Invest NI review is important as we reshape our economy

There is no doubt that the Northern Ireland economy has been dramatically reshaped over the past two years. However, there are now clear signs that our economy is rebounding from the impact of Covid-19. Economic activity is at a 13-year high and business confidence is up, with many firms positive on the outlook for 2022.

Minister Gordon Lyons with review chair Sir Michael Lyons

While the pandemic has had a profound impact on the local labour market, many indicators continue to hint at improvements. I recognise however that there are some indicators that are yet to return to pre-pandemic levels and there are still some negative effects felt disparately across various sectors and groups in society. 

As we seek to consolidate and boost recovery for everyone in Northern Ireland, it is imperative that we examine our position holistically. Throughout the course of the pandemic response, industries and consumers also had to pivot to address the new trading environment since leaving the European Union, and deal with the frictions caused by the Ireland / Northern Ireland Protocol.

Public sector budgetary constraints remain a key challenge as my Department seeks to identify the most sustainable financial model to fit local economic priorities and allow us to continue to deliver quality services with reduced resources.

However, I am confident about the future. Our 10X Economic Vision - published in May 2021 - sets out our ambitions for the next decade and aims to create a step change in how we improve our economy. The realisation of this bold vision, which places innovation at its core, will ultimately see Northern Ireland situated amongst the elite small advanced economies in the world.

This exciting opportunity to make a generational change - alongside the Executive’s ‘New Decade, New Approach’ commitment to review Arm’s Lengths Bodies - has underpinned my decision to commission an Independent Review of Invest NI. 

The Review will be led by Sir Michael Lyons, former Chairman of the BBC and current Chairman of the English Cities Fund. Sir Michael recently chaired the Belfast Innovation and Inclusive Growth Commission that published its “reset for growth” report in July 2021. Sir Michael will independently evaluate products and services offered by Invest NI to assess its effectiveness, as well as its capacity to operationally deliver the 10X Economic Vision. 

As our regional economic development agency, Invest NI’s role in translating 10X strategic objectives into a new, refreshed and inclusive economic reality is critical. Now is an opportune time to take stock and ensure the organisation is primed to respond to a changing economic landscape in preparation for an economy that is ten times better.

Sir Michael’s distinguished track record and depth of relevant experience will be crucial in steering this public debate around the future of economic development in Northern Ireland.  I wish him every success in his new role and encourage stakeholders across all sectors and regions of Northern Ireland to ensure their voices are heard.

Gordon Lyons, Economy Minister

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