A RANGE of companies will invest £633 million in business projects in Northern Ireland over the next four years, creating over 6,000 new jobs, the Industrial Development Board has announced.
IDB chairman, Mr John McGuckian, said that the commitments represented the highest amount of investment ever planned by IDB client companies. Foreign companies will be responsible for £490 million of this investment while the rest will be made by local companies.
The IDB's chief executive, Mr Bruce Robinson, said: "All of this investment, both from home industry and major international companies, represents a significant level of confidence in Northern Ireland as a profitable business location."
Mr Robinson also reported that 6,466 jobs had been created in IDB client companies during the past year. However, 6,503 jobs were lost in client companies.
Electric and electronic engineering showed significant increases in job creation. However, Mr Robinson stated: "Even with these positive indicators, some sectors came under considerable pressure.
"In textiles and clothing, job losses were primarily because of competition from lowcost economies, particularly in product areas such as shirt making with its high labour content.
"And last year's Northern Ireland food consultation paper, published by the Departments of Agriculture and Economic Development, underscored the inevitably of further rationalisation in employment, particularly in the dairy industry."
However, prospects for further inward investment were encouraging, Mr Robinson said. "The increased momentum in the US continued with four new and nine expansion projects achieved during the year.
"The level of interest from potential investors has been maintained with repeat visits at similar levels to the previous year, thus demonstrating the substantial interest in Northern Ireland by potential investors."
There were clear indications, despite downturns in some areas as the markets changed, that the North's companies could "make it and sell it to the world," Mr Robinson added.
The report states that the prospects for future inward investment are very encouraging, particularly from the US.
"The outlook for employment is quite encouraging as recent investment projects come on stream. There is unlikely to be any easing of cost pressures in the textile and clothing sector, Within the food processing sector, if the export ban is removed, this should lead to some recovery in employment in the beef sector but there is likely to be further rationalisation - in the dairy industry.
Its latest sales and export survey also shows continued growth in export markets among its client companies, with the figures pointing to a 18 per cent increase over the previous 12 months.
The report also shows that the IDB acquired just under 150 acres of industrial land during the year, with land now available in each town district for industrial development purposes.
