The focus on foreign direct investment (FDI) must change.

From iStockAnalyst (via the Belfast Telegraph).

The Executive's Programme for Government was, at its time of writing, correctly devoting its attention to attracting foreign direct investment (FDI) to Northern Ireland. Working with Invest Northern Ireland, they organised a very successful US Economic Conference with high hopes of major returns for our economy.

However the economy has radically changed in the USA with the new Obama administration pursuing a more protectionist policy, and governments throughout the world acting similarly, we face very little real prospect of attracting significant FDI.

While Invest NI should never stop looking at ways to attract FDI, the Programme for Government should now re-focus towards helping indigenous companies survive and even expand to ensure that unemployment is reduced and our economy can move forward again.

It seems that the message is finally sinking in and hopefully the Government and Invest NI will listen. Though that hasn't stopped an Invest NI funding of 20 companies to go and pitch in Saudi Arabia and sectorial trade missing to San Francisco and let's not forget visits to New York, Toronto, London, Dublin, Miami, Mumbia, Dheli and Hamburg....

Full article here.