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| UUP Response to Invest NI Motion in the Assembly 20 October 2009 |
INVEST NI MOTION - response from Leslie Cree UUP
20 OCTOBER 2009
Mr. Speaker, I thank the Members for tabling this motion today, however, I am afraid that Sinn Fein has presented a rather confused argument that does little justice to the Independent Review of Economic Policy Report. The economic reality on the ground or the needs of the business community throughout Northern Ireland. Apart from bringing forward a motion on a detailed report that is currently out for consultation, Sinn Fein has shoehorned a long-standing issue that they have with Invest NI, onto the back of the report. The Report gives clear evidence that Invest NI needs to reform, it gives concise arguments as to why many of their practices are outdated and do not reflect best practice.
However, to jump from these findings to a Sinn Fein policy that argues for Invest NI to distribute money in a way that is based on geographical equity is at best naïve and at worst a hindrance to the development of Northern Ireland’s economy as a whole.
Much of their argument would have been better placed at the door of the Minister for Regional Development who is in charge of the Regional Development Strategy, through which lies the greater potential to develop infrastructure and the regions within Northern Ireland in a way that would make them more attractive for businesses to set up and flourish in.
The bottom line is that Northern Ireland is a small place with one medium sized city that will continue to be the centre of economic growth. All investment by Invest NI must be based on objective criteria linked to the potential of businesses to flourish, increase productivity, employment and exports.
I welcome the report’s focus on the productivity gap. It is true that in the past decade we have been successful in creating employment however, this has often been of relatively low waged and unstable investment such as call centres that can leave Northern Ireland as quickly as they come.
The report is right to suggest that if we are to bridge the productivity gap we must invest more in research, development and innovation. The report confirms what many have known for a period of time, that Invest NI has been continuing a dated industrial development policy, that the Selective Financial Assistance was benefiting too few client companies and not developing a dynamic and competitive economy.
The report quite rightly critiques the bureaucratic structures of Invest NI and I welcome the fact that it notes that "high performing investment agencies have cultures that are responsive, fast moving and work to overcome bureaucracy, they are outcome and not process focused". It is time that Invest NI became more entrepreneurial and responsive to business needs.
Mr. Speaker, Northern Ireland has come along way in the past ten years, we have made excellent economic progress. However, we now have to come to terms with the fact that we will not always be able to plead special status, nor should we want to; we have to realise that in the new economic climate public spending will be extremely tight and our private sector must take up some of the slack; this means bold reform and taking opportunities
We have excellent universities, we produce innovative and brilliant business people, we now must give them the opportunity and proper support to flourish in Northern Ireland. The success of innovative SMEs, as Wombat has proven, will deliver the type of inward investment that we need.
The Minister must be bold when she makes decisions on this report. It is not exaggeration to say that NI is at somewhat of a cross roads; we can move forward and participate more fully in the UK's and the World economy. Changing to take advantage of the economic opportunities that present themselves out of this recession. Or we can continue along the same course.
This report provides the Minister with an excellent opportunity to set the foundations for a change in economic vision for NI; I hope that she will not waste it.
As for Sinn Fein I am only glad that they are not in charge of DETI as their opinions are ten times more outdated and counterproductive than Invest NI's have ever been.
Whilst the report still needs much detailed analysis I welcome it – however Mr.Speaker, I oppose the motion.
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| Category: Press Release |
| Date Published: 21 October 2009 11:45:01 |