Republican News · Thursday 7 February 2002

Knowledge is power

BY ROBBIE MacGABHANN

"Knowledge is the key" according to InterTradeIreland's new three-year corporate plan, launched last week. InterTrade, one of the six cross-border bodies set up under the Good Friday Agreement, published a three-year policy plan that puts knowledge at the core of the agency's strategy.

The plan argues that, "knowledge its creation and dissemination is the key to more efficient business and policy decisions". InterTradeIreland describes its mission as being, "to lead the development of the island economy".

So how will this happen. The all-island agency has two strategic goals. They are firstly to develop the capability of businesses to trade within the island economy by ensuring Irish businesses are well informed not just on the possibility of cross border trading opportunities but also on the real market opportunities, environment and regulations on either side of the border.

Secondly, InterTrade is trying to improve the flow of relevant information between interest groups in both jurisdictions. For example the agency is funding the development of an all-island business model that will for the first time produce accurate trade statistics for the two economies while also generating the first all-island economic forecasts.

electronic all island business directory, with geographic information on market sectors and specialised search facilities, is also being produced by InterTradeIreland. As well as running trade awareness events around the island, InterTrade is also setting up an All-Island Research Forum. This body will be made up of representatives from business, academia, and development agencies to produce "original research specifically targeted to increase business capability to improve trade and business development".

On the ground, InterTrade is currently running three programmes. They are Focus, Fusion and the Equity Network. The focus and fusion projects brings together graduates, businesses and third level research institutions across the island in programmes that place graduates in companies needing particular skills and knowledge to develop new products.

The Equity Network project is promoting knowledge of and access to venture capital for small and medium sized businesses across the island through a series of road shows and seminars as well as publications and practical help from venture capital specialists based in InterTradeIreland.

The InterTrade strategy is an ambitious one. Chief Executive Liam Nellis put the corporate plan in perhaps its best context. He said: "The application of knowledge across the island is indispensable if we are to drive the respective economies to new levels. We see our role as establishing networks of trust in order to drive business forward. This is only the beginning of our work and represents an exciting new era which will allow us to maximise the economic potential on the island."