Enterprise NI Urges Collaboration to Support Local Businesses Amid Optimism and Cost Pressures

Enterprise NI, a leading business organization in Northern Ireland, has called for increased collaboration between the government and economic development stakeholders to assist local businesses and entrepreneurs. This comes amidst a period of optimism and cost pressures facing the region.

Despite optimism in the start-up and small business sector, cost pressures remain a concern, with 52% of businesses affected according to the findings of Enterprise NI's Enterprise Barometer 2023. Enterprise NI is working with government and support organizations to shape the delivery of local start-up and business support to address these challenges.

"The Enterprise NI LEA network is positioned to play a key role in providing the right support at the right time to local entrepreneurs and businesses, which is critical for achieving a thriving, regionally balanced economy as envisaged by the Economy Minister," said a spokesperson for Enterprise NI.

Why this matters: Supporting local businesses and entrepreneurs is essential for driving economic growth and job creation in Northern Ireland. Collaboration between government and economic development organizations can help address the challenges faced by businesses and foster a thriving entrepreneurial ecosystem.

The call for collaboration comes as the Causeway Coast and Glens Borough Council announced a landmark £100 million Growth Deal agreement. The deal, which includes £36 million in funding from the UK Government and the same amount from the Northern Ireland Executive, along with other partner contributions, is set to shape the future trajectory of the region over the next 10 years.

The Growth Deal is expected to drive economic growth, improve infrastructure, create employment opportunities, and upskill the local labor force. Projects to be delivered through the deal include the Centre for Food and Drug Discovery at Ulster University in Coleraine, the Business Innovation and Incubation Hub at Atlantic Link, and the Innovation Hub at North West Regional College.

However, skills shortages and labor shortages remain a key problem, with 7 in 10 businesses reporting recruitment difficulties according to a recent report on the job market in Northern Ireland. Demographic changes, including a declining working-age population and rising long-term sickness, are contributing to these shortages.

The Mayor of Causeway Coast and Glens Borough Council emphasized the significance of the Growth Deal, stating, "The Causeway Coast and Glens Growth Deal is a game-changer for the region, with the potential to increase the number of good jobs, promote regional balance, and raise productivity."

As Northern Ireland navigates a period of optimism and ongoing challenges, increased collaboration between government, economic development stakeholders, and local businesses will be essential to support growth, address skills shortages, and create opportunities for entrepreneurs and communities across the region.

Key Takeaways

• Enterprise NI calls for collaboration to assist local businesses and entrepreneurs.
• Cost pressures affect 52% of businesses, requiring support to address challenges.
• Causeway Coast and Glens Borough Council secures £100M Growth Deal agreement.
• Growth Deal to drive economic growth, improve infrastructure, and create jobs.
• Skills and labor shortages remain a key problem, impacting business growth.