Enterprise, Trade and Investment Minister Jonathan Bell has welcomed the Chancellor’s go-ahead for the pilot Enterprise Zone in Coleraine.
In the Budget statement last week, the Chancellor of the Exchequer, George Osborne said the Government will legislate to ensure that Enhanced Capital Allowances can be offered within the Enterprise Zone.
Welcoming the Chancellor’s announcement that the Coleraine Enterprise Zone is to proceed, Enterprise Minister Jonathan Bell said: “The boundaries of Northern Ireland’s pilot Enterprise Zone, close to the University of Ulster Coleraine campus, have now been identified. I am delighted that the UK Government will now introduce the legislation necessary to ensure that Enhanced Capital Allowances can be offered within the pilot Enterprise Zone.
“I believe the Enterprise Zone, which will be the only area in Northern Ireland to offer Enhanced Capital Allowances to large, capital-intensive projects, has the potential to promote economic development and further investment in the area and will build on the area as a digital hub.
“It is expected that the first investors will be on the pilot Enterprise Zone site later in 2016 and I look forward to seeing the Enterprise Zone develop over the coming months.”
Concluding the Minister said: “While there are currently no plans for Enterprise Zones in other areas of Northern Ireland, it is anticipated that an evaluation of the pilot Enterprise Zone, once operational, will inform any future rollout of Enterprise Zones to other areas across Northern Ireland, if appropriate.”