Note: this publication may not reflect verbatim delivery by Minister Murphy.
Good morning everyone.
I’d like to thank Suzanne Wylie and her team for inviting me to be here with you this morning.
I’ve been Economy Minister for over two months and although it has been a bit of a whirlwind I have come into this post with a clear sense of what needs done and what needs to change.
Over the two years when the Executive was collapsed my party colleagues and I engaged extensively with the business community, including with the Chamber and with many people here this morning.
We reviewed the department’s strategy, its policies, and its approach.
And we came to many of the same conclusions that the Review of Invest NI arrived at.
One of the most fundamental issues, and this is something which the Chamber of Commerce has been very strong on, was the need for clear strategic direction.
We have a limited term and a limited budget, so it is important that we use resources and set policies in a way that is coherent, in a way that is focussed, and in a way that maximises impact.
Shortly after taking up post I outlined my Economic Vision with four inter-related objectives:
- Increasing the number of Good Jobs
- Raising productivity
- Promoting regional balance
- and reducing carbon emissions.
The department and Invest NI have welcomed that clarity.
Since I outlined my Economic Vision, officials have been recalibrating policies and activities in line with these four objectives.
In doing so they have been working with my expert advisors:
- Lisa Wilson on Good Jobs
- David Jordan on Productivity
- Conor Patterson on Regional Balance
- and David Rooney on Net Zero.
Last week I brought together around 30 of my top officials with my expert advisors to collectively talk through some the key changes we are making.
Many of those issues are relevant to this morning’s panel discussions.
Positioning the north as a competitive region
The theme of the first panel is making this region internationally competitive.
The north has a unique ability to export goods to both the British and EU markets without the bureaucracy that others endure.
In order to take full advantage of dual market access we have to map out the opportunities it creates.
Research is nearing completion which identifies very precisely the sub-sectors that have the most to gain from the Windsor Framework, and that we therefore have a competitive advantage in.
This research will help us to direct support towards local companies with significant export potential, and to more strategically target high-quality FDI.
Trading across the border is often the first step in a business exporting so it is also important to build all-Ireland clusters and that is another critical area of work for my department and for Intertrade Ireland.
Companies that are exporting, that are competing internationally, tend to be more productive.
So being internationally competitive contributes to my own Economic Vision.
Boosting the north’s green growth potential
The second panel is on the north’s green growth potential.
Our abundance of wind, modern gas network, availability of geological gas storage, and world-class engineering and manufacturing industries makes the north a prime location for green growth.
Due to our large agricultural sector, we also have the potential to use biomethane to support our pathway to net zero, at the same time as contributing to regional balance.
We can realistically become self-sufficient in renewable energy, and indeed we can become a net exporter.
So although it is often presented as a cost, the transition to net zero presents significant economic opportunities.
To grasp these opportunities we are looking at how renewable energy projects can be expedited in the planning system.
And, in partnership with DAERA, my department is developing an ambitious proposal to use the £150m Investment Fund.
The proposal we are developing to put to the British government will include support for green skills across a number of industries.
It will also identify a number of hubs for developing green industries across the north, thereby promoting regional balance.
Catalysing innovation
In terms of catalysing innovation we need to put more faith in local entrepreneurs and small businesses.
Support for local start-ups and small businesses was de-prioritised with the merger of LEDU into Invest NI.
Go Succeed is a significant improvement on the previous support scheme for new businesses.
And the eco-system for start-ups was recently further strengthened with the launch of a new Accelerator Programme, Founder Labs.
We are also seeing the growth of venture capital funds across the region.
So it is an exciting time for companies that want to invest in R&D, innovate, and grow.
Achieving inclusive growth
The final panel of this conference is on the topic of inclusive growth.
Getting more people into Good Jobs is key to inclusion.
I intend to bring forward a Good Jobs Bill to improve the quality of work and encourage more people to stay in, or come into the workforce.
This Bill will include greater rights to flexible working so that employees can better manage work alongside family and other commitments.
The cost of childcare is a major barrier to work for many parents, particularly mothers, so I am working with the Education Minister on a scheme to make childcare more accessible and affordable.
And my department will establish more skills academies that train people who are out of the workforce to take up Good Jobs in sectors with identified shortages.
In order to ensure all areas share in the benefits of prosperity, Invest NI will be restructured to support local areas to design and deliver their own economic plans, with local economic targets.
Conclusion
The restoration of the Executive and more certainty on our trading relationships has contributed to a renewed sense of optimism within the business community.
My Economic Vision has been informed by very fruitful and candid discussions with the business community and with the Chamber of Commerce and I’d like to thank you all for working with me on that.
Since coming into office I have provided the strategic clarity needed and brought in external expertise to offer advice, to provide constructive challenge, and ultimately to help us to achieve our objectives.
As we move into the delivery phase and roll out my policy agenda I will continue to engage with the Chamber.
I have three years left in the mandate so creating momentum is all the more important.
I am confident that through our shared vision, through collaboration and co-design, we can significantly turn the dial up on our economic performance.
So thank you again for the invite to speak this morning.
The panel discussions are very relevant and I hope you have a very interesting and informative morning.
Thank you.