Belfast Telegraph

Friday 19 September 2014

'Series of failures' sparks shake-up at Invest NI and DETI

A Stormont department tasked with delivering on the economy and an off-shoot economic quango today face a major restructure after a series of failures outlined in a new report.

The Department of Enterprise, Trade and Investment (DETI) and Invest NI have been heavily criticised in the Independent Review of Economic Policy.

The study, commissioned by Enterprise Minister Arlene Foster last December and published yesterday, called for major changes to how the agency and wider government provides backing for the business sector. A total of 58 recommendations have been made in the report including:

Core economic functions (covering DETI and DEL areas of responsibility) should be brought under a single 'Department of the Economy'.

The Executive should establish a permanent sub-committee, chaired by the ETI Minister, to prioritise action on the economy.

More emphasis needs to be placed on developing a portfolio of policies to promote Research and Development (R&D) and Innovation.

Invest NI should have a more focused, dedicated and professional approach to strengthening export performance in both manufacturing and tradable services.

Invest NI should be allowed more freedom to operate, enabling the organisation to be more responsive to business needs.

A small business unit to be created within Invest NI, and the approach of working only with “clients” should cease

Grants for business expansion should be phased out towards 2013

Invest NI should further reduce its support for company training

Invest NI should transfer its budgets relating to tourism accommodation back to DETI

Invest NI should disengage its direct involvement with venture capital funds

DETI, DEL and Invest NI should work together to more effectively implement their existing liaison arrangements

DETI should take an internal review of its structures

The panel also called for the creation of a commercially orientated research facility in Northern Ireland.

Review panel chair Professor Richard Barnett said the current structure of government — with economic responsibilities spread across departments — means the administration could not respond quickly and efficiently to issues when they arose.

Ms Foster has said she will now launch a public consultation exercise on the findings.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More