PRESS RELEASE
29 September 2008

FOSTER: FACING THE ECONOMIC CHALLENGE

The Economic Development Forum met to discuss Northern Ireland's economic climate and the steps required to help guide businesses through the current slowdown.  Enterprise Minister, Arlene Foster chaired the latest meeting of the Economic Development Forum (EDF), which took place in Belfast on Thursday 25 September 2008.

Opening the meeting, the minister said: "I very much recognise that current global economic conditions present local businesses with significant challenges. The combination of rising energy prices and falling demand in key markets, such as the Republic of Ireland, Great Britain and the United States, are having an inevitable impact on business confidence and investment."

Dr Graham Gudgin, from the Centre for Business Research, University of Cambridge and Oxford Economics presented summary findings from The Oxford Economics Report to the forum members. The report, which was commissioned by the Department of Enterprise, Trade and Investment (DETI), is a study of United Kingdom and Northern Ireland economic forecasts.

Commenting on the report, the minister said: "I am encouraged that the Northern Ireland economy is forecast to grow in 2008 and 2009, though with much lower predicted growth than in previous years."

"The findings of the report reaffirm the decision by the Executive, in its Programme for Government (PfG), to make the economy its top priority. Our goals are now more challenging than ever, and members of the forum need to co-ordinate efforts to help businesses through the present difficulties."

The minister also welcomed the steps being taken by Invest NI, as it seeks to bring forward new initiatives which will enable its clients to maintain a strategic focus in the face of current tougher conditions.  Mrs Foster had earlier announced a £5million boost to help Invest NI's clients weather the economic slowdown at the 'Challenges and Opportunities - the Credit Crunch' event in Belfast. There, specialist business advisors provided local firms with expert help and advice on how to guide their way through challenging times and maximise opportunities.

The minister concluded: "The current economic slowdown is making business activity, particularly in export markets, more difficult than it has been in many years. I am reassured by the commitment of all members of the Economic Development Forum, to work together to improve economic performance in the face of these difficulties."

"Through a combination of short-term, expedient measures, coupled with a sustained commitment to the Executive's longer term goals, we can be in a good position to take advantage of the upturn in the national and global economies."

NOTES TO EDITORS:

1. The 36th meeting of the Economic Development Forum (EDF) took place on Thursday 25 September at the Stormont Hotel, Belfast. The meeting included a special session on the current economic climate. A full representation of EDF members from business, the voluntary and community sector, higher and further education, trade unions and government took part in the discussions.

2. Dates of EDF meetings as well as background information on the work of the Forum are available from www.edfni.com. Minutes of all Forum meetings will be published on the Forum's website once agreed by Forum members. Papers for meetings are also available on request.

3. The agenda at the 25 September 2008 meeting covered the Comparative Analysis, Forecasts and Monitoring of the NI Economy, an update from Invest NI on the Credit Crunch and their work with client companies, and Innovation, focusing on the work of the MATRIX panel report.

4. Media enquires to DETI Press Office on 028 9052 9297 or email: pressoffice@detini.gov.uk. Out of office hours please contact the Duty Press Officer via pager number 07699 715440 and your call will be retuned.