THE interim chief executive of Invest NI claims its 2021/22 performance was "strong" despite the economic support agency attracting just 15 first-time overseas investors in the year to March - just half its original target.
Mel Chittock revealed that the agency made 2,500 offers to businesses in Northern Ireland to the value of £99 million, which he said will contribute to £573 million investment in the region's economy and bring 3,548 new jobs.
He said more than three quarters (around 2,000) of the offers made in 2021/22 were outside Belfast, supporting the Department for Economy’s objective of a stronger regionally-balanced economy, and 70 per cent of the new jobs to be created will pay salaries above the Northern Ireland average.
But its failure to hit certain targets has led to renewed calls for a swift conclusion to the review of Invest NI's performance by a panel chaired by Sir Michael Lyons, which aims to provide an independent assessment of Invest NI’s efficiency and effectiveness.
Sinn Féin's Caoimhe Archibald, who in the last Stormont mandate chaired its economy committee, said the review is a timely opportunity to ensure the agency is fit to support businesses, create jobs and promote investment, especially given its failure to deliver on its inward investment targets.
She said: “There has been significant interest from investors over the past year, so it is concerning the target on inward investment has not been met.
“We have called for some time for reform of Invest NI, which has much more to do to support small local businesses, promote regional balance and maximise the potential of the all-island economy.”
She claimed Invest NI’s efforts to attract jobs and investment “is being derailed by British government’s threats to break international law and its support for the DUP’s boycott of local democracy.”
Ms Archibald added: “Businesses and investors need certainty. The British government needs to get back to the negotiating table with the EU and give businesses the stability they need to plan.”
As reported by the Irish News yesterday, Invest NI partly blamed the impact of Covid-19 and being tasked with running numerous pandemic-related schemes for missing its targets.
Mr 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.”
He added: “Alongside attracting new investors like ASOS, Workrise and Agio, we also supported reinvestment by local companies such as Newry manufacturer Connex Offsite, Deli Lites in Warrenpoint, Zymplify in Portstewart and Stone Bakery in Crossmaglen.
“We also continued to deliver four NI Executive emergency support schemes, our own nine Covid recovery schemes, and delivered a significant element of the NI Executive’s High Street Scheme. 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 businesses and Invest NI, the result are testament to the resilience of those businesses we have worked with, and our own team’s drive and determination, and I am proud of what we have achieved.”
