NORTHERN IRELAND ECONOMIC STRATEGY
COMPREHENSIVE ACTION PLAN
The Economic Strategy identifies our priorities to rebalance and
Introduction rebuild the NI economy (outlined in Sections 5 & 6 of the
Strategy). We also identified the key actions we will take over the The Executive is committed to working in partnership to build a current budget period, and into the medium term, in order to safe, peaceful, fair and prosperous society where everyone can deliver our vision. enjoy a better quality of life now and in the years to come. We
need a strong economy to deliver this goal and the Economic
It is important that this Action Plan is considered in conjunction Strategy identifies the following vision for the Northern Ireland (NI) with the Economic Strategy. It provides more detail on our economy by 2030:
identified actions and it reinforces the emphasis we are placing
on implementation. It also recognises that the delivery of our ‘An economy characterised by a sustainable and growing
vision will require co-ordinated action from all sectors and across private sector, where a greater number of firms compete in
Government. global markets and there is growing employment and
prosperity for all’
The Strategy will be underpinned by relevant Action Plans and
related strategies to progress each of the Executive‟s economic The ultimate aim of this Strategy is to improve the economic
priorities. We are currently engaging with key stakeholders to competitiveness of the NI economy. The vision is long term in produce supporting strategies or action plans for the areas of nature, reflecting the reality that it will take some time to
Innovation / R&D, enterprise / business growth and skills. rebalance our economy and build a stronger private sector.
Our commitments are built on an extensive assessment of global
best practice in economic development. This illustrates that in
order to strengthen economic competitiveness we need to This means that the Strategy will be kept under review. As we increase employment and wealth by building a larger and more move closer to the end of the current budget period, an updated export-driven private sector. We also believe that this approach version of the Strategy, including a detailed list of actions and will help reduce poverty, promote equality and tackle existing targets, will be launched for the period beyond 2014/15. patterns of disadvantage and division.
The actions are structured around the rebalancing and rebuilding The NI Economic Strategy recognises the importance of themes of the Framework for Economic Growth and Prosperity implementing the actions we have committed to deliver. In (outlined in Section 4 of the Strategy). addition, we recognise the need to report transparently on
A Stimulating Innovation, R&D and Creativity The Executive Sub-committee on the Economy, chaired by the
Improving Employability and the level, Relevance and use of B Enterprise, Trade & Investment Minister, Arlene Foster, MLA, will Skills
C Encouraging Business Growth continue to play a key role in overseeing implementation. The D Competing in the Global Economy sub-committee will receive annual updates detailing progress E Developing Economic Infrastructure against delivery of each commitment and this will ensure the
necessary accountability of the responsible Department / Rebuilding
organisation. We will also publish an annual assessment of the Promoting Employment and improving Employability and F wider health of the NI economy. Employment Opportunities
In setting out the actions for growth and prosperity, we are aware
that significant volatility remains throughout the global economy.
THEME A: STIMULATING INNOVATION, R&D AND CREATIVITY
No. Objective Action Responsible Timescale
Organisation A1 Increase Levels of Maximise returns from the grant for R&D programme by securing ?300m DETI/Invest NI March 2015
Business Expenditure on investment in R&D (with at least 20% from SMEs).
Research & Development
(BERD) by incentivising
A2 Support 500 businesses to undertake R&D for the first time. March 2015 businesses to increase
their capability and
capacity to undertake
A3 Secure 120 Collaborative Projects in R&D. March 2015 A4 Secure up to ?5.6m additional investment in agri-food R&D (50% from DARD March 2015
SMEs/industry organisations and 50% from DARD) by implementing further
tranches of the DARD Agri-food Research Challenge Fund.
A5 Increase innovation in Expand the Innovation Voucher Scheme by delivering 800 Innovation Voucher DETI/Invest NI March 2015
SMEs through joint projects to stimulate increased levels of innovation within small enterprises (with
projects with the Higher less than 50 employees).
and Further Education sectors
A6 Support the HE and FE sectors to undertake 120 Knowledge Transfer Partnership DETI/Invest NI March 2015
(KTP) projects on behalf of local businesses.
No. Objective Action Responsible Timescale
Organisation A7 Support our universities and FE colleges to undertake 155 knowledge transfer DEL By 2014
projects on behalf of local businesses
A8 Introduce an enhanced Proof of Concept (PoC) scheme to support 40 PoC projects DETI/Invest NI March 2015
(University or Health and Social Care (HSC) based).
A9 Support business to Support SMEs to increase productivity through improved efficiencies by identifying DETI/Invest NI March 2015
develop their capabilities, ?60m of resource and waste prevention savings.
competitiveness and A10 Support 600 E-business projects to assist SMEs to increase innovation and March 2015 maximise efficiencies productivity.
A11 Improve awareness and understanding of Intellectual Property and the March 2015
commercialisation of products and services and deliver 440 Technical Projects to
A12 Maximise participation with Invest NI‟s Design Service to encourage 1,200 March 2015
companies to utilise design as a key driver and enabler of innovation.
A13 Incentivise business-led Increase the commercialisation of knowledge by establishing 4 Competence DETI/Invest NI March 2015
local and international Centres.
collaboration in pursuit of
more open innovation A14 Expand the Collaborative Network Programme, targeting the future market March 2015
opportunities identified by MATRIX, to support establishment of 25 networks.
A15 Promote awareness of