Read the FSB 2011 Election Manifesto here
Minister announces changes to Invest NI at FSB Manifesto launch
Pictured at the FSB Manifesto Launch are (l to r): Alastair Hamilton, Chief Executive Invest NI, Wilfred Mitchell, FSB Policy Chair, Arlene Foster, Enterprise Minister, Ken Redpath, FSB Belfast City Chair, and John Walker, FSB National Chair.
The Federation of Small Businesses (FSB) has welcomed the announcement by the Minister for Enterprise, Trade and Investment, Arlene Foster, that a new, high-powered Small Business Unit will be established within Invest NI, together with a network of Small Business Advice Centres across Northern Ireland.
Speaking at the FSB's 2011 Election Manifesto launch at the Stormont Hotel, the Minister's announcement follows earlier calls by the UK's leading business lobbying organisation for the formation of a network of Small Business Advice Centres across Northern Ireland and a Small Business Forum.
Ms Foster outlined as a number of measures to the operation of Invest NI that will clearly assist and benefit small businesses, including the development of a specialist, high-level Small Business Unit, greater SME support and improved access to finance. Her announcement was met with approval by the FSB's Policy Chair, Wilfred Mitchell.
"The FSB has been highlighting the need for the streamlining of the advice available to businesses and welcomes the creation of these advice centres. We are delighted that the Minister, DETI and Invest NI share this analysis and are now actively in the process of putting them in place," he said.
"We believe these facilities will give many businesses across Northern Ireland the support and advice they need and this, in turn, should boost the entire economy.
"The establishment of a Small Business Unit is also encouraging and could complement the Small Business Forum for which the FSB is calling, as part of a wider Small Business Administration to ensure political party manifesto commitments to business are delivered.
"The Northern Ireland economy is led by small businesses and it is this sector that must continue to drive innovation and create jobs.
"The forthcoming elections offer our politicians a real opportunity for strong, decisive action that will put effective measures in place to benefit the entire economy, such as the designation of Northern Ireland as an Enterprise Zone.
"In launching our Manifesto we are calling for the Assembly to take a lead role in establishing Northern Ireland as an Enterprise Zone; to change the culture within the public sector; to remove bureaucracy; and to introduce a range of tax cuts and incentives aimed at reinvigorating existing businesses and attracting outside investment."
The launch concluded with a stimulating Question and Answer session involving senior FSB representatives and supported by Alastair Hamilton, Chief Executive of Invest NI, who took questions on the Minister's announcement and highlighted potential alternative funding assistance for businesses.
Read the 2011 Election Manifesto here
Foster delivers more help for small businesses
Enterprise Minister Arlene Foster today set out plans to deliver more help to small businesses through Invest Northern Ireland.
Speaking to members of the Federation of Small Businesses (FSB) at its 2011 manifesto launch in Belfast, the Minister outlined a new approach which allows Invest NI to deliver an enhanced service to smaller businesses.
This plan will see Invest NI move from an exclusive client-centric approach to a partnership working with all businesses in Northern Ireland to achieve export-focused growth.
Invest NI will introduce a ï¿1/2market segmentation model', allowing it to work across the whole private sector business base.
The Minister said: "I want Invest Northern Ireland to act as an enabler and catalyst to add value to the Northern Ireland economy. The segmentation model will be a dynamic, flexible approach, which should not be delivered solely by Invest NI but by a partnership approach with District Councils, other departments and potential providers to deliver an integrated approach without duplication.
"The key priority will be how we support more companies that have the greatest potential to deliver export-focused growth."
The market segmentation approach envisages three key elements. Firstly, the provision of information and advice to all businesses through an information portal, advisory centre and network of locally based information points. Secondly, market development and capability support to help companies grow their business and move into new markets; these services will be offered through a mix of seminars, workshops and standardised solutions. Finally, tailored support to companies who are assessed as having the ability to make the greatest contribution to meeting future targets for productivity, innovation and export growth in Northern Ireland.
The Minister also provided an update to Assembly members today on the implementation of the recommendations stemming from the Independent Review of Economic Policy (IREP).
Many of the IREP recommendations have already been implemented and there is a clear action plan to implement others.
Arlene Foster said: "The IREP report stressed the importance of taking action to rebalance the Northern Ireland economy towards more value-added activities over the medium to long term, while recognising the need to provide short-term support for the economy in response to the global downturn.
"I have secured a £19million ring-fenced budget allocation for a range of measures under a Short-Term Employment Scheme (STES), to be administered by Invest Northern Ireland, which will promote 5,000 jobs during the budget cycle.
"The Scheme is a direct response by the Executive to the economic downturn and recognises the need to take action to alleviate the impact of the recession on the local labour market."
The Minister continued "As we move to develop a new Economic Strategy and Programme for Government it is imperative that the economy remains the key focus of the Executive.
"In response to an IREP recommendation, an Executive subcommittee on the economy has been established which I chair. In January the sub-committee launched a consultation on a proposed economic framework for growth. An initial assessment of the consultation responses indicates widespread support for the proposed direction of the new strategy which will have a focus on export led economic growth."
Commenting on the forthcoming UK Government consultation on Rebalancing the Northern Ireland Economy, the Minister stated: "We continue to press for policy levers that would help with the goals outlined in the economic framework. We have been working with HM Treasury and the NIO on a consultation paper on how we might rebalance the economy through the tax system. The paper is very close to being finalised and will be launched very soon, perhaps even later this week."
IREP recommended that, in order to speed up response times, Invest NI should be given more freedom to operate and be given increased delegated authority in terms of project expenditure. As a result, a new framework for Delegated Authority Limits became operational from July 2010.
Arlene Foster said: "These changes mean that the Invest Northern Ireland Board has, for the first time, has the ability to approve expenditure up to £3million for projects supported by Selective Financial Assistance and £6million for all other projects without recourse to me as Minister. The Chief Executive also has a much greater level of decision making and accountability for major investments."
Concluding, the Minister said the action taken by DETI and others to address the recommendations of the IREP panel had underlined the Executive's commitment to making the economy its number one priority.