Invest NI welcomes report

Commenting on the report, Alastair Hamilton, Chief Executive of Invest NI said: “Invest NI fully agrees that driving economic growth in our economy will increasingly rely on local businesses becoming much more innovation active across the full spectrum of activities. The Committee is to be congratulated for determining to address this very important issue and for the resulting report which is a welcome addition to the debate. The growing importance of innovation to local businesses is also evident from the many contributions provided by businesses themselves. Their input is also very beneficial to helping us shape our future R&D offerings particularly in light of the potential changes to European State Aid funding which could see our ability to offer Selective Financial Assistance reduce significantly.

“In compiling its report, and making its recommendations, the Committee largely drew on the statistical evidence previously utilised in the Independent Review of Economic Policy in 2009. Many of these recommendations have already been acted upon. Since 2008 Invest NI expenditure in support of R&D activities has grown from £19m to £29m in 2011/12 and we are already seeing the results of the steps we have put in place. Business Expenditure in R&D is now at a record level, and grew from 0.6% of GVA to 1.2% between 2008 and 2011 and there was a 42% increase in the number of people employed in R&D.