Executive investment can make a difference to local economy - Wilson

Executive investment can make a difference to local economy - Wilson

Finance Minister, Sammy Wilson has reaffirmed the Northern Ireland Executive’s commitment to recovery and growth of the local economy.

The Minister gave the key note address at the Association of Chartered Certified Accountants (ACCA) Ulster Members’ Network debate on Monday.

The Minister said: “I believe there is much the Executive can do, even in a tight budgetary environment, to help create the conditions for economic recovery. Our public expenditure at around £11.5billion is a significant sum.  It can, if properly targeted and directed, make a difference.

 “In terms of our economic objectives, we recognise that there is a need to rebuild the Northern Ireland economy in the aftermath of the recession.

 "In the short term we want to see growth restored and to reverse recent rises in unemployment. We have targeted the promotion of 6,300 jobs in locally owned companies and are also seeking to move 114,000 people of working age and on benefits into employment by March 2015. Our significant capital investment programme in key road and rail routes and social housing projects will help stimulate activity in the construction sector.”

Highlighting the importance promoting export-led private sector growth has on rebalancing the economy, the Minister said: “We hope to see an additional £300 million of Foreign Direct Investment in Northern Ireland by 2015. We have also targeted support for a further £300m investment in Research & Development.

  “While we are taking important steps to support economic growth, some key powers are outside the Executive’s control. However, we are working with the UK Government on these issues and have begun to make some significant progress, particularly on Air Passenger Duty and Corporation Tax.”

Mr Wilson encouraged delegates to consider the Programme for Government and submit their views during the public consultation. He concluded “We face a long and possibly difficult road to recovery so it is important to get this right.  But I can assure you that my Executive colleagues and I are committed to doing all we can to create the conditions for growth and I am sure that together, we can all rise to meet the challenges of 2012 and beyond.”

Joan Ballantine, President of ACCA’s Ulster Member’s Network welcomed the Executive’s commitment to recovery and growth of the local economy, adding: “We believe that the business community must work more closely with the Northern Ireland Executive to help build a more sustainable long term economy.  Accountants have a pivotal role to play in helping to redress our economic imbalance and in providing the right dynamics to enable key growth areas of the economy to prosper.

“As the global body for professional accountants we have a growing membership in Northern Ireland and we are committed to providing opportunities for young professionals to flourish and ensure that they fulfil their potential and potential for all within the wider financial sector to help reshape the economic stability of Northern Ireland.”