Invest Northern Ireland today launched its first Performance Report covering the period 2002–2005, its first three years in existence.
The report includes a comprehensive range of performance information on Invest NI’s activities, the performance of its clients and measures of economic impact.
Launching the report Leslie Morrison, Invest NI’s Chief Executive, said: “This report marks an important stage in Invest NI’s maturity as an organisation and should be seen as a first step towards the production of meaningful performance indicators.
“The business of economic development is complex. Invest NI cannot take credit for all the positive consequences associated with our activities, just as we cannot take full responsibility for addressing all of the economic difficulties faced by Northern Ireland.
“Therefore the information presented in this report should be interpreted with care. There are clearly many factors which influence the performance of our clients, only one of which is assistance received from Invest NI.”
The information in the report includes the number of projects Invest NI has assisted over the last three years and the associated level of financial support. This support is analysed both by geographical area and industry sector. The report also details the level of inward investment, business starts and the assistance offered to companies to innovate, increase capability and develop export markets.
The report highlights that over the three-year period:
•Invest NI offered assistance of just over £400 million towards projects which plan to invest over £1.5 billion within the Northern Ireland economy.
•Over 8,800 offers were made to help individuals start a business.
•The value of exports generated by Invest NI client companies increased, in real terms, by 12.5% to £4.2 billion
•Almost 70% of Invest NI SME clients introduced some degree of product or process innovation. This compares with 39% of other Northern Ireland businesses, and 62% for a comparative GB sample of SMEs.
“While performance measures provide the feedback signals required to evaluate the effectiveness of our strategies and actions, we acknowledge that further work is required to understand better the connections between our interventions and their consequences. We hope that this initial work, which we intend to develop, will encourage and inform debate on economic development,” adds Mr Morrison.
The full report is available online at www.investni.com