19 May 2000

IDB STATEMENT 'SUBSTANTIAL PROGRESS' TO KNOWLEDGE-LED ECONOMY - MINISTER OF STATE

"IDB's End of Year Statement shows that substantial progress has been made towards the creation of the dynamic and knowledge-led economy recommended by Strategy 2010," Adam Ingram, Minister of State, said today.

"Extremely important growth in inward investment, particularly from high technology companies in sectors such as telecommunications, software and network services, is being sustained by thoroughly professional marketing of Northern Ireland.

"Among the investments negotiated by IDB during the year were four from leading-edge technology corporations - Nortel Networks, Fujitsu, Pivotal and OutSource Laboratories - which will contribute enormously to Northern Ireland's emergence as a global e-business centre, a key objective of the recent 'Leapfrog to the Information Age' initiative.

"Our aim must be to ensure that Northern Ireland continues to share in and benefit from the Internet revolution. With a fully digital communications infrastructure and the focus of our universities on innovation Northern Ireland

is particularly well-placed to maximise the exciting opportunities in today's global marketplace.

"While the setbacks which continue to be experienced by traditional sectors are disappointing, the increased investment and expansion in employment in the newer industries is encouraging and essential for the long term wellbeing of the economy.

"The involvement of many textiles and clothing and food companies in IDB business excellence programmes and Trade International activities indicates that they are rising to the challenges of competition and are determined to grasp the opportunities.

"I am confident that Northern Ireland companies have the capabilities and creativity to achieve faster growth through improving their international competitiveness," he added.