

2. Invest NI inward investment in the North West Regional Office area

Time period: 2002/03 to 2007/08

• In the North West, Invest NI has supported 25 inward investment projects, promoting 3,185 new jobs and safeguarding 3,292 others.
• Total assistance offered has been £62.77million towards planned investment of £310.2million. ·
• Assistance per head towards inward investment projects in the North West is £338, compared to £186 for the whole of Northern Ireland.·
• Resulting investment per head in the North West is £1,672, compared to £969 for the whole of Northern Ireland.

3. Invest NI indigenous start-ups in North West Regional Office area

Time period: 2002/03 to 2007/08

• There have been 178 indigenous start-ups per 10,000 adult population in the North West, compared to 138 per 10,000 for Northern Ireland as a whole.
• The actual number of start-ups in the North West has been 3,327, out of a Northern Ireland total of 18,324.

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