Menu
29/04/2009
NI Job Creation Agency Reveals Successes
Although the official job creation agency, Invest NI promoted almost 6,500 new jobs in the last financial year, its client companies also announced almost 3,500 redundancies over the same period.
In publishing its annual figures this week, the 'strong results' produced were lauded, but had to be tempered with a warning of challenging times ahead.
There are many plus and minus points to the new data.
Invest NI Chairman Stephen Kingon said investment commitments made by the agency's clients had topped the £1bn mark for the first time ever.
£1.1bn of investment cash had been triggered by assistance of £150m offered by Invest NI.
He said that this would eventually see the local economy benefit from £165m a year in wages and salaries.
"While the results are strong, businesses everywhere are constantly re-evaluating their positions, with many seeking to cut costs and delay ambitions for expansion," he said.
The agency's newly installed boss, Alastair Hamilton, who took over at the start of April as Invest NI Chief Executive, said many of the redundancies had been the result of global decisions taken by large international manufacturing companies.
"The past year has seen fundamental shifts in the business landscape, locally and globally, and the current year is likely to present equally challenging conditions," he said, commenting on the report.
However, other good news is that Invest NI's budget had increased from £131m last year to £185m this year.
Invest NI said that in the year to the end of March it had promoted 6,494 new jobs and 'safeguarded' 951 more.
The agency had in fact met or exceeded most of the objectives set by the Executive but conceded that average wage levels across the new jobs created were lower than the target.
However, Mr Kingon said that as a result of the recession, many firms had examined their costs, cashflows and credit management.
The Invest NI Chairman said that while 2009 might be the worst year for the recession, companies should plan for a scenario of 'stress' in the medium term.
(BMcC)
In publishing its annual figures this week, the 'strong results' produced were lauded, but had to be tempered with a warning of challenging times ahead.
There are many plus and minus points to the new data.
Invest NI Chairman Stephen Kingon said investment commitments made by the agency's clients had topped the £1bn mark for the first time ever.
£1.1bn of investment cash had been triggered by assistance of £150m offered by Invest NI.
He said that this would eventually see the local economy benefit from £165m a year in wages and salaries.
"While the results are strong, businesses everywhere are constantly re-evaluating their positions, with many seeking to cut costs and delay ambitions for expansion," he said.
The agency's newly installed boss, Alastair Hamilton, who took over at the start of April as Invest NI Chief Executive, said many of the redundancies had been the result of global decisions taken by large international manufacturing companies.
"The past year has seen fundamental shifts in the business landscape, locally and globally, and the current year is likely to present equally challenging conditions," he said, commenting on the report.
However, other good news is that Invest NI's budget had increased from £131m last year to £185m this year.
Invest NI said that in the year to the end of March it had promoted 6,494 new jobs and 'safeguarded' 951 more.
The agency had in fact met or exceeded most of the objectives set by the Executive but conceded that average wage levels across the new jobs created were lower than the target.
However, Mr Kingon said that as a result of the recession, many firms had examined their costs, cashflows and credit management.
The Invest NI Chairman said that while 2009 might be the worst year for the recession, companies should plan for a scenario of 'stress' in the medium term.
(BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
17 June 2003
Invest NI reveals £600m commitment in past year
During 2002/3, Invest NI gained commitments from client companies, universities and other economic bodies to spend over £600m across a range of activities. Invest NI contributed towards these investments by offering £138m in finance, advice and other support programmes.
Invest NI reveals £600m commitment in past year
During 2002/3, Invest NI gained commitments from client companies, universities and other economic bodies to spend over £600m across a range of activities. Invest NI contributed towards these investments by offering £138m in finance, advice and other support programmes.
20 May 2005
Invest NI reveal best ever results
End of year results announced by Invest NI have shown the government agency has helped companies in Northern Ireland invest almost £0.5 billion to “set up, develop, innovate and become more international”.
Invest NI reveal best ever results
End of year results announced by Invest NI have shown the government agency has helped companies in Northern Ireland invest almost £0.5 billion to “set up, develop, innovate and become more international”.
15 May 2014
'Record Year' For Invest NI
Nearly 11,000 jobs have been promoted across Northern Ireland and over £1bn of investment secured by Invest NI over the past year, according to the body. Invest NI also said almost 18,000 jobs have been created over the last three years as a result of its support.
'Record Year' For Invest NI
Nearly 11,000 jobs have been promoted across Northern Ireland and over £1bn of investment secured by Invest NI over the past year, according to the body. Invest NI also said almost 18,000 jobs have been created over the last three years as a result of its support.
26 April 2007
Invest NI announces successful year
Invest NI has announced the most successful year for Northern Ireland with half a billion pounds of new investment commitments backing overseas investment projects every nine working days.
Invest NI announces successful year
Invest NI has announced the most successful year for Northern Ireland with half a billion pounds of new investment commitments backing overseas investment projects every nine working days.
18 July 2005
Invest NI beef-up targets in three-year plan
Invest Northern Ireland has today published a revised Corporate Plan that includes strengthened targets for increased entrepreneurship, innovation and internationalisation over the next three years.
Invest NI beef-up targets in three-year plan
Invest Northern Ireland has today published a revised Corporate Plan that includes strengthened targets for increased entrepreneurship, innovation and internationalisation over the next three years.
-
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.
