The North must address its historic low business birth rate and internationalise its ambitions to gain critical economic mass, according to the first corporate plan from Invest Northern Ireland (INI).
The umbrella economic development body, which will come into operation in April, believes future economic growth in the North will be driven by the principles of innovation and entrepreneurship.
The corporate plan, unveiled yesterday in Belfast by INI, sets out its strategic objectives for the next three years.
Top of its agenda is to create a delivery system for economic development in the North, which will set it apart from previous economic bodies.
According to Mr Leslie Morrison, chief executive designate of INI, it intends to achieve this by adopting a matrix system which will enable the new body to be more adaptable, more client focused and more capable of responding quickly in the competitive global marketplace.
"Our aim will be to draw on Northern Ireland's strengths - talented people, strong education, an attractive business environment and high-quality university system - in partnering with business, education, research organisations, local development agencies and others to drive the economy forward," Mr Morrison said.
He said while job creation was a core objective of the new agency, there needed to be a fundamental cultural change in the approach to economic development in the North. "It is no longer a question of creating jobs per se, we need to create more high-quality jobs in Northern Ireland that will stick around and play to the talent of people in Northern Ireland.
"Existing businesses also need to be encouraged to widen their horizons, to develop external markets and to build scale but we also need to improve existing incomes in Northern Ireland," Mr Morrison added.
He believes one of the first legacies that must be addressed by INI is the lack of knowledge-based businesses in Northern Ireland compared to other regions in the United Kingdom.
Mr Morrison said there was also a lack of critical mass of innovative and entrepreneurial firms and that overall levels of business research and development spend in the North was poor. One way INI intends to address these issues is by placing emphasis on different types of finance for research and development and for business start-ups.
