Ulster Unionist Economy spokesperson Sandra Overend has called for an improvement in the performance of Invest NI following a performance update delivered to the Enterprise, Trade and Investment Committee at Stormont today by Invest NI Chief Executive Alistair Hamilton which highlighted low planned external economic investment in Northern Ireland.

The Mid Ulster MLA said;

‘‘It was clear from the Chancellors Autumn Statement yesterday that the scale of the challenge in rebuilding the Northern Ireland economy is huge. In light of that statement it was timely to receive an update from the Chief Executive of Invest NI on the performance of that agency, which is so central to job creation and attracting inward investment.

Some encouraging results are evident particularly through the increases which can be seen in skills and strategy as well as research and development. I also welcome the fact that that there is now more assistance being given to local companies than ever before and this is in line with my Party’s position of being unapologetically pro indigenous business.

However, while Invest NI has been successful in attracting top companies such as Quantus and Augentius, I am calling for improved performance due to the lack of planned investment into our economy. Locally planned investment is down 8% from the same period last year whilst external planned investment has also decreased by a staggering 63% and it is clear that the lack of a decision on the devolution of Corporation Tax is holding back investment from overseas.

Access to finance is obviously an issue and I questioned Mr Hamilton on how he would address this in light of the Chancellors Autumn Statement as well as how he plans to disseminate information through to businesses requiring this help. He gave assurances to me today that he would use NI Business Direct alongside current contacts to tailor relevant information to specific companies. It is vital that companies are aware of all the options open to them in accessing finance, and communication with government and relevant agencies is key to that.’’