Invest NI is pledging to support thousands more local businesses as well as attracting a third more foreign direct investments (FDIs) in the next three years.
And it also envisages that 65% of future investments will be to businesses located outside of the greater Belfast area (up from its current level of 56%) and that those employed within its client portfolio will rise by 8% to 141,000.
The targets are contained with the organisation’s new ‘Our Future in Focus’ document, which is the first three-year business strategy is has published in a decade.
The strategy was formally launched at the start of a two-conference in the Belfast ICC, attended by more than 800 delegates including more than 50 staff from Invest NI’s overseas offices and a number of major recent investors in the region.
Among the key commitments in the 2024-2027 strategy - which are largely build around Economy Minister Conor Murphy’s four key pillars of promoting regional balance, increasing the proportion of working age people in “good jobs”, raising productivity and reducing carbon emissions - are:
- Win at least 60 new to Northern Ireland FDIs (up 33%)
- Increase sales per employee in its client portfolio to £245,000 (up 14%)
- Support at least 450 local companies that are new to Invest NI (up 25%)
- Increase expenditure in R&D in the agency’s client portfolio to £750 million (up 21%)
- Support 5,000 productive investments in businesses across the north (up 12%)
Invest NI chief executive Kieran Donoghue said: “This strategy sets out the concrete actions that we believe will build a prosperous and sustainable future for Northern Ireland, but these targets are the floor, not the ceiling.”
He added: “As the title suggests, this strategy is about the future development of the business enterprises, both large and small, that are the backbone of the Northern Ireland economy.
“The strategy is also about the future of Invest NI and our commitment to work closely with our existing client companies, new local start-ups, and international investors to deliver higher levels of investment and the economic and social benefits that flow from this activity.
“But the task ahead cannot be achieved by Invest NI alone. Collaboration is key and well defined, purposeful, and mutually beneficial partnerships will be essential.
“In this context, we are committed to working with our key stakeholders to create an environment where collaboration, innovation, and investment flourish and where everyone succeeds from working together.”
