Sinn Féin demand designation of North West as an 'area of exceptional need' to assist economic development
Sinn Fein Economy Spokesperson, Foyle MLA Mitchel McLaughlin writing in
Today's
Derry News has argued for a long-term strategic response to the
economic
development of the North West and the designation of the region as
an
area of exceptional need to enable special initiatives to encourage
investment,
promote and create employment.
Mr McLaughlin said:
"The
hype about the buoyancy of the North's economy is designed to conceal
the
serious weaknesses in our local and regional economy. Close analysis of
the
Northwest economy demonstrates that the area continues to experience
erosion
of its economic base with both increased unemployment and a widening
prosperity
gap between the haves and the have-nots
"A comparison of the six
council areas (all West of the Bann) identified by
Invest NI (INI) as
the six most income-deprived and employment-deprived
areas shows that
they have received less financial assistance and will
receive less
planned investment in total than the wealthy parliamentary
constituency
of South Belfast alone. This is simply unacceptable.
"A
calculation of the financial assistance by Invest NI per head of
population
shows that the six council areas identified received on average
investment
by INI of £5,752 per person living in those council areas
compared
to £27,054 or nearly five times this amount, for each person living
in
the affluent South Belfast.
"It is time that Invest NI stopped
making excuses and got on with the job of
supporting economic
development in areas that are most in need.
"The weakness in the
Derry economy shows that:
· There is a high rate of out-migration by
traditional manufacturing
companies
· The "unemployment" rate of
5.4% is double the North of Ireland average
· The Northwest has the
highest Economic Inactivity rate in the North of
Ireland and Britain -
38%
"The haemorrhaging of jobs and shrinkage in manufacturing
base is set to
continue unless we take responsibility for promoting the
Region and creating
the atmosphere that will attract inward investment
as well as encourage
indigenous entrepreneurial activity.
"Sinn
Fein will continue to lobby for the development and expansion of the
principal
third level education institutions such as Magee University, North
West
Institute of Further and Higher Education, Limavady College of Further
and
Higher Education and the Letterkenny Institute of Technology as
essential
drivers for economic growth in the Northwest Region.
"The latest
figures show that the North West region had nearly 1000
redundancies
during 2004 and has lost over 6,000 manufacturing related jobs
in the
past 7 years. The financial loss this represents to the local economy
is
frightening.
"It is time for a policy change that designates the
North West region as an
area of exceptional need. This will enable
special initiatives to encourage
investment, promote and create
employment and improve the overall prosperity
for the people of the
North West.
"The priorities should focus on the renewal and
revival of our regional
economy. As a start Invest NI should locate its
Headquarters in the North
West. This policy change should focus on:
·
Growth of established indigenous enterprises
· Encouraging investment
from the rest of the island of Ireland
· Development and growth of
Social Economy
· Incentives for research and development
·
Seeking Foreign Direct Investment
· Improve access to business finance
particularly for indigenous business
· Investment in essential skills
·
Encourage the competitiveness of disadvantaged neighbourhoods through
support
for locally nurtured/incubated enterprises
"The key issues to be
addressed in the Northwest are:
· Lack of jobs
· Low wages
·
Economic inactivity rates
· Industrial De-rating
· Lack of
public investment
"The level of economic inactivity is a measure
of higher poverty level that
exists throughout the Northwest. Some
25,000 people in Derry are currently
living in poverty. The removal of
Industrial De-rating without a structured
form of assistance to Small
and Medium Enterprises in our current economic
climate could contribute
to further economic inactivity, business failures
and job losses. This
could pose a further a significant risk to our regional
economy.
"We
need economic investment to build a regional economy focused on R&D,
agriculture,
tourism, fishing, IT, data processing, bio- technology and
pharmaceutical
research and production to ensure action and a change of
focus in
favour of indigenous and social economy development.
"The
socio-economic crisis that currently exists within the North West
Region
demands significant intervention and investment by both governments.
Sinn
Fein is demanding the area be designated as an area of exceptional
economic
need and as a priority job creation zone.
"The North West Region
over the past 30 years has suffered economic
discrimination and neglect
in terms of public expenditure, new investment
opportunities and job
creation. It's time that this situation is reversed
but it will take
co-operation by all the stakeholders and political leaders
in the
region to make it happen." ENDS