All 11 Northern Ireland’s councils are to share a £45m regional balance fund allocated by the Department for the Economy (DfE).
The allocation of funds is part of the department’s sub-regional economic plan, which will see each council area establish local economic partnerships (LEPs).
These partnerships bring together different local groups, including chambers of commerce, further education, and economic development agency Invest NI to try and identify each council area’s “specific needs and the interventions needed to aid their economic development”.
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Economy Minister Conor Murphy made the announcement at the first meeting of Newry Mourne and Down’s LEP.
Mr Murphy said: “I recently launched the sub-regional economic plan which sets out a new strategic approach to economic development; locally led and with a mission to deliver regional balance.
“A key element of the plan is the establishment of local economic partnerships at council level.
“Partnerships will identify the main barriers to economic development and the priority interventions that will build the region’s value proposition.
“My department will recalibrate its programmes and budget to help meet these priorities. Partnerships will also have additional dedicated funding to support local action.
“This £45m regional balance fund will help fund the actions the partnerships bring forward to drive economic development in their area and help deliver a regionally balanced economy where everyone shares the benefits of prosperity.
“I firmly believe local issues require local solutions and the department and Invest NI will champion and support councils in the delivery of this important work.”
Alan McKeown, executive director of regional business at Invest NI, said: “Invest NI’s regional strategy, in support of the Minister’s regional economic plan, outlines our commitment to supporting regional balance.
“This includes a commitment to deliver 65% of our investments outside the Belfast Metropolitan area.
“These local economic partnerships are crucial to delivering a locally focused approach to economic development and delivering on this commitment.
“They will ensure all stakeholders are working together to unlock significant opportunities for businesses in their area.
“We will work closely with councils and local stakeholders to develop impactful proposals that will drive sustainable economic growth and deliver lasting benefits for our communities.”
Marie Ward, chair of Solace NI, a membership network for public sector and local government professionals, said: “Local economic partnerships will have the tools to place regional balance at the centre of their ambitions, shaping economic priorities that will deliver capital investment against the department’s ambitions of creating good jobs, delivering increased productivity, decarbonisation, and addressing sub regional disparities across Northern Ireland.”
SDLP councillor Peter Byrne, chair of Newry, Mourne and Down District Council, said: “The Minister’s visit, coincided with the inaugural meeting of the local economic partnership, established specifically for the Newry, Mourne and Down District Council area.
“The investment brought forward by DfE, will be an enabler for this local economic partnership to not only propose and develop local actions, but to take forward strategic investment opportunities for the district, addressing localised challenges, and delivering against DfE’s vision for economic growth and achieving regional balance.”