Assembly Question 6463/17-22

Question: To ask the Minister for the Economy for an update on progress in developing (i) an industrial strategy; and (ii) an investment strategy, as set out in New Decade, New Approach.

Answer: New Decade, New Approach contained a commitment to develop a new strategic level Programme for Government (PfG) from April 2021 with a supporting Economic Strategy aligned to these timescales.

Development of a new Economic Strategy and PfG was put on hold with the emergence of the Covid-19 pandemic and the Executive’s focus on delivering a response to the crisis.

In July 2020, the Executive revisited its PfG commitment and agreed to undertake a twin approach to delivery:

Development of a one year activity-based Recovery Framework/Plan which acts as the ‘de facto’ PfG for 2020 to 2021; and

Development of a new strategic PfG, reflecting agreed longer-term priorities of the Executive and aligned to a multi-year budget and legislative programme from April 2021.

In June, My Department published our medium term recovery plan ‘Rebuilding a Stronger Economy’ which sets out a framework for the next 12-18 months to build a more competitive, inclusive and greener economy, by addressing the key structural weaknesses in our economy and focusing on sectors where there is potential for growth in higher paying jobs.

My Department has also commenced work on the development of the new Economic Strategy for Northern Ireland which will set out the strategic framework and ambition required to achieve the Executive’s long-term vision for the Northern Ireland economy.

The Economic Strategy will set out the long term economic policy objectives that demonstrate how we will seek to drive economic growth and prosperity for the benefit of all people across Northern Ireland.

Work on the Investment Strategy is led by The Executive Office.