Minister plans €324m budget for one-stop economic agency

Sir Reg Empey, the Minister with responsibility for the North's economy, has signalled the imminent demise of three key economic development agencies, including the job-creation body, with the placing of advertisements for the chairperson of a new super-agency in Northern Ireland.

The recruitment process is the first step in the initiative to create a new Northern Ireland Economic Development Agency which will have an annual budget of more than £200 million sterling (€324.5 million), a board of around 20 members and up to 700 staff.

Legislation must be passed by the Northern Ireland Assembly to establish the agency which is expected to be operational early next year.

The amalgamation of the current economic development agencies into one body represents a fundamental change of direction for Northern Ireland and the Minister for Enterprise, Trade and Investment has made no secret of the fact that he hopes it will attract new talent into the role.

Sir Reg said he hoped to receive applications from within and outside Northern Ireland. He welcomed candidates from the Republic to apply for roles in the team of people who will spearhead the North's future economic development strategy.

The creation of a new agency, that will effectively become a one-stop-shop for all economic development issues in Northern Ireland, is one of the fundamental principles laid down in Strategy 2010, a blueprint for the North's economic future which was drawn up by key public and private sector experts.

Strategy 2010 identified the establishment of a new super-agency as one of the key steps in making Northern Ireland more competitive and attractive to potential inward investors.

According to Sir Reg, a review of the economic development agencies in the North is long overdue.

"The Industrial Development body is 20 years old, LEDU, the Small Business Agency, is 30 years old and the Industrial Research and Technology Unit is 10 years old. The creation of a new agency is part of the process towards joined-up government. It is a sign of change and a move that should make life much simpler for companies operating in Northern Ireland," he added.

The Minister said legislation to establish the agency was currently being drafted and he hoped to introduce it to the Assembly by late June.

"Northern Ireland's new Economic Development Agency will be established by statute as a Government sponsored public body, i.e. it will be a non-departmental public body.

"This will be a major cultural change in the way economic development is structured in Northern Ireland and we would hope it will attract people who understand how business works," Sir Reg said.