The Department for the Economy has set out a 拢290M plan to help the Northern Ireland economy recover from the deep impact caused by the Covid-19 pandemic.
Its Economic Recovery Action Plan has pinpointed targeted action to stimulate new investment into Northern Ireland and to boost trade and exports.
It also aims to boost skills and create a more 鈥渁gile鈥 workforce, increase research and development and create a 鈥済reener鈥 economy.
In addition, it has identified a number of actions the department plans to take to stimulate growth.
These include the development of a flexible skills fund; widening access to apprenticeships by removing the age cap; developing proposals to implement a Northern Ireland artificial intelligence centre of excellence; delivering the High Street Stimulus Scheme; delivering a Tourism Voucher Scheme to stimulate demand; accelerating delivery of City and Growth Deals; and developing a green innovation challenge fund.
The funding will be requested by Economy Minister Diane Dodds in the 2021-2022 financial year - and the plan is intended to help reverse the effects of the pandemic on the economy which is estimated to have knocked 11% from GVA in 2020.
鈥淲hile there are real reasons to look towards the future with optimism,鈥 the report said. 鈥淚n the short and medium term the economic context remains stark. It is within this context of a recession like no other that this Recovery Action Plan is positioned.鈥
The overriding aim of the plan is to build a higher skilled workforce, create so-called better jobs and producing a more regionally-balance economy.
The report said it was particular focused on targeted government interventions to 鈥渆ncourage external growth in internationally focussed high-value added sectors where Northern Ireland has the ability to exploit competitive advantage. It is in these sectors that our future economic prosperity lies.鈥
Business leaders have been quick to back the plan, one which many help design.
Angela McGowan, Director of the Confederation of British Industry (CBI) Northern Ireland, said it chimes with the organisation鈥檚 own aims.
鈥淭he CBI welcomes the Department for the Economy鈥檚 Recovery Action Plan,鈥 she said. 鈥淭he emphasis on investing in skills, creating employment opportunities and stimulating investment and demand is strongly aligned with the CBI鈥檚 build-back-better proposals for a jobs-rich economic recovery.鈥
The plan also drew welcome from the tourism sector.
Dr Joanne Stuart, CEO of the NI Tourism Alliance (NITA), said the plan recognises the importance of the tourism and travel industry as a key economic driver for regional economic recovery.
鈥淭he actions outlined within the report are critical to supporting the survival and rebuilding of the tourism industry and NITA look forward to continued engagement with the Minister through the Tourism Recovery Steering Group on the development of a sustainable Tourism Strategy.鈥
Launching the report, Economy Minister Diane Dodds said it sets out a roadmap to recovery.
鈥淎s we move slowly back to normality, we must put all our efforts into restarting, repairing and rebuilding our economy,鈥 she said. 鈥淲e must encourage businesses to innovate and lead and we must support workers to prepare for new opportunities.
鈥淢y Economic Recovery Action Plan is the blueprint to rebuild a stronger economy in Northern Ireland. We will focus on where we have the greatest opportunity to drive innovation and develop the skills and capability of our workforce to secure better jobs.鈥
