Minister pledges to promote good jobs, address regional balance, raise productivity and reduce carbon emissions in the new ‘Economic Mission’

Economy Minister Conor Murphy has set out his vision for the future of our economy.

Speaking in the Assembly the Minister set out four key priorities as part of a new Economic Mission and has pledged to use the Windsor Framework and take “full advantage of the all-Ireland economy”.

He said: “One objective is to create good jobs. Many workers and their families are denied a decent standard of living. We must change this by investing in affordable childcare and by strengthening trade unions, particularly in low-paid industries.

“A second objective is to promote regional balance. Everyone, no matter where they live, should have the same opportunity to earn a living. To achieve this I will fund local economic strategies and prioritise projects that promote regional balance, such as the expansion of the Magee campus.”

Another objective is to raise productivity, and the Minister explained: “Productivity is a fundamental driver of overall living standards. We can improve our productivity by using dual market access to grow domestic exports and attract highly productive investment. Investment in skills, research and development, and innovation will also drive better productivity.

“My final, critical, objective is to reduce carbon emissions. Reaching net zero by 2050 is a legal requirement and a moral obligation to the wellbeing of future generations. Done right, the transition can also generate prosperity for all.”

Concluding, the Minister stressed the need to move quickly to realise his vision and added: “My Department will move at pace to put this vision into action. Its focus will be on delivery. We have a lot of work to do to turn this economy around and that work starts now.”

The Economy Minister also announced that he has appointed four independent experts to advise his Department on his four objectives.

They are: Good Jobs – Dr Lisa Wilson from the Nevin Economic Research Institute; Regional Balance - Dr Conor Patterson from the Newry and Mourne Co-operative and Enterprise Agency; Productivity - Dr David Jordan from the Productivity Institute and Net Zero - Professor David Rooney from the Centre for Advanced Sustainable Energy.

Speaking afterwards, Suzanne Wylie, chief executive, Northern Ireland Chamber of Commerce and Industry, continued: “We welcome the fact that the Economy Minister has set out his priorities for the economy so early after the restoration of the NI Executive.

“NI Chamber’s focus is on competitiveness, people and skills and a sustainable economy. Our economy does need to be more productive and we need to develop better jobs and effective childcare support. We also need to grasp the opportunity presented by dual-market access, prioritise a green economy, supercharge our approach to decarbonisation and develop focused growth in key business clusters across NI.

“Economic prosperity needs to be owned by the Executive as whole, and by business and other stakeholders. The key to success will be partnership across the Executive as well as co-design and delivery with business on solutions.

“It is also vital that as a region, we continue to attract inward investment by articulating and sharing our distinct advantages. We look forward to meeting with the Minister and finding out more about his proposals around inward investment and regional balance, as well as how he intends to work with business to achieve the best outcomes.

“What matters now is that we develop and deliver at pace on the proposition of the region as a place to work, do business, visit and invest, so that we can compete on the island of Ireland, as a region of the UK and on the global stage.

“There is work to be done, progress to build on and opportunity to realise. At NI Chamber, we look forward to continuing to facilitate that vitally important work.”

Retail NI Reacts To Economy Ministers Economic Statement

Retail NI chief executive Glyn Roberts, added: “We welcome Minister Murphy’s focus on promoting regional economic balance in areas of significant under investment and disadvantage

“Invest NI does need to do more to support home grown SMEs and start-ups. Retail NI has previously outlined proposals to establish a new small and medium business champion help with this and as well as being a one stop shop for all those looking to start a business.

“We look forward to engaging further with the Minister on these priorities.”