The UK Government has released detailed plans for an Enhanced Investment Zone (EIZ) aimed at bolstering Northern Ireland's economy with a £150 million investment.
Outlined in a prospectus published today, the EIZ initiative is part of a broader £3.3 billion financial package aimed at supporting the restoration of devolved government in Northern Ireland. This plan, first announced in the Safeguarding the Union Command paper earlier this year and reiterated in the Spring Budget, is tailored to Northern Ireland's economic landscape.
The proposals for the EIZ have received endorsement at the inaugural meeting of the East-West Council, convened as part of the agreement to reinstate devolved government in Northern Ireland. The meeting, chaired by Secretary of State for Levelling Up and Minister for Intergovernmental Relations Michael Gove, included key government officials and Northern Irish ministers.
The Investment Zone (IZ) program, initiated by the UK Government, aims to establish at least one investment zone in each of the Devolved Administrations. Thirteen such zones have been announced across the UK, with the goal of stimulating job creation and economic growth in areas of innovation and sectoral strength.
Welcoming the EIZ prospectus, Michael Gove highlighted the significance of this initiative in the UK's levelling up agenda, emphasizing its potential to generate jobs, trade, and investment in Northern Ireland.
Conor Murphy, Minister for the Economy, expressed optimism about leveraging Northern Ireland's existing strengths in innovation, research, and industry to realize the benefits of the EIZ. He emphasized the importance of aligning the initiative with green technologies and skills for a sustainable economy.
The EIZ will focus on one of the Chancellor's priority sectors, with a particular emphasis on green industries. The prospectus indicates that the entirety of Northern Ireland will be considered for the EIZ's geographic scope, with a sector-led approach guiding its development.
Moving forward, the UK Government and the Department for the Economy will collaborate to develop EIZ proposals tailored to Northern Ireland's economic needs and growth plans, aligning with broader sectoral strategies. Photo by SwirlyLand, Wikimedia commons.