Date 27 July 2006

PN 03/06

Sub-group to Consider Economic Challenges Facing Northern Ireland takes evidence

The sub-group had its third meeting today in Parliament Buildings, Stormont.

The sub-group heard presentations from; the Strategic Investment Board and Invest Northern Ireland followed by question and answer sessions.

The sub-group agreed that it was important to invite Ministers to present evidence at the earliest opportunity.

David Gavaghan (SIB) advised the sub-group that Northern Ireland had for the first time used finance from the European Investment Bank to fund the £100m Roads package 1. Mr. Gavaghan also advised the sub-group that one of its major projects, the Invest NI HQ had been completed on time in just 30 months using a local contractor.

In evidence to the sub-group Leslie Morrison (Invest NI) made a number of recommendations on actions that would make a significant contribution to an economic package, which would have a positive impact on economic regeneration.

The Subgroup will meet again in Parliament Buildings on 27 July at 10.00am.

BACKGROUND INFORMATION

Under the terms of the Northern Ireland Act 2006, the Secretary of State for Northern Ireland, the Rt Hon Peter Hain MP, wrote to the Deputy Speakers of the Assembly on 11 July 2006 to direct the Preparation for Government Committee to establish a sub-group to consider the economic challenges facing Northern Ireland. The Preparation for Government Committee subsequently met on 17 July 2006 and agreed to establish a sub-group.

The sub-group consists of two representatives from each of the parties represented on the Preparation for Government Committee. One of each of the two party representatives on the Sub-group shall be a member of the Preparation for Government Committee.

The sub-group will be chaired by either of the two independent chairs of the Preparation for Government Committee – Mr Francie Molloy, MLA and Mr Jim Wells, MLA. All parties were represented at today’s initial meeting. Those attending today were:

Roy Beggs Jnr
Michelle Gildernew MP
Mitchel McLaughlin
Lord Morrow
Dr Alasdair McDonnell
David McNarry
Sean Neeson
Margaret Ritchie
David Simpson
Jim Wells (Chair)

The Terms of Reference agreed for the sub-group is as follows:

• To identify the major impediments to the development of the economy in Northern Ireland.
• To consider fiscal incentives that may promote foreign direct investment and indigenous investment.
• To consider how other matters including an economic package/peace dividend could contribute to economic regeneration and how this might be delivered.

Information about the work of the Sub-group can be obtained from the Principal Clerk to the sub-group:

Telephone: 028 9052 1785