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NI is right on track to deliver jobs

30th November 2016

THE Northern Ireland Knowledge Economy is half way to achieving its target of delivering 80,000 high earning jobs and should be a place that attracts the best talent in the world.

That was the message according to the findings from the annual Knowledge Economy Report The report, supported by Bank of Ireland UK, also showed Northern Ireland as the second fastest growing in the UK for the third consecutive year with Scotland the fastest growing for the first time.

The Knowledge Economy Index (KEI) also predicts that, including indirect jobs, the total contribution from the Knowledge Economy will be 160,000 jobs by 2030.

The Knowledge Economy is characterised by high wage, high productivity and highly skilled jobs that provide sustainable employment opportunities by selling beyond Northern Ireland.

Currently companies in Northern Ireland contribute 30% of the total exports with 70% of its sales outside the EU — therefore avoiding the potential impact of Brexit.

Discussing the findings of the report Steve Orr, director of Connect at Catalyst Inc said: “Our priority recommendations are focused on becoming world-class in research and development in specialist clusters of healthcare, cyber security and data analytics as well as advanced engineering.

“Secondly education modernisation and investment up to PhD level and thirdly immediate implementation of existing venture capital recommendations from the Economic Advisory Group.

“This will lead to the development of people who create companies, commercialise products and develop world class sales and marketing skills specific to supporting these exports.

Richard Johnston, Associate Director of the Ulster University Economic Policy Centre who compiled the Knowledge Economy Report said: “The good news is that half of the Knowledge Economy indicators are at record highs, impacting positively upon the economy across Northern Ireland. However, the challenge for Northern Ireland going forward is to translate these record levels of activity into more jobs, better wages and higher profits.”

Mr Johnston continued: “Stepping up to the challenge will require Northern Ireland to broaden the R&D and innovation enterprise base and additional investment in the education system to produce the skills that are required for the knowledge economy of the future.

“It is also important that we recognise the Knowledge Economy provides employment opportunities across Northern Ireland and generates opportunities in other sectors such as retail, hospitality and construction, contributing to regionally balanced and inclusive economic growth.”

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