Today the NERI published its first Policy Research Paper “Policy Options for Investment in Northern Ireland”. The paper will be officially launched at an event in Parliament Buildings in Belfast today. The paper seeks to highlight the infrastructural investment required in the Northern Ireland economy over the next number of years in the context of on-going economic stagnation and high unemployment.
Key areas of infrastructure like energy and water will require significant investment in order for Northern Ireland to realise its full economic potential. A safe and secure water supply will be needed to attract investment in areas like pharmaceuticals and agri-business. An EU target for renewable energy will require significant reform and expansion of the existing networks and grids. Additionally this investment can provide a much needed stimulus to the local economy, boosting both employment and output.
Much like the Republic of Ireland, Northern Ireland is operating presently to a constrained budget set in Westminster. The paper outlines an energy efficiency scheme and a new method for funding this type of investment.The scheme we propose will, by no means be sufficient to eliminate unemployment or fuel an investment boom, it seeks to highlight a new way of thinking about investment in Northern Ireland. A real recovery will require more imaginative and bold policy making and this paper seeks to begin that debate.
The full report is available here