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18/09/2002
Government support for industry shows positive results
Research published today has shown that, over the last two decades, Selective Financial Assistance (SFA) offered by the economic development agencies to industry in Northern Ireland increased both employment and productivity in the manufacturing sector by between 7% and 10%.
Economy Minister Sir Reg Empey unveiled the figures from the 'Needs and Effectiveness’ studies during an address to an audience of business people, at a breakfast hosted by the Ulster Society of Chartered Accountants.
Sir Reg said the results were extremely important and that it would provide critical input to the reassessment of the Department’s policy portfolio and the development of new economic strategies.
The Minister also noted the relatively high SFA costs and acknowledged that, as a result of the government’s assistance, the amount of the structural adjustment in the Northern Ireland economy could have been greater.
However, he pointed out that the instability in Northern Ireland throughout much of the period under review had been a huge disincentive towards investment and structural change.
He continued: “As Northern Ireland moves forward in its goal of ‘Becoming a Modern Economy’, Invest Northern Ireland is undertaking a root and branch review of its programmes and how it delivers them. This includes an assessment of the role of Selective Financial Assistance and its contribution to the approach and direction of policy aimed at promoting knowledge-based competitiveness.
“We have already refined further the forms of assistance we offer, including the levels of grants, and are considering how we can adjust our intervention strategies.
“In addition, I have suggested to my colleague, (Finance Minister) Dr Farren, that consideration needs to be given to ways in which budgets for assistance to industry can be shaped more flexibly and we will be giving further thought to this in the near future.”
The ‘Needs and Effectiveness’ studies were commissioned by the Northern Ireland Executive across a number of departments as a means of informing planning and helping shape budget allocations and expenditure priorities.
The Minister was joined on the platform by Professor Richard Harris, University of Durham, who carried out the research, together with a team of economists from Queen’s University, Belfast, University of Kingston and the Northern Ireland Economic Research Centre.
(MB)
Economy Minister Sir Reg Empey unveiled the figures from the 'Needs and Effectiveness’ studies during an address to an audience of business people, at a breakfast hosted by the Ulster Society of Chartered Accountants.
Sir Reg said the results were extremely important and that it would provide critical input to the reassessment of the Department’s policy portfolio and the development of new economic strategies.
The Minister also noted the relatively high SFA costs and acknowledged that, as a result of the government’s assistance, the amount of the structural adjustment in the Northern Ireland economy could have been greater.
However, he pointed out that the instability in Northern Ireland throughout much of the period under review had been a huge disincentive towards investment and structural change.
He continued: “As Northern Ireland moves forward in its goal of ‘Becoming a Modern Economy’, Invest Northern Ireland is undertaking a root and branch review of its programmes and how it delivers them. This includes an assessment of the role of Selective Financial Assistance and its contribution to the approach and direction of policy aimed at promoting knowledge-based competitiveness.
“We have already refined further the forms of assistance we offer, including the levels of grants, and are considering how we can adjust our intervention strategies.
“In addition, I have suggested to my colleague, (Finance Minister) Dr Farren, that consideration needs to be given to ways in which budgets for assistance to industry can be shaped more flexibly and we will be giving further thought to this in the near future.”
The ‘Needs and Effectiveness’ studies were commissioned by the Northern Ireland Executive across a number of departments as a means of informing planning and helping shape budget allocations and expenditure priorities.
The Minister was joined on the platform by Professor Richard Harris, University of Durham, who carried out the research, together with a team of economists from Queen’s University, Belfast, University of Kingston and the Northern Ireland Economic Research Centre.
(MB)
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