Debate contribution: Economic Regional Balance
Debate contribution by Dr Caoimhe Archibald on .
- MLA
- Dr Caoimhe Archibald
- Party at the time
- Sinn Féin
- Date
- 24 February 2025
- Type
- Debate contribution (made as a minister)
- Business
- Oral Answers to Questions
- Heading
- Economic Regional Balance
- Assembly identifier
- Official Report component 4813695
Read the official Assembly record
Text
Since the launch of the subregional economic plan in October 2024, positive progress has been made. Reforms in DFE include a dedicated regional balance unit, which has been set up in a new social and regional economy division. It brings together complementary work streams, including the social enterprise action plan and entrepreneurship. All councils have a DFE strategic adviser and an Invest NI regional manager assigned to provide support in establishing local economic partnerships. The first of those partnerships has already met, and the rest plan to do so imminently. The partnerships will identify local priorities, and Departments will be asked to help to deliver on them. In addition, in order to help to pump-prime projects, partnerships will have access to a £45 million fund over the next three years. Projects will be in line with my departmental priorities. A project board, including council officials, has been established to work through fund design and governance. The funding allocation for each area was announced in January. Invest NI has implemented a new regional approach. Promoting people and places is one of the six strategic priorities in Invest NI's 2024-27 business strategy. That includes the new target of 65% of investment to businesses outside the Belfast metropolitan area by 2026-27. Other initiatives, such as the Magee expansion task force, are also progressing well. A recent focus has been on acquiring the land necessary to facilitate the significant expansion in student numbers that we are committed to delivering.
245 words. Text as published by the Northern Ireland Assembly.
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