This article was last updated on April 16, 2022
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U.K. Prime Minister David Cameron is due to unveil an economic development package to aid job creation in the private sector in Northern Ireland.
The package is planned to be launched after a meeting between Mr. Cameron, First Minister Peter Robinson and Deputy First Minister Martin McGuinness in London for significantly boosting the business in the region.
Mr. Cameron has said Northern Ireland has an educated workforce but the private sector is not enough to provide employment to all. So the package is expected to cover significant regeneration projects and initiatives to drive investment in infrastructure, promote new businesses and boost tourism.
The Prime Minister has told that the economic package was crucial for the future.
The Downing Street has confirmed that the Northern Ireland would retain its existing European Union Assisted Area Status. This is viewed to be a vital step towards enabling Invest NI to offer grants to companies.
Additional details of the economic pact include £20m investment plan for research and development projects focusing on aerospace.
One more element of the pact is also highlighted by looking at the potential forthe U.K. Government to gift up to 350 surplus Ministry of Defence houses and bases to be used for shared future projects.
The measures aim to help move Northern Ireland forward in a shared and prosperous environment, with backing from the governments of Ireland and the United States.
Secretary of State for Northern Ireland, Theresa Villiers has said: “Northern Ireland has taken great strides forward in recent years. Building on the political stability that has been achieved, the Government and the Executive are committed working together to rebalance the economy and build a genuinely shared future.
“Northern Ireland is already a great place to live, visit and do business. This Pact will go further in helping to fulfil its potential as a modern and dynamic part of the United Kingdom.”
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