Urgent: New Innovation Plan Launched for Northern Ireland Economy

UPDATE: A groundbreaking initiative to boost Northern Ireland’s economy through innovation has just been unveiled. The Collaborative Innovation Plan, developed by Innovate UK, the Department for the Economy (DfE), and Invest Northern Ireland, aims to transform the region into a powerhouse of productivity and research.

This plan focuses on increasing research and development (R&D) efforts, decarbonizing industries, and leveraging Northern Ireland’s unique geopolitical advantages. The strategy targets seven key sectors identified by DfE, which include strengths in precision medicine, advanced manufacturing, and cybersecurity, and is poised to attract significant investment and create jobs.

Tom Adeyoola, Executive Chair at Innovate UK, emphasized the urgency of commercializing breakthrough innovations: “Northern Ireland has abundant ideas. Together, we’re delivering on our UK-wide commitment to back innovations that shape markets, create high-value jobs, and drive productivity.”

The Collaborative Innovation Plan outlines three critical objectives: enhancing collaboration among innovation stakeholders, strengthening funding connectivity, and supporting strategic priorities for job creation and environmental sustainability. This initiative marks a significant step toward improving the region’s innovation performance.

Over the past six years, Innovate UK has invested £164 million in various innovation projects across Northern Ireland. The DfE has complemented this with an additional £6.5 million funding for 109 projects, underscoring the commitment to local economic growth.

Economy Minister Dr. Caoimhe Archibald stated, “The north is well placed to seize the opportunities that innovation presents—home to world-class universities and thriving innovation centers.” She highlighted the importance of ensuring local businesses, particularly small and medium-sized enterprises, have access to the resources they need to grow and thrive.

Kieran Donoghue, Chief Executive of Invest NI, added, “This plan represents a shared commitment to build on our strengths and create conditions for innovation to thrive. Innovation is a key part of how we respond to global challenges and ensure Northern Ireland remains competitive.”

As this plan rolls out, stakeholders will be watching closely for its immediate impact on job creation and economic growth in the region. The urgency of this initiative reflects the pressing need for Northern Ireland to adapt and thrive in a rapidly changing global economy.

Expect significant updates as this plan unfolds and continues to shape the economic landscape of Northern Ireland.