The operating plan and budget of InterTradeIreland, one of the six North/South implementation bodies, was approved by ministers yesterday.

Major initiatives planned by the cross-Border trade and business development body include promoting the increased use of equity/venture capital throughout the island, particularly for family and other small firms, and encouraging the use of seed corn funding of new business ideas. It will also promote a small number of strategic business networks in the Border area with a focus on developing high-tech businesses and will devise an overall trade and business development policy for the island.

Its action plan was approved at a meeting in Dundalk by the Tanaiste and Minister for Enterprise, Trade and Employment, Ms Harney - on behalf of the Government - and by Sir Reg Empey, Minister of Enterprise, Trade and Investment, and Dr Sean Farren, Minister for Higher and Further Education, Training and Employment, on behalf of the Northern Ireland Executive.

The cross-Border body said it would continue to work on bringing development agencies North and South together in order to share ideas and experience.

Other planned initiatives include supporting science and technological innovation in companies on a cross-Border basis; supporting the development of e-commerce throughout the island, including the establishment of an all-island research fund; assisting in the strengthening of the local supply chain to both major multinational and indigenous companies on the island of Ireland; and increasing the awareness of the potential of public procurement on both parts of the island.

The ministers also approved InterTradeIreland's proposals to introduce two graduate placement programmes on a cross-Border basis, one linking business and graduates and the other linking business and third level institutions. They also considered and agreed that the body's draft equality scheme should go out for public consultation.

InterTradeIreland also made a number of recommendations in relation to areas where it considered it could address all-island competitive issues in areas such as innovation and information and communication technology.