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A Comprehensive Action Plan - Northern Ireland Executive

By Amanda Gardner,2014-11-17 14:40
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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.

     Effective Implementation

    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

     performance.

    Rebalancing

    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

    R&D

    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.

    improve business

    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

    assist commercialisation.

    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