Invest NI reveals strong performance despite ‘challenges’

In its latest annual report, the publicly funded economic support agency said this support will contribute to £573million investment in the local economy and almost 3,548 new jobs.

Invest Northern Ireland interim chief executive, Mel Chittock, said: “Nearly 1,900 businesses sought our support in 2021/22.

“Considering the ongoing impact of Covid-19 and wider economic challenges the year brought it was reassuring to see so many businesses still committing to investment, whether through innovation, exporting, skills development or job creation.

“Not only did we see commitment to grow, right across Northern Ireland, but also a drive to get more people into better jobs.”

Some 2,000 (77%) of the offers made in 2021/22 were outside of Belfast, supporting the Department for Economy’s objective of a strong regionally balanced economy.

Also 70% of the 3,400 plus new jobs to be created will pay salaries above the Northern Ireland Private Sector Median and 2,000 (nearly 60%) of the new jobs to be created will be outside Belfast.

Northern Ireland’s attraction to internationally mobile businesses also remained strong, with a further 15 new investors choosing to invest in Northern Ireland for the first time; including ASOS, Workrise and Agio.

Alongside attracting new investors, Invest NI also supported reinvestment by local companies such as Newry manufacturer Connex Offsite Limited, Deli Lites in Warrenpoint, Zymplify in Portstewart and Stone Bakery, in Crossmaglen.

:“Along with our business support. We also continued to deliver four Northern Ireland Executive emergency support schemes, our own nine Covid recovery schemes, and delivered a significant element of the NI Executive’s High Street Scheme”, Mr Chittock continued.

“The agility and pace at which our team adapted and responded to these new asks is testament to our commitment to doing what is needed to support our economy and businesses.

“Considering the continuing challenges for both Northern Ireland businesses and Invest Northern Ireland, the results we are presenting are testament to the resilience of those businesses we have worked with, and our own team’s drive and determination. I am proud of what we have achieved.”

Invest NI said that resolving outstanding issues surrounding the NI Protocol would underscore NI’s unique tariff access to both the UK and EU markets and give “a compelling competitive advantage for local businesses serving these markets and a significant attractor for potential new inward investors with a manufacturing focus.”