A new Stormont push to rebalance job regional job creation here aims to boost roles created outside of Belfast to 65% in the next two years.
And new Local Economic Partnerships, as part of a initial £45m funding initiative, will be set up “deliver local projects” on the ground in communities across Northern Ireland, according to the Department for the Economy.
As part of “structural reform” of both the department and Invest NI, it says Invest NI’s headquarters “will provide specialist support, advice, and expertise, meaning that the whole organisation is reorientated towards delivering local economic priorities”.
Part of that will see a new Regional Strategic Agenda, aimed at increasing investment outside of the wider Belfast area.
At the core, Minister Conor Murphy’s department says it aimed to grow job creation and investment outside of Belfast from 56% to 65% at the end of Invest NI’s Business Strategy in 2026/27.
It’s part of his four-point plan to grow and develop the economy here.
Eyeing the performance of areas across Northern Ireland, Belfast leads the way with labour productivity, median wages and tackling greenhouse emissions.
However other areas fall significantly behind, including Causeway Coast & Glens, while Derry City & Strabane fared worst with labour productivity and sub-regional employment rate.
“To ensure there is full engagement and involvement of local stakeholders, the Department will be inviting councils to establish Local Economic Partnerships supported with dedicated funding of £45m,” the new report says.
“ The importance of flexibility regarding the geographic area and structure of these partnerships is fully recognised. They must be right for local circumstances and that means there will not be a standardised approach – each council can decide whether their area is the extent of the Local Economic Partnership, or they can choose to collaborate with other council areas to create a bigger partnership.
“To support Local Economic Partnerships, £45m of dedicated funding will be provided over the next three years to kickstart this new approach. It will be used to deliver local projects identified by Local Economic Partnerships that seek to improve productivity, to raise median wages, to increase the employment rate and to lower economic inactivity, and to take strides towards delivering Net Zero and industrial decarbonisation.
“Projects funded will depend on local economic priorities and may differ between different council areas.
It says the “introduction of a new Regional Property Programme will facilitate higher levels of business investment across the regions, and the integration of City & Growth Deals paired with new bespoke regional value propositions will underpin the Regional Strategic Agenda, supporting regions in becoming more attractive for local and FDI investment”.
“Invest NI Headquarters will provide specialist support, advice, and expertise, meaning that the whole organisation is reorientated towards delivering local economic priorities.”