Northern Ireland's industrial development body Invest NI has warned that it will have to target its current scarce resources at high value projects.
In its results for the year to the end of March, the body said it had cut staff numbers by 20% and costs by 30% in an attempt to become more efficient. But it warned that demand for its services was outstripping the supply of available resources.
The results showed that Invest NI had invested £129m last year, generating £560m of investment for the North's economy. Around £20m of support went towards increased investment in research and development. Overseas companies committed to 31 new projects, prompting or safeguarding almost 6,500 jobs and generating some £130m a year in salaries.
Chairman Stephen Kingon said the agency had had a good year, despite operating in an 'exceptionally competitive environment' where low-cost economies were targeting foreign direct investment.
