Archibald expects Derry jobs figures to ‘tick upwards’ with new Invest NI office
Caoimhe Archibald says Invest NI’s new Ebrington office will help the Local Economic Partnerships (LEP) utilise a £5.15m allocation from the £45m Regional Development Fund to support economic development in Derry.
Dr. Archibald also said she expects Invest NI’s figures for Derry to ‘tick upwards’ over the coming years.
The establishment of the new office at Ebrington was hailed at Stormont by Sinn Féin and the DUP.
Both Sinn Féin MLA Ciara Ferguson and DUP MLA Julie Middleton tabled questions about the move on Monday.
Dr. Archibald told the Assembly the announcement of the new office followed the recent appointment of Aeidin McCarter as Invest NI’s head of regional business for the NW.
"That will increase Invest NI's visibility and accessibility and provide a strong base for engagement with local businesses and inward investors,” she said.
The Economy Minister said Invest NI's regional offices are ‘working closely with councils and partners through local economic partnerships (LEPs), providing expertise and support to maximise the impact of the £45 million regional economy fund and ensure that investment reflects local priorities’.
The Derry City and Strabane LEP was allocated £5,151,000 by the former Economy Minister Conor Murphy early last year, the largest allocation to any LEP.
SDLP MLA Sinéad McLaughlin asked if the minister was disappointed in jobs numbers for Derry/Strabane.
“The latest Invest NI figures show that Belfast secured 58 per cent of supported new jobs — in the region of 2,700 — and that, by comparison, Derry secured 6.5 per cent of those new jobs: totalling about 240.
"Minister, are you disappointed by that, given your commitment to regional balance? Is it fair? What will you do to ensure that next year's figures do not reflect the figures for last year and this year?” she asked.
Dr. Archibald replied: “I am sure that she would agree that jobs are not the only measure of progress in achieving greater regional balance, albeit they are an important one. Invest NI is making progress in that regard, but it will take time.
"Nobody in the Chamber or in the business world underestimates the significant challenges that we face across the economy. Most of them are beyond our control, so we need to ensure that we control what we can control, and that is why it is important that we have prioritised regional balance and backed that up with the subregional economic plan and the regional economy fund.
"I fully expect the figures to tick upwards in the coming years. My emphasis on the priority of regional balance is reflected in Invest NI's business plan, and I expect to see results against that plan.”
Mrs. Middleton asked how the Department would ‘leverage the prestigious new location’ to showcase Derry as ‘a premier destination for foreign direct investment’.
“The north-west has seen significant growth in recent years in advanced manufacturing, fintech and financial services in particular. We will seek to build on the strengths in the local area and, of course, to look at opportunities that are available through the growth deals.
“I hope that the new office will support the East Derry constituency as well as the Foyle constituency. We have huge opportunities to work across the NW, and there are already strong partnerships across our two chambers and with Letterkenny chamber,” said the minister.