10x Economy - an economic vision
10x Economy: An Economic Vision was published in May 2021.
It set out an ambitious vision for the transformation required to support the growth of the Northern Ireland economy over the next decade.
The current strategic framework for 10x was published in October 2022. This “Next Steps” document set out the objectives for 10x that will guide the department’s policy development and implementation, and the approach taken by its partner organisations.
The department published the 10x Delivery Plan 2023/24 on 6 July 2023. This sets out the actions to be taken by the department and its partner organisations to move towards achievement of the 10x objectives by 2030. The Delivery Plan takes the place of the annual departmental Business Plan for 2023/24.
10x objectives
The 10x Vision is guided by the 10x objectives, grouped into three pillars of activity: innovation, inclusive growth and sustainability.
Innovation
By 2030:
- increase total R&D expenditure by 55%
- increase the number of R&D performing businesses by 450
- increase number of innovation active firms to 55% of NI businesses
- 10% of NI businesses receiving Innovation Accreditation
- Increase proportion of individuals leaving NI HE institutions with
first degrees and post-graduate qualifications in narrow STEM
subjects from 24% to 27%.
Inclusive growth
- increase Northern Ireland household disposable income above the
SAE average while maintaining NI as one of the top performing SAEs
in relation to the Gini-coefficient (a measure of income equality) - close the employment gap between men and women; people with
disabilities and people without; and most deprived area of NI and the
least deprived area of NI - increase the proportion of the working age population with
qualifications at level 3 and above from 57.2% (2020) to 70%-75%.
Sustainability
- 80% electricity consumption from renewable sources
- Greenhouse gas emissions 48% lower than baseline
- double the size of NI’s low carbon and renewable energy economy to more than £2bn turnover.