Murphy launches plan to boost regional economic performance

Economy Minister Conor Murphy today outlined his commitment to developing a regionally balanced economy where everyone shares in the benefits of prosperity.

Economy Minister Conor Murphy pictured with Invest NI CEO Kieran Donoghue (left) and Invest NI Chair, John Healy.

The Minister was speaking in the Assembly as he launched a new Sub-Regional Economic Plan which has three elements: 

• Creation of Local Economic Partnerships with dedicated funding
• Restructuring of Invest NI
• DfE New approach

Minister Murphy explained that the new approach to economic development starts with local communities identifying their own priorities. He explained:

“Councils will be asked to establish partnerships, which bring together central government, the business community, universities and colleges, local enterprise agencies, and civil society. These Local Economic Partnerships will identify the main barriers to economic development and the priority interventions that will build the region’s value proposition. I intend to support these partnerships with dedicated funding of £45million over the next three years.”

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%. These offices will assume responsibility for managing local clusters and businesses with a turnover of up to £2million. 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% 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, CEO of Invest NI 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.”

A copy of the Sub-Regional Economic Plan can be accessed on the DfE website. 

Notes to editors: 

1. More information on regional balance, including a copy of the Minister’s statement to the Assembly, can be found on the DfE website - Regional balance. 
    
2. The Department may take photographs and videos at announcements and events to publicise its work. Photographs, interviews, videos or other recordings may be issued to media organisations for publicity purposes or used in promotional material, including in publications, newspapers, magazines, other print media, on television, radio and electronic media (including social media and the internet). Photographs and videos will also be stored on the Department’s internal records management system. The Department will keep the photographs and recordings for no longer than is necessary for the purposes for which they have been obtained. The Department’s Privacy Policy is available on our website.
    
3. To keep up to date with news from the Department for the Economy you can follow us on the following social media channels:
   X – @Economy_NI
   Facebook – @DeptEconomyNI
   Instagram – economy_ni
   LinkedIn – Department for the Economy NI 
    
4. For media enquiries contact the Department for the Economy Press Office at pressoffice@economy-ni.gov.uk 
    
5. The Executive Information Service operates an out of hours service for media enquiries only between 1800hrs and 0800hrs Monday to Friday and at weekends and public holidays. The duty press officer can be contacted on 028 9037 8110.

Share this page