Foster Disappointed At Job Losses

"This week has brought very disappointing news, with large numbers of job losses in the manufacturing sector here," she said.

"We have witnessed Visteon go into administration and job losses have also been announced at Nortel, FG Wilson and Bombardier.

"This is a worrying time for everyone affected and I will be meeting the Employment and Learning Minister to discuss how best to support workers at this stage.

"It is important that we look to the re-skilling of staff to maximise their employment opportunities."

"We are in the midst of a global economic downturn which requires an international solution," she continued. "Nortel, Visteon, FG Wilson and Bombardier are all companies that trade globally at a time of significantly depressed market demand.

"It is therefore timely that the G20 summit is taking place in London this week. We all hope that it will deliver practical measures to improve the functioning of the financial markets and to pave the way for a global economic recovery."

Arlene Foster said that she and her Executive colleagues are looking at ways to support the private sector, and in particular the manufacturing sector, in the medium to longer term.

She said: "For example, the Executive stands ready to provide substantial financial assistance to Bombardier for its C Series project, on which the market signs are encouraging.

"The Economic Development Forum (EDF), which I chair, is also working to set up a Manufacturing Sub-Group. This will look at how we can sustain viable businesses and employment.

"My department, through Invest NI, is in constant dialogue with businesses about the current difficulties and what can be done to alleviate them.

"We are determined to do everything that we can to help businesses here weather the worst of this economic storm.

"While there is no easy fix and the measures being taken will take time to have effect, we have confidence that Northern Ireland businesses will position themselves effectively to take advantage of the upturn when it occurs."