My right hon. Friend the Secretary of State and I regularly meet the First and Deputy First Ministers and their colleagues in support of the Executive’s efforts to attract foreign direct investment, and I have just returned from accompanying the Minister of Enterprise, Trade and Investment on a trade mission to the Gulf states in support of two Northern Ireland businesses.
I have made a very good assessment. I am a member of the Economic Affairs (Trade and Investment) Cabinet Sub-Committee, and I am glad to say that it is to discuss ways in which UKTI and the devolved Administrations can co-operate better. There will be a meeting later in the year, which I think will benefit both organisations.
Despite the best efforts of the Northern Ireland Executive, rates of business formation in Northern Ireland are lower than in the rest of the UK. What plans do the Government have to make good their fault as identified by the Business Secretary that they lack a compelling vision on the economy?
As this is Northern Ireland questions, I think I should limit myself to Northern Ireland. We have a very clear idea of the economy in Northern Ireland. We want to support it, and we believe it needs to be rebalanced. [Interruption.] This afternoon the joint ministerial working group on rebalancing the economy will meet to examine the possible devolvement of corporation tax to Northern Ireland, which we believe would be a significant move. [Interruption.]
I am sure the Minister will agree that inward investment into Northern Ireland is always welcome, but we must not forget small indigenous businesses that have been there for many years. [Interruption.] Will he join me in welcoming the £30-million investment by the Asda group in one site in my constituency, which is in an area that has not had investment for 35 years? [Interruption.]
Of course I welcome that investment. The hon. Gentleman is a doughty champion of business in his constituency, and I look forward to spending a day with him shortly. He will be aware of the growth fund, which will help small and medium-sized enterprises with strong potential for growth, particularly in the international markets. We believe these moves by the devolved Administration are the right ones.