Invest NI annual report 2007 - 08

The 2007-08 audited Invest NI Annual Report and Accounts for Invest Northern Ireland were today formally published.

Welcoming the publication, Stephen Kingon, Chairman of Invest NI, said: “During 2007–2008, Invest NI continued to deliver high private-sector investment commitments to strong projects, as our clients displayed increasing ambition to achieve the scale necessary to compete effectively in global markets, despite some challenging economic conditions.”

Leslie Morrison, Chief Executive of Invest NI said: “The results presented in this Report reflect not only increasing ambition on the part of our clients, but also increasing proactivity by Invest NI. Overall, we have met or exceeded substantially all of our Operating Plan targets, and continue to witness high levels of interest in our product offerings and range of support programmes. Each £1 we offered last year to support our clients’ growth ambitions, will result in £6 of planned investment and our activities have levered a total of £689 million of investment commitments by our clients. As has historically been so, the majority of our offers were to locally-owned small and medium-sized businesses, either existing or new starts.”

“It is clear that, in the current weakening economic cycle, there will be challenges ahead for many of our clients. To ensure that they are best placed to respond, we are preparing a number of actions and new initiatives, to assist our clients, particularly SMEs, to increase their competitiveness and identify new opportunities,” he continued.

In conclusion, Stephen Kingon added: “2007-08 also marked the end of our 2005-08 Corporate Plan period and provides a sound foundation on which to build our new Corporate Plan. We are grateful to the many clients and stakeholders who contributed to its formation and look forward to continuing to work with them in its execution.  We will assist local businesses to become bigger and more profitable; build and expand higher value-added sectors in our economy; and lay the foundations for future growth through the development of leading-edge innovation and frontier technologies.”