Menu
12/06/2012
Innovation At The Heart Of Economic Growth - Foster
Enterprise Minister Arlene Foster has welcomed the publication of the report by the Committee for Enterprise, Trade and Investment into developing the Northern Ireland economy through innovation, research and development.
Commenting on the Committee inquiry into what can be done to encourage businesses to invest in R&D Arlene Foster said: "It is reassuring to see that there are clear synergies between the ETI Committee’s recommendations and what the Executive is doing now and plans to do in the future in relation to innovation and R&D.
"The underpinning theme of the Economic Strategy is the need for stimulating innovation, R&D and creativity. Innovation is an economic priority because it is the key driver of productivity and economic growth. Innovation is critical if we are to improve our overall levels of productivity and in particular in sectors such as tourism, retailing and services."
The report highlighted that annual expenditure on R&D in Northern Ireland and the level of innovation activity in local firms has also been low. The Minister responded: “Over the past five years R&D expenditure has risen by 95%. In 2010 over £500million was invested by Northern Ireland companies and research institutions in R&D – that is the highest annual figure recorded to date.
"During the 2008-2011 Programme for Government, Invest Northern Ireland support led to £320million business investment commitments in R&D, and, last year, it offered a further £65million in support. Northern Ireland now lies sixth of the twelve UK regions in terms of Business Expenditure on R&D (BERD). Over the period of the next Programme for Government Invest NI will continue to build on this and aims to support 500 businesses to undertake R&D for the first time."
(CD)
Commenting on the Committee inquiry into what can be done to encourage businesses to invest in R&D Arlene Foster said: "It is reassuring to see that there are clear synergies between the ETI Committee’s recommendations and what the Executive is doing now and plans to do in the future in relation to innovation and R&D.
"The underpinning theme of the Economic Strategy is the need for stimulating innovation, R&D and creativity. Innovation is an economic priority because it is the key driver of productivity and economic growth. Innovation is critical if we are to improve our overall levels of productivity and in particular in sectors such as tourism, retailing and services."
The report highlighted that annual expenditure on R&D in Northern Ireland and the level of innovation activity in local firms has also been low. The Minister responded: “Over the past five years R&D expenditure has risen by 95%. In 2010 over £500million was invested by Northern Ireland companies and research institutions in R&D – that is the highest annual figure recorded to date.
"During the 2008-2011 Programme for Government, Invest Northern Ireland support led to £320million business investment commitments in R&D, and, last year, it offered a further £65million in support. Northern Ireland now lies sixth of the twelve UK regions in terms of Business Expenditure on R&D (BERD). Over the period of the next Programme for Government Invest NI will continue to build on this and aims to support 500 businesses to undertake R&D for the first time."
(CD)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
28 August 2002
Managed innovation is key to success
Nest week sees the return of the Managed Innovation Programme delivered by the Centre for Competitiveness in conjunction with Australian Allan Ryan.
Managed innovation is key to success
Nest week sees the return of the Managed Innovation Programme delivered by the Centre for Competitiveness in conjunction with Australian Allan Ryan.
26 August 2015
CME Group Financial Innovation Laboratory Officially Opens
The new CME Group Financial Innovation Laboratory at the Ulster University has officially opened.
CME Group Financial Innovation Laboratory Officially Opens
The new CME Group Financial Innovation Laboratory at the Ulster University has officially opened.
28 September 2017
New Social Innovation Festival Announced
A new social innovation festival has been announced to take place in Derry~Londonderry on 19 October and Belfast on 20 October.
New Social Innovation Festival Announced
A new social innovation festival has been announced to take place in Derry~Londonderry on 19 October and Belfast on 20 October.
31 May 2016
Twilight Market Wins Tourism Innovation Award
The first Twilight Market held at Belfast's St George's Market has won the Tourism Innovation Award at the Northern Ireland Tourism Awards 2016. The first market in November 2015 St George's Market was transformed into a bustling bazaar showcasing the best of the city's food and drink scene.
Twilight Market Wins Tourism Innovation Award
The first Twilight Market held at Belfast's St George's Market has won the Tourism Innovation Award at the Northern Ireland Tourism Awards 2016. The first market in November 2015 St George's Market was transformed into a bustling bazaar showcasing the best of the city's food and drink scene.
25 April 2016
Innovation Factory To Open For Business
A new £9.1 million state-of-the-art Innovation Factory is "on track" to open in October. The new Factory will be situated on part of the former Mackie's plant, off Springfield Road, will open for business this autumn, following the completion of construction works part-funded by Invest Northern Ireland (£2.
Innovation Factory To Open For Business
A new £9.1 million state-of-the-art Innovation Factory is "on track" to open in October. The new Factory will be situated on part of the former Mackie's plant, off Springfield Road, will open for business this autumn, following the completion of construction works part-funded by Invest Northern Ireland (£2.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
