The Department of Economic Development has secured additional funding of £2million over three years to help drive additional economic growth in a number of key areas.
Minister for Economic Development John Shimmin MHK commented:
‘Through the important work that was done to help develop the Vision2020 strategy we have identified the key priorities and opportunities we feel will produce the biggest benefits for the taxpayer.
‘Each of these opportunities has been identified through working with the private sector and are logical extensions to existing sector strategies, which reduces the risks substantially. Also, by pursuing several initiatives rather than one large one, we further reduce the risk of failure.
‘As a result, I am confident that for every additional £1 we spend, we will generate at least £3 for the taxpayer, representing good value for money. This shows we can support all of Government’s priorities to grow the economy, protect the vulnerable and balance the budget.’
The Department will be recruiting 6 skilled individuals to assist with this additional business development activity.