DERRY JOURNAL Editorial: Foreign Direct Investment (FDI) must be pointed to Derry

The review panel report on Invest NI told those of us living in Derry what we have known for a long time – not enough has been done during its two decades of existence to level the field.

Much has been made about what the report described as ‘profound divisions’ within the agency. These don’t seem to have done Belfast any harm. The most important recommendation, as far as Derry is concerned, is that Invest NI needs to be a better partner in promoting jobs more evenly in the north. Another positive finding is – ‘Invest NI cooperation with an open-minded company can influence location’ when its comes to FDI. For years, when Invest NI has been criticised for not bringing enough jobs to Derry we were told it is not within its remit to direct FDI to particular locales.

Yet the Industrial Development Act 2002, under which it was established, defines its functions as being ‘exercised in accordance with such directions of a general or specific nature as the Department of the Economy may give to INI’. It is time state support for job promotion was directed to the areas of greatest need. Whether the impetus provided by the report is acted upon will depend on the incoming Minister for the Economy if Stormont is ever resurrected. It is a key department with both Invest NI and universities falling under its purview. Throughout the course of Invest NI’s existence the brief has been held by 12 ministers – eight of them unionists (7 from east of the Bann) and four of them direct rule ministers from England. This must change.