Jobs rise in North but IDB fails to meet target

THE NORTH'S Industrial Development Board (IDB) has reported a net gain of 1,600 jobs for the year to the end of March. This is a record for the agency but short of its target.

The IDB benefited for much of the year from the positive impact of the ceasefires and said it had been its most successful year for inward investment jobs promotion. But due to newly revised targets, the agency did not meet its jobs coal.

During the year, client companies created 6,600 new jobs, compared to 6,000 last year. But the number of job losses also rose from 4,500 to 5,000. The impact of the job losses, which included the 500 staff at Shorts laid off as a result of the Fokker collapse, produced a net gain of 1,626 jobs.

Based on the increased number of visits to the North by potential investors. future prospects are "encouraging", according to IDB chairman, Mr John McGuckian.

Over the past three years the number of visits from potential US visitors had increased by 60 per cent, he said.

Last year there were 157 first time visits, 107 of which involved site approval itineraries. About 75 potential investors also visited one of the North's designated disadvantaged areas.

"Another encouraging aspect . . . has been the increased number of large multi national companies which are seriously considering Northern Ireland as an investment location," Mr McGuckian said.

The IDB has recently changed the way in which it classifies inward investment results so that its performance can be compared with other development agencies.

Previously, the IDB statistics only included new green field investments and expansions by recent foreign arrivals. Now, all further expansions will be treated as inward investment results.

There were 35 inward investment projects during the year, made up of 10 new investments and 25 expansions, which offered the promise of 4,869 new jobs.

Although this was a record it fell short of the target of 6 500 job promotions which had been revised up from 4,500 at the start of the year.

In addition to the new foreign investments, there were 28 new projects by local industry which are expected to result in 809 new jobs, and safeguard a further 1,401 jobs. But the number of projects from local firms has dropped.

IDB's 518 client companies account for more than 80 per cent of manufacturing employment in the North and 90 per cent of export sales.