‘Local Economic Partnerships’ to drive regional growth

ECONOMY Minister Conor Murphy has announced the creation of ‘Local Economic Partnerships’ as a key initiative within the newly-launched Sub-Regional Economic Plan, aiming to promote ‘regionally balanced’ growth across the North.

These partnerships will give local communities greater control in shaping their economic futures.

Speaking in the Assembly this week, Mr Murphy explained that the initiative is designed to ensure local economies thrive through community-led development.

Local councils will be tasked with forming these partnerships, which will bring together a range of stakeholders, including central government, local businesses, universities, colleges, enterprise agencies, and civil society.

The goal of these partnerships, Mr Murphy said, is to identify the main barriers to economic development in each region and prioritize interventions that enhance local strengths. “These ‘Local Economic Partnerships’ will develop tailored solutions, empowering communities to build their value propositions,” he added.

To support this initiative, the Minister pledged £45 million in dedicated funding over the next three years. This funding will be used to address economic disparities between regions, ensuring that all areas have the opportunity to prosper.

The Minister outlined that Invest NI will put a new focus on regional balance and will be a driving force within ‘Local Economic Partnerships’.

He said, “Staff numbers in the Invest NI Regional Offices will be increased by an initial 40 per-cent. These offices will assume responsibility for managing local clusters and businesses with a turnover of up to £2 million.

“Property specialists will be recruited to develop land and property for business use. Invest NI Headquarters will support the Regional Offices, providing specialist advice and expertise.”

The Minister added, “Invest NI will support this drive towards regional balance, and direct 65 per-cent of its investments outside of the Greater Belfast area. Consequently, the whole of Invest NI, not just Regional Offices, will be reorientated towards developing local economies.”

Kieran Donoghue, Invest NI chief executive, said, “I very much welcome the publication of the Minister’s Sub-Regional Economic plan and the key role of Invest NI within it. We are committed to working in partnership with the Department for the Economy and other key stakeholders to support the achievement of the Minister’s policy priority of increased regional balance.

“Our forthcoming new three-year business strategy has made regional development a key objective and will provide further detail on our overall approach.”