Better jobs, better wages and an improvement in people’s quality of life. That was the message from the Economy Minister, Diane Dodds as she outlined her ambitious economic vision and its desired outcomes.
In 10X Economy: An Economic Vision for a decade of innovation, Minister Dodds sets out the steps her Department will take to ensure Northern Ireland is positioned amongst the elite small open economies in the world.
The concept embraces innovation to deliver a ten times better economy, with benefits for everyone, by focusing on areas of key strengths. This new vision for the economy has been endorsed by a wide range of business leaders from industry, the hospitality sector, digital, manufacturing and engineering.
Describing her vision as ‘purposefully bold and ambitious’ Minister Dodds said: “One hundred years ago, Northern Ireland was internationally renowned for its shipbuilding, rope works and linen factories. Today we are global leaders in cyber security, fintech and advanced manufacturing. We must be ready to embrace future economic trends and job opportunities for our people.
“Our economy has already been dramatically reshaped by the Covid-19 pandemic and the past year has highlighted the resilience and creativity of the business community. This new vision is centred on making Northern Ireland the most exciting place to do business and to do that I plan to focus on our strengths.
“A ’10X ambition’ is about creating a step change in how we think about our economy. It is not a literalist term about increasing a single metric by a factor of ten: instead we are setting an ambitious pathway for fundamental change to our economy and committing to everyone feeling they are part of this transformation.”
The 10X Economy aims to have a positive impact on economic, societal and environmental wellbeing and identifies 10 guiding principles which underpin the vision. They include supporting a greener economy, inspiring the future generation to thrive, delivering improved outcomes for all and increasing innovation.
There will be a focus on priority clusters where Northern Ireland can be a global leader and a future generation of workers will be inspired and prepared to respond flexibly to future skills requirements.
Minister Dodds added: “When our economy is thriving, Northern Ireland thrives. I have no doubt that Northern Ireland’s businesses are on the right path to recover, rebuild and rebound back stronger than ever!”
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