That was the message from Enterprise Minister, Arlene Foster, when she spoke at a joint Confederation of British Industry (CBI) NI/Stratagem seminar in Belfast yesterday.
In the keynote address, the Minister spoke on the near-term challenges presented by the turbulence in the global economy and the initiatives the Executive is taking as part of the Programme for Government. Arlene Foster highlighted that the world economy remains very much in a state of flux, particularly with the instability in the world financial markets and the surge in commodity prices which are now beginning to ease.
The Minister said: “Economic output is falling throughout the developed world – in Germany, France, Italy, Japan, Canada and, closer to home, the Republic of Ireland. Output is also beginning to fall in the UK and the Northern Ireland economy is far from insulated from these trends
Arlene Foster continued: “I appreciate the insights afforded by other independent commentators, however, I am well aware of what the officials statistics are indicating – output is falling, particularly in construction and retail, with rising levels of unemployment. These factors are all combining to impact on the living standards of families up and down the country. It is, however, noteworthy that the manufacturing sector continues to present some encouraging trends.”
Commenting on the pressures facing the local economy, the Minister said: "There are no prizes for predicting a recession and we need to be careful that, at this time, we keep focused on implementing the initiatives outlined in the Programme for Government. In particular, we need to work to ensure that our companies are best placed to take advantage of the upturn in the economic cycle.”
The Minister outlined a range of actions being undertaken by her Department and Invest Northern Ireland and looked forward to the findings of the report on the independent review of electricity prices. The Minister also highlighted that she was currently assessing the recommendations of the MATRIX reports and is working to develop a blueprint on how to further exploit Northern Ireland’s science and Research and Development capabilities to accelerate economic growth.
The Minister also commented on her intentions to conduct an independent review into economic development policy in Northern Ireland. The Minister said: “This will not be another strategy, we have already had too many of those in the past. My aim is to ask the independent panel to come forward with practical and evidence-based recommendations on how to improve our competitiveness in the Northern Ireland private sector. Work is underway in establishing the review and I’ll be making some key announcements over the coming weeks.”
The Minister concluded her keynote address by reflecting on the success of the Invest Northern Ireland trade and investment mission to San Francisco and Boston. Arlene Foster said: “My recent trip to the US was an opportunity to promote Northern Ireland as a cost competitive investment location, building on the success of the US-NI Investment Conference.
“I was encouraged to see that Invest Northern Ireland’s sustained efforts to attract high quality investment to Northern Ireland are continuing to bear fruit even in the current challenging economic climate.
“I am also keen to encourage local indigenous businesses, especially small and medium sized enterprises, to use the support provided by DETI and Invest NI, in order to achieve growth and increase export levels. Our aim in the Executive is to work closely with Northern Ireland companies to help them to grow in the global marketplace.”
Notes to Editors:
1. The conference took place in the Stormont Hotel, Belfast, on Wednesday 5 November 2008.
2. For 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
