§ 14. Mr. IrvineTo ask the Secretary of State for Northern Ireland if he will make a statement on the current level of investment in Belfast by the private sector.
§ Mr. NeedhamPrivate investment in Belfast has increased dramatically in recent years. This is particularly so in the city centre where major projects completed in the past five years, under way or programmed total £573 million. In addition, during the past five years IDB has backed industrial projects with a total planned investment of £191 million.
§ Mr. JackTo ask the Secretary of State for Northern Ireland what policies he will be pursuing in 1990 to attract inward investment to Northern Ireland.
§ Mr. NeedhamThe task of attracting inward investment to Northern Ireland falls to the Industrial Development Board for Northern Ireland, whose policies are published in its medium-term strategy 1985–90. I am currently discussing with the IDB a new medium-term strategy, effective from April 1990. Although the detail has yet to be agreed, the basic thrust gives a commitment
329Wto concentrate the promotional efforts in major markets for internationally mobile investment and sectorally in areas where Northern Ireland has particular strengths.
§ 43. Mr. PaiceTo ask the Secretary of State for Northern Ireland if he will make a statement on the current level of inward investment in the Province.
§ Mr. NeedhamSince 1 April 1986, a total of 5,288 jobs have been promoted in Northern Ireland through new foreign-owned projects. In addition a further 5,773 jobs should result from investment into Northern Ireland by GB-owned companies. These projects have brought total new financial investment of £576 million. I am encouraged by this level of activity which includes some notable successes such as the Province's first South Korean investment.
§ 27. Mr. Ian BruceTo ask the Secretary of State for Northern Ireland if he will make a statement on the level of investment in Londonderry by the private sector.
§ Mr. NeedhamA complete picture is not available of investment in Londonderry by the private sector. Statistics are, however, available for the period 1983–89 which produces a total of £40 million either spent, under way or projected. This £40 million figure essentially relates to retail, offices, shops, restaurants and hotel developments.